Beam Therapeutics (NASDAQ:BEAM) Stock Price Up 6.2% - Time to Buy?

Key Points

• Beam Therapeutics' stock price rose by 6.2% to a last trading price of $22.59, despite a significant decline in trading volume.
• Analyst ratings for Beam Therapeutics are mixed, with three analysts rating it as a Strong Buy and Barclays dropping the price target from $25.00 to $21.00.
• The company's recent earnings reported a loss of ($1.00) per share, which was better than analysts' expectations but represented a 28% decline in revenue year-over-year.

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) shares shot up 6.2% during mid-day trading on Tuesday . The company traded as high as $22.40 and last traded at $22.59. 791,187 shares traded hands during trading, a decline of 63% from the average session volume of 2,162,570 shares. The stock had previously closed at $21.28.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on BEAM. Barclays cut their price objective on shares of Beam Therapeutics from $25.00 to $21.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 6th. Cantor Fitzgerald raised shares of Beam Therapeutics to a "strong-buy" rating in a research note on Monday, July 21st. Wall Street Zen downgraded Beam Therapeutics from a "hold" rating to a "sell" rating in a research report on Sunday. Finally, HC Wainwright reiterated a "buy" rating and set a $80.00 price target on shares of Beam Therapeutics in a report on Monday. Three investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $46.40.

Beam Therapeutics Price Performance

The stock has a market cap of $2.31 billion, a PE ratio of -5.08 and a beta of 2.14. The company has a 50 day moving average price of $19.04 and a two-hundred day moving average price of $19.04.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported ($1.00) earnings per share for the quarter, topping analysts' consensus estimates of ($1.04) by $0.04. The business had revenue of $8.47 million during the quarter, compared to analyst estimates of $13.29 million. Beam Therapeutics had a negative return on equity of 43.15% and a negative net margin of 661.31%.Beam Therapeutics's revenue was down 28.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($1.11) EPS. As a group, equities analysts predict that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other news, insider Fmr Llc sold 48,374 shares of Beam Therapeutics stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $20.50, for a total value of $991,667.00. Following the sale, the insider directly owned 2,073,665 shares of the company's stock, valued at approximately $42,510,132.50. The trade was a 2.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 49,624 shares of company stock worth $1,015,628 in the last ninety days. Company insiders own 3.50% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. GF Fund Management CO. LTD. purchased a new stake in Beam Therapeutics during the fourth quarter valued at $43,000. Allworth Financial LP increased its holdings in shares of Beam Therapeutics by 7,080.0% in the 2nd quarter. Allworth Financial LP now owns 2,513 shares of the company's stock worth $43,000 after buying an additional 2,478 shares during the last quarter. CWM LLC raised its position in shares of Beam Therapeutics by 79.8% during the 1st quarter. CWM LLC now owns 2,684 shares of the company's stock valued at $52,000 after buying an additional 1,191 shares in the last quarter. Amalgamated Bank lifted its holdings in shares of Beam Therapeutics by 20.4% in the 1st quarter. Amalgamated Bank now owns 3,153 shares of the company's stock valued at $62,000 after acquiring an additional 534 shares during the last quarter. Finally, Daiwa Securities Group Inc. grew its position in Beam Therapeutics by 1,248.8% in the second quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company's stock worth $65,000 after acquiring an additional 3,534 shares in the last quarter. 99.68% of the stock is currently owned by institutional investors.

About Beam Therapeutics

Beam Therapeutics Inc, a biotechnology company, engages in the development of precision genetic medicines for patients suffering from serious diseases in the United States. It develops BEAM-101 for the treatment of sickle cell disease or beta-thalassemia; and BEAM-302, a liver-targeting LNP formulation to treat severe alpha-1 antitrypsin deficiency; BEAM-201, an anti-CD7 CAR-T product candidate, which is in Phase 1/2 clinical trials for the treatment of refractory T-cell acute lymphoblastic leukemia/T cell lymphoblastic lymphoma; and BEAM-301, a liver-targeting LNP formulation for the treatment of glycogen storage disease 1a.

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