Beam Therapeutics (NASDAQ:BEAM) Trading 10.1% Higher - What's Next?

Key Points

• Beam Therapeutics shares rose 10.1% on Thursday, briefly reaching $32.58 before closing near $32.53, though trading volume was well below average.
• Analysts remain generally positive, with the stock carrying a “Moderate Buy” consensus and an average price target of $46.83; several firms recently reaffirmed or adjusted their targets in the $26 to $80 range.
• The company’s latest quarterly results beat expectations, reporting revenue of $31.74 million versus estimates of $10.98 million and EPS of ($0.91) versus expected ($1.03), though Beam still posted losses and negative margins.

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) traded up 10.1% during trading on Thursday . The stock traded as high as $32.58 and last traded at $32.53. 484,560 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 2,000,171 shares. The stock had previously closed at $29.55.

Analyst Ratings Changes

A number of research firms have issued reports on BEAM. Tudor Pickering set a $39.00 target price on Beam Therapeutics in a research report on Wednesday, May 13th. Sanford C. Bernstein decreased their target price on Beam Therapeutics from $40.00 to $39.00 and set an "outperform" rating for the company in a research report on Wednesday, May 13th. Royal Bank Of Canada raised their target price on Beam Therapeutics from $22.00 to $26.00 and gave the stock a "sector perform" rating in a research report on Wednesday, February 25th. HC Wainwright reissued a "buy" rating and issued a $80.00 target price on shares of Beam Therapeutics in a research report on Thursday, May 21st. Finally, Wall Street Zen raised Beam Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, February 28th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $46.83.

Beam Therapeutics Stock Performance

The stock has a market cap of $3.35 billion, a P/E ratio of -47.89 and a beta of 2.25. The company has a 50 day simple moving average of $28.46 and a 200-day simple moving average of $27.73. The company has a debt-to-equity ratio of 0.09, a current ratio of 16.99 and a quick ratio of 16.99.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.91) EPS for the quarter, beating analysts' consensus estimates of ($1.03) by $0.12. Beam Therapeutics had a negative net margin of 39.66% and a negative return on equity of 29.00%. The company had revenue of $31.74 million during the quarter, compared to analyst estimates of $10.98 million. During the same period in the prior year, the business posted ($1.23) EPS. The firm's revenue was up 323.2% compared to the same quarter last year. On average, equities analysts expect that Beam Therapeutics Inc. will post -4.23 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO John M. Evans sold 30,078 shares of the firm's stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total transaction of $739,317.24. Following the completion of the transaction, the chief executive officer owned 1,047,205 shares of the company's stock, valued at $25,740,298.90. This trade represents a 2.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Christine Bellon sold 5,956 shares of the firm's stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $24.58, for a total value of $146,398.48. Following the transaction, the insider directly owned 109,711 shares of the company's stock, valued at approximately $2,696,696.38. This trade represents a 5.15% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 79,544 shares of company stock worth $1,899,942 in the last 90 days. Corporate insiders own 3.80% of the company's stock.

Institutional Trading of Beam Therapeutics

Institutional investors have recently added to or reduced their stakes in the business. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in Beam Therapeutics during the 4th quarter valued at $47,000. Hollencrest Capital Management purchased a new stake in Beam Therapeutics during the 1st quarter valued at $43,000. Larson Financial Group LLC boosted its stake in Beam Therapeutics by 4,370.5% during the 3rd quarter. Larson Financial Group LLC now owns 1,967 shares of the company's stock valued at $48,000 after purchasing an additional 1,923 shares during the last quarter. Kestra Advisory Services LLC purchased a new stake in Beam Therapeutics during the 4th quarter valued at $59,000. Finally, Van ECK Associates Corp boosted its stake in Beam Therapeutics by 48.7% during the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company's stock valued at $52,000 after purchasing an additional 707 shares during the last quarter. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Beam Therapeutics Company Profile

Beam Therapeutics, Inc NASDAQ: BEAM is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.

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