Beam Therapeutics (NASDAQ:BEAM) Trading Up 10.5% - What's Next?

Key Points

• Beam Therapeutics shares jumped about 10.5% in midday trading, reaching as high as $31.33 before last trading around $32.91, well above the prior close of $29.79.
• Analysts remain generally constructive on the stock: Beam has a Moderate Buy consensus rating, with an average price target of $46.83, though individual views remain mixed.
• The company’s latest earnings beat estimates, reporting $(0.91) EPS versus the expected $(1.03) and $31.74 million in revenue, which was far above analyst forecasts and up 323.2% year over year.

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) were up 10.5% during mid-day trading on Wednesday . The company traded as high as $31.33 and last traded at $32.9050. Approximately 191,886 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 2,009,289 shares. The stock had previously closed at $29.79.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on BEAM shares. Wall Street Zen upgraded shares of Beam Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, February 28th. HC Wainwright reiterated a "buy" rating and issued a $80.00 target price on shares of Beam Therapeutics in a research report on Thursday, May 21st. Weiss Ratings reiterated a "sell (d-)" rating on shares of Beam Therapeutics in a research report on Monday, April 20th. Wedbush increased their target price on shares of Beam Therapeutics from $57.00 to $65.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 25th. Finally, Royal Bank Of Canada increased their target price on shares of Beam Therapeutics from $22.00 to $26.00 and gave the stock a "sector perform" rating in a research report on Wednesday, February 25th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Beam Therapeutics has an average rating of "Moderate Buy" and an average price target of $46.83.

Beam Therapeutics Trading Up 9.5%

The company's 50 day moving average price is $27.75 and its 200 day moving average price is $27.35. The company has a market cap of $3.35 billion, a price-to-earnings ratio of -47.94 and a beta of 2.26. The company has a debt-to-equity ratio of 0.09, a quick ratio of 16.99 and a current ratio of 16.99.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.91) EPS for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $10.98 million. During the same quarter in the prior year, the business posted ($1.23) EPS. Beam Therapeutics's quarterly revenue was up 323.2% on a year-over-year basis. Research analysts anticipate that Beam Therapeutics Inc. will post -4.23 EPS for the current year.

Insider Buying and Selling at Beam Therapeutics

In other news, insider Christine Bellon sold 5,956 shares of the stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $24.58, for a total transaction of $146,398.48. Following the transaction, the insider owned 109,711 shares in the company, valued at $2,696,696.38. This represents a 5.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through 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 Amy Simon sold 6,700 shares of the stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total transaction of $164,686.00. Following the transaction, the insider owned 102,735 shares in the company, valued at approximately $2,525,226.30. This trade represents a 6.12% 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. In the last 90 days, insiders have sold 79,544 shares of company stock worth $1,899,942. Company insiders own 3.80% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BEAM. ARK Investment Management LLC grew its position in Beam Therapeutics by 24.8% in the 3rd quarter. ARK Investment Management LLC now owns 11,038,834 shares of the company's stock worth $267,913,000 after purchasing an additional 2,190,993 shares during the last quarter. Contrarius Group Holdings Ltd acquired a new stake in Beam Therapeutics in the 3rd quarter worth $37,212,000. ADAR1 Capital Management LLC acquired a new stake in Beam Therapeutics in the 1st quarter worth $34,467,000. MWG Caph Ltd acquired a new stake in Beam Therapeutics in the 4th quarter worth $35,119,000. Finally, State Street Corp grew its position in Beam Therapeutics by 30.4% in the 4th quarter. State Street Corp now owns 5,228,529 shares of the company's stock worth $144,935,000 after purchasing an additional 1,219,871 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

About Beam Therapeutics

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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