Beam Therapeutics (NASDAQ:BEAM) Shares Up 17.9% – Here’s Why

Beam Therapeutics Inc. (NASDAQ:BEAM) shares were up 17.9% during mid-day trading on Friday . The stock traded as high as $33.66 and last traded at $33.74. Approximately 751,888 shares were traded during mid-day trading, a decline of 32% from the average daily volume of 1,107,364 shares. The stock had previously closed at $28.61.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on BEAM shares. HC Wainwright restated a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a report on Monday, February 3rd. Cantor Fitzgerald upgraded Beam Therapeutics from a “neutral” rating to an “overweight” rating in a report on Wednesday, January 29th. Leerink Partnrs upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Sanford C. Bernstein upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Royal Bank of Canada decreased their price objective on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Beam Therapeutics has a consensus rating of “Buy” and an average target price of $47.67.

Beam Therapeutics Price Performance

The company’s 50-day simple moving average is $26.53 and its 200-day simple moving average is $25.66. The stock has a market capitalization of $2.72 billion, a price-to-earnings ratio of -18.55 and a beta of 1.92.

Insiders Place Their Bets

In other Beam Therapeutics news, CEO John M. Evans sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $26.75, for a total transaction of $802,500.00. Following the completion of the sale, the chief executive officer now directly owns 908,659 shares in the company, valued at $24,306,628.25. This trade represents a 3.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Christine Bellon sold 1,241 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total value of $30,627.88. Following the completion of the sale, the insider now owns 102,968 shares of the company’s stock, valued at approximately $2,541,250.24. This trade represents a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

Institutional investors have recently made changes to their positions in the stock. Wealthfront Advisers LLC bought a new stake in Beam Therapeutics during the fourth quarter worth $41,000. Sterling Capital Management LLC lifted its stake in Beam Therapeutics by 816.0% during the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock worth $60,000 after purchasing an additional 2,146 shares during the last quarter. Blue Trust Inc. lifted its stake in Beam Therapeutics by 84.0% during the third quarter. Blue Trust Inc. now owns 3,135 shares of the company’s stock worth $73,000 after purchasing an additional 1,431 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Beam Therapeutics by 21.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock worth $75,000 after purchasing an additional 524 shares during the last quarter. Finally, Arcadia Investment Management Corp MI bought a new stake in Beam Therapeutics during the third quarter worth $98,000. 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.