Beam Therapeutics (NASDAQ:BEAM) Sets New 52-Week High – Time to Buy?

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) reached a new 52-week high on Monday . The stock traded as high as $37.30 and last traded at $36.7950, with a volume of 1270067 shares. The stock had previously closed at $34.79.

Wall Street Analyst Weigh In

BEAM has been the topic of several research analyst reports. HC Wainwright reissued a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a research note on Thursday, May 21st. Citigroup increased their price objective on shares of Beam Therapeutics from $64.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, March 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a report on Monday, April 20th. Tudor Pickering set a $39.00 target price on Beam Therapeutics in a research report on Wednesday, May 13th. Finally, Sanford C. Bernstein decreased their price target on Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $46.83.

Beam Therapeutics Stock Performance

The company’s 50-day moving average price is $31.07 and its two-hundred day moving average price is $28.93. The company has a market cap of $3.76 billion, a P/E ratio of -53.91 and a beta of 2.18. The company has a current ratio of 16.99, a quick ratio of 16.99 and a debt-to-equity ratio of 0.09.

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

Insider Activity at Beam Therapeutics

In other news, insider Fmr Llc sold 251,488 shares of the firm’s stock in a transaction on Friday, June 26th. The stock was sold at an average price of $35.26, for a total transaction of $8,867,466.88. Following the completion of the sale, the insider directly owned 854,583 shares of the company’s stock, valued at $30,132,596.58. This trade represents a 22.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 3.80% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. CWM LLC increased its stake in Beam Therapeutics by 15.4% in the 4th quarter. CWM LLC now owns 2,466 shares of the company’s stock worth $68,000 after purchasing an additional 329 shares in the last quarter. Wealth Effects LLC lifted its stake in Beam Therapeutics by 4.3% during the fourth quarter. Wealth Effects LLC now owns 9,600 shares of the company’s stock valued at $266,000 after buying an additional 400 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of Beam Therapeutics by 2.6% in the fourth quarter. Franklin Resources Inc. now owns 21,948 shares of the company’s stock worth $608,000 after buying an additional 566 shares during the period. Van ECK Associates Corp increased its position in shares of Beam Therapeutics by 48.7% in the third quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock worth $52,000 after acquiring an additional 707 shares in the last quarter. Finally, Stifel Financial Corp raised its holdings in shares of Beam Therapeutics by 7.8% during the fourth quarter. Stifel Financial Corp now owns 13,405 shares of the company’s stock valued at $372,000 after acquiring an additional 965 shares during the period. Institutional investors and hedge funds own 99.68% of the company’s stock.

Beam Therapeutics Company Profile

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.