Beam Therapeutics (NASDAQ:BEAM) Shares Up 11.1% – What’s Next?

Beam Therapeutics Inc. (NASDAQ:BEAM)’s stock price shot up 11.1% during mid-day trading on Tuesday . The stock traded as high as $30.10 and last traded at $29.8210. 295,696 shares changed hands during trading, a decline of 70% from the average session volume of 972,062 shares. The stock had previously closed at $26.84.

Analysts Set New Price Targets

Several research firms recently issued reports on BEAM. HC Wainwright reissued a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research report on Friday, October 10th. Benchmark reissued a “speculative buy” rating on shares of Beam Therapeutics in a research note on Monday, November 17th. Evercore ISI began coverage on shares of Beam Therapeutics in a research report on Monday, November 24th. They set an “outperform” rating and a $35.00 price target on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. cut their price target on Beam Therapeutics from $48.00 to $46.00 and set an “overweight” rating on the stock in a research note on Thursday, October 9th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.58.

Beam Therapeutics Stock Performance

The firm’s fifty day moving average is $25.16 and its 200-day moving average is $22.50. The company has a market capitalization of $2.91 billion, a P/E ratio of -6.47 and a beta of 2.07.

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

Institutional Trading of Beam Therapeutics

Large investors have recently added to or reduced their stakes in the stock. ARK Investment Management LLC raised its position in shares of Beam Therapeutics by 24.8% in the third quarter. ARK Investment Management LLC now owns 11,038,834 shares of the company’s stock worth $267,913,000 after buying an additional 2,190,993 shares in the last quarter. Farallon Capital Management LLC increased its position in Beam Therapeutics by 0.5% during the 3rd quarter. Farallon Capital Management LLC now owns 10,063,111 shares of the company’s stock valued at $244,232,000 after purchasing an additional 50,000 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Beam Therapeutics by 2.1% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,830,738 shares of the company’s stock worth $117,242,000 after acquiring an additional 101,294 shares during the period. Amova Asset Management Americas Inc. increased its stake in shares of Beam Therapeutics by 2.2% during the third quarter. Amova Asset Management Americas Inc. now owns 4,830,738 shares of the company’s stock valued at $117,242,000 after purchasing an additional 103,939 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. increased its stake in Beam Therapeutics by 10.7% during the 2nd quarter. Nikko Asset Management Americas Inc. now owns 4,726,799 shares of the company’s stock valued at $80,403,000 after purchasing an additional 456,779 shares in the last quarter. Hedge funds and other institutional investors 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.