Short Interest in Beam Therapeutics Inc. (NASDAQ:BEAM) Decreases By 8.9%

Beam Therapeutics Inc. (NASDAQ:BEAM) was the recipient of a large drop in short interest during the month of June. As of June 30th, there was short interest totalling 11,800,000 shares, a drop of 8.9% from the June 15th total of 12,950,000 shares. Based on an average daily trading volume, of 1,360,000 shares, the short-interest ratio is currently 8.7 days.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $24.50, for a total transaction of $1,470,000.00. Following the completion of the transaction, the chief executive officer now owns 998,343 shares in the company, valued at approximately $24,459,403.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

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

Analysts Set New Price Targets

A number of analysts recently commented on BEAM shares. BMO Capital Markets reissued an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a report on Wednesday, March 27th. Wedbush restated an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a report on Tuesday, May 7th. Finally, Barclays decreased their target price on Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 8th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $40.18.

Beam Therapeutics Stock Performance

NASDAQ BEAM traded up $1.27 during trading hours on Tuesday, hitting $26.89. 543,463 shares of the company’s stock were exchanged, compared to its average volume of 1,362,748. The business’s 50 day moving average is $23.97 and its 200-day moving average is $27.54. Beam Therapeutics has a 12-month low of $16.95 and a 12-month high of $49.50. The firm has a market capitalization of $2.21 billion, a P/E ratio of -15.21 and a beta of 1.88.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, May 7th. The company reported ($1.21) earnings per share (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 during the quarter, compared to the consensus estimate of $17.09 million. During the same period in the previous year, the firm earned ($1.33) earnings per share. Beam Therapeutics’s revenue was down 69.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Beam Therapeutics will post -4.68 EPS 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.