Beam Therapeutics Inc. (NASDAQ:BEAM) Short Interest Down 6.4% in June

Beam Therapeutics Inc. (NASDAQ:BEAM) saw a large decline in short interest in the month of June. As of June 15th, there was short interest totalling 12,950,000 shares, a decline of 6.4% from the May 31st total of 13,830,000 shares. Based on an average trading volume of 1,340,000 shares, the days-to-cover ratio is currently 9.7 days.

Insiders Place Their Bets

In other news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $24.50, for a total transaction of $1,470,000.00. Following the transaction, the chief executive officer now directly owns 998,343 shares of the company’s stock, valued at $24,459,403.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 4.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Beam Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. First Horizon Advisors Inc. raised its holdings in shares of Beam Therapeutics by 125.9% during the fourth quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock worth $27,000 after acquiring an additional 554 shares in the last quarter. E Fund Management Co. Ltd. increased its position in Beam Therapeutics by 4.0% in the 4th quarter. E Fund Management Co. Ltd. now owns 18,174 shares of the company’s stock worth $495,000 after purchasing an additional 704 shares during the last quarter. American International Group Inc. raised its stake in shares of Beam Therapeutics by 2.0% during the 1st quarter. American International Group Inc. now owns 36,760 shares of the company’s stock worth $1,215,000 after purchasing an additional 732 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Beam Therapeutics by 4.5% during the 1st quarter. Principal Financial Group Inc. now owns 18,418 shares of the company’s stock worth $609,000 after purchasing an additional 789 shares in the last quarter. Finally, Riverview Trust Co acquired a new stake in shares of Beam Therapeutics during the 1st quarter valued at about $26,000. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Barclays reduced their price objective on Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 8th. Wedbush reiterated an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a research report on Tuesday, May 7th. TheStreet upgraded Beam Therapeutics from a “d” rating to a “c-” rating in a report on Monday, March 11th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research note on Wednesday, March 27th. Eight research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Beam Therapeutics currently has an average rating of “Hold” and a consensus price target of $40.18.

Beam Therapeutics Price Performance

Shares of BEAM opened at $23.48 on Thursday. The business’s 50-day moving average is $23.62 and its 200-day moving average is $27.76. The company has a market capitalization of $1.93 billion, a price-to-earnings ratio of -13.19 and a beta of 1.88. Beam Therapeutics has a fifty-two week low of $16.95 and a fifty-two week high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($1.21) EPS for the quarter, beating analysts’ consensus estimates of ($1.42) by $0.21. Beam Therapeutics had a negative net margin of 37.33% and a negative return on equity of 15.46%. The firm had revenue of $7.40 million for the quarter, compared to the consensus estimate of $17.09 million. During the same period in the previous year, the firm posted ($1.33) earnings per share. The firm’s revenue was down 69.4% on a year-over-year basis. Equities research analysts expect that Beam Therapeutics will post -4.68 earnings per share for the current fiscal year.

Beam Therapeutics Company Profile

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.