Beam Therapeutics (NASDAQ:BEAM) Stock Price Up 6.8% – What’s Next?

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) traded up 6.8% during mid-day trading on Wednesday . The company traded as high as $25.50 and last traded at $24.9570. 291,928 shares traded hands during trading, a decline of 87% from the average session volume of 2,220,357 shares. The stock had previously closed at $23.37.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Benchmark reaffirmed a “speculative buy” rating on shares of Beam Therapeutics in a report on Monday, November 17th. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research note on Friday, October 10th. Wall Street Zen cut Beam Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Barclays reduced their target price on shares of Beam Therapeutics from $25.00 to $21.00 and set an “equal weight” rating for the company in a report on Wednesday, August 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $45.58.

Beam Therapeutics Trading Up 11.7%

The company has a 50 day simple moving average of $24.60 and a two-hundred day simple moving average of $20.78. The firm has a market capitalization of $2.65 billion, a P/E ratio of -5.88 and a beta of 2.21.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, November 4th. The company reported ($1.10) EPS for the quarter, missing the consensus estimate of ($0.98) by ($0.12). Beam Therapeutics had a negative return on equity of 42.86% and a negative net margin of 744.41%.The company had revenue of $9.70 million during the quarter, compared to analysts’ expectations of $12.83 million. During the same period last year, the firm posted ($1.17) EPS. Beam Therapeutics’s quarterly revenue was down 32.2% compared to the same quarter last year. On average, sell-side analysts expect that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Institutional Investors Weigh In On Beam Therapeutics

Several large investors have recently made changes to their positions in BEAM. ARK Investment Management LLC boosted its stake in Beam Therapeutics by 24.8% during the third quarter. ARK Investment Management LLC now owns 11,038,834 shares of the company’s stock valued at $267,913,000 after buying an additional 2,190,993 shares during the last quarter. Contrarius Group Holdings Ltd purchased a new stake in shares of Beam Therapeutics during the 3rd quarter worth approximately $37,212,000. Price T Rowe Associates Inc. MD boosted its position in shares of Beam Therapeutics by 72.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,026,701 shares of the company’s stock valued at $59,112,000 after acquiring an additional 1,273,559 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Beam Therapeutics by 16.4% in the first quarter. Vanguard Group Inc. now owns 8,871,292 shares of the company’s stock valued at $173,256,000 after purchasing an additional 1,249,303 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Beam Therapeutics by 237.5% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,665,385 shares of the company’s stock worth $40,419,000 after purchasing an additional 1,171,977 shares during the last quarter. 99.68% of the stock is owned by institutional investors.

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.