Short Interest in Beam Therapeutics Inc. (NASDAQ:BEAM) Drops By 7.1%

Beam Therapeutics Inc. (NASDAQ:BEAM) saw a large decline in short interest in January. As of January 31st, there was short interest totalling 10,020,000 shares, a decline of 7.1% from the January 15th total of 10,790,000 shares. Based on an average daily trading volume, of 1,150,000 shares, the days-to-cover ratio is currently 8.7 days.

Analysts Set New Price Targets

Several research firms have issued reports on BEAM. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a report on Monday, February 3rd. Wedbush reissued an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a research note on Monday, January 13th. Leerink Partnrs upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Cantor Fitzgerald upgraded shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating in a report on Wednesday, January 29th. Finally, Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $27.00 to $39.00 in a report on Wednesday, November 6th. Two investment 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 company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $47.67.

Insiders Place Their Bets

In other news, CEO John M. Evans sold 30,000 shares of the business’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $26.75, for a total value of $802,500.00. Following the sale, the chief executive officer now owns 908,659 shares of the company’s stock, valued at approximately $24,306,628.25. The trade was a 3.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Christine Bellon sold 1,241 shares of the company’s stock in a transaction 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 position. The disclosure for this sale can be found here. 4.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Beam Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Wealthfront Advisers LLC acquired a new position in Beam Therapeutics in the fourth quarter worth approximately $41,000. Sterling Capital Management LLC increased its stake in shares of Beam Therapeutics by 816.0% during the 4th 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 shares of Beam Therapeutics by 84.0% in the 3rd quarter. Blue Trust Inc. now owns 3,135 shares of the company’s stock valued at $73,000 after purchasing an additional 1,431 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Beam Therapeutics by 21.3% in 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 in the last quarter. Finally, Arcadia Investment Management Corp MI acquired a new position in Beam Therapeutics during the third quarter worth $98,000. 99.68% of the stock is owned by hedge funds and other institutional investors.

Beam Therapeutics Stock Performance

Shares of NASDAQ BEAM traded up $3.79 during mid-day trading on Monday, reaching $32.40. The company had a trading volume of 3,373,252 shares, compared to its average volume of 1,048,712. The stock has a market capitalization of $2.68 billion, a PE ratio of -18.41 and a beta of 1.92. Beam Therapeutics has a twelve month low of $20.84 and a twelve month high of $49.50. The stock’s 50 day moving average is $26.71 and its 200-day moving average is $25.60.

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.