Short Interest in Beam Therapeutics Inc. (NASDAQ:BEAM) Increases By 6.5% (2024)

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) saw a large increase in short interest in April. As of April 30th, there was short interest totalling 14,020,000 shares, an increase of 6.5% from the April 15th total of 13,170,000 shares. Based on an average daily volume of 1,500,000 shares, the short-interest ratio is currently 9.3 days.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on BEAM shares. Wedbush restated an "outperform" rating and issued a $57.00 price target on shares of Beam Therapeutics in a research report on Tuesday, May 7th. JPMorgan Chase & Co. raised Beam Therapeutics from a "neutral" rating to an "overweight" rating and upped their target price for the company from $38.00 to $40.00 in a report on Monday, January 29th. Barclays cut their price target on Beam Therapeutics from $42.00 to $33.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 8th. BMO Capital Markets restated an "outperform" rating and set a $57.00 price objective on shares of Beam Therapeutics in a research note on Wednesday, March 27th. Finally, Royal Bank of Canada raised their target price on Beam Therapeutics from $27.00 to $35.00 and gave the company a "sector perform" rating in a research note on Wednesday, February 28th. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $40.18.

Check Out Our Latest Analysis on Beam Therapeutics

Beam Therapeutics Stock Down 1.3 %

Beam Therapeutics stock traded down $0.32 during trading hours on Thursday, hitting $23.79. 539,713 shares of the company traded hands, compared to its average volume of 1,412,647. The firm's 50-day simple moving average is $28.27 and its two-hundred day simple moving average is $28.30. The firm has a market cap of $1.96 billion, a P/E ratio of -13.37 and a beta of 1.88. Beam Therapeutics has a 1-year low of $16.95 and a 1-year high of $49.50.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its earnings results on Tuesday, May 7th. The company reported ($1.21) EPS for the quarter, topping the consensus estimate of ($1.42) by $0.21. The firm had revenue of $7.40 million for the quarter, compared to analysts' expectations of $17.09 million. Beam Therapeutics had a negative return on equity of 15.46% and a negative net margin of 37.33%. The firm's quarterly revenue was down 69.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($1.33) earnings per share. On average, equities research analysts predict that Beam Therapeutics will post -4.73 earnings per share for the current year.

Insider Buying and Selling at Beam Therapeutics

In related news, CFO Terry-Ann Burrell sold 5,446 shares of Beam Therapeutics stock in a transaction on Monday, April 1st. The shares were sold at an average price of $32.12, for a total value of $174,925.52. Following the completion of the sale, the chief financial officer now owns 70,137 shares in the company, valued at $2,252,800.44. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CEO John M. Evans sold 60,000 shares of the business's stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $33.86, for a total value of $2,031,600.00. Following the completion of the sale, the chief executive officer now directly owns 998,262 shares in the company, valued at approximately $33,801,151.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Terry-Ann Burrell sold 5,446 shares of the firm's stock in a transaction on Monday, April 1st. The stock was sold at an average price of $32.12, for a total value of $174,925.52. Following the transaction, the chief financial officer now owns 70,137 shares in the company, valued at $2,252,800.44. The disclosure for this sale can be found here. Insiders have sold a total of 95,239 shares of company stock valued at $3,163,729 in the last three months. Corporate insiders own 4.20% of the company's stock.

Institutional Investors Weigh In On Beam Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Commonwealth Equity Services LLC grew its position in Beam Therapeutics by 11.7% during the third quarter. Commonwealth Equity Services LLC now owns 9,812 shares of the company's stock valued at $236,000 after purchasing an additional 1,030 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Beam Therapeutics by 2.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 493,916 shares of the company's stock valued at $11,879,000 after purchasing an additional 12,060 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Beam Therapeutics by 15.0% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,907 shares of the company's stock valued at $286,000 after buying an additional 1,549 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Beam Therapeutics by 35.1% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,642,180 shares of the company's stock worth $39,494,000 after buying an additional 427,100 shares during the last quarter. Finally, Allworth Financial LP lifted its holdings in shares of Beam Therapeutics by 163.7% during the third quarter. Allworth Financial LP now owns 1,105 shares of the company's stock worth $27,000 after buying an additional 686 shares during the last quarter. Institutional investors and hedge funds own 99.68% of the company's stock.

About Beam Therapeutics

(Get Free Report)

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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