Beam Therapeutics (NASDAQ:BEAM) Shares Gap Up – Should You Buy?

Beam Therapeutics Inc. (NASDAQ:BEAM)’s stock price gapped up prior to trading on Tuesday . The stock had previously closed at $35.32, but opened at $36.62. Beam Therapeutics shares last traded at $35.6820, with a volume of 989,486 shares changing hands.

Wall Street Analysts Forecast Growth

BEAM has been the subject of a number of research analyst reports. Sanford C. Bernstein cut their target price on shares of Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. HC Wainwright restated a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a research note on Tuesday. Tudor Pickering set a $39.00 price target on Beam Therapeutics in a research report on Wednesday, May 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Monday, April 20th. Finally, Citigroup boosted their target price on shares of Beam Therapeutics from $64.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, March 26th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $46.83.

Beam Therapeutics Trading Up 5.1%

The firm has a market capitalization of $3.82 billion, a P/E ratio of -54.59 and a beta of 2.18. The company has a quick ratio of 16.99, a current ratio of 16.99 and a debt-to-equity ratio of 0.09. The business has a 50-day moving average price of $31.17 and a 200-day moving average price of $28.99.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Thursday, May 7th. The company reported ($0.91) EPS for the quarter, topping the consensus estimate of ($1.03) by $0.12. Beam Therapeutics had a negative return on equity of 29.00% and a negative net margin of 39.66%.The firm had revenue of $31.74 million during the quarter, compared to analysts’ expectations of $10.98 million. During the same period last year, the business earned ($1.23) earnings per share. Beam Therapeutics’s quarterly revenue was up 323.2% compared to the same quarter last year. Analysts anticipate that Beam Therapeutics Inc. will post -4.16 earnings per share for the current year.

Insider Transactions at Beam Therapeutics

In other Beam Therapeutics news, insider Fmr Llc sold 251,488 shares of the firm’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $35.26, for a total transaction of $8,867,466.88. Following the completion of the transaction, the insider owned 854,583 shares in the company, valued at $30,132,596.58. This trade represents a 22.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Beam Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bank Julius Baer & Co. Ltd Zurich acquired a new position in Beam Therapeutics during the fourth quarter worth $47,000. Hollencrest Capital Management bought a new position in Beam Therapeutics during the 1st quarter valued at about $43,000. Larson Financial Group LLC boosted its position in Beam Therapeutics by 4,370.5% in the third quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock valued at $48,000 after buying an additional 1,923 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in Beam Therapeutics during the fourth quarter worth about $59,000. Finally, Van ECK Associates Corp increased its holdings in shares of Beam Therapeutics by 48.7% during the third quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock worth $52,000 after buying an additional 707 shares in the last quarter. Institutional investors own 99.68% of the company’s stock.

About Beam Therapeutics

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.