Beam Therapeutics (NASDAQ:BEAM) Sets New 52-Week High – Here’s What Happened

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) hit a new 52-week high on Monday . The company traded as high as $36.88 and last traded at $36.31, with a volume of 357131 shares trading hands. The stock had previously closed at $34.14.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on BEAM shares. Tudor Pickering set a $39.00 target price on shares of Beam Therapeutics in a research note on Wednesday, May 13th. HC Wainwright reissued a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research report on Thursday, May 21st. Wedbush boosted their price target on shares of Beam Therapeutics from $57.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 25th. Royal Bank Of Canada upped their price objective on Beam Therapeutics from $22.00 to $26.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 25th. Finally, Citigroup increased their price objective on Beam Therapeutics from $64.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, March 26th. One investment 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 stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $46.83.

Beam Therapeutics Trading Down 6.6%

The firm has a market cap of $3.42 billion, a PE ratio of -48.82 and a beta of 2.25. The company has a current ratio of 16.99, a quick ratio of 16.99 and a debt-to-equity ratio of 0.09. The business has a fifty day moving average price of $30.50 and a 200 day moving average price of $28.54.

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

Insider Activity at Beam Therapeutics

In other news, insider Christine Bellon sold 5,956 shares of the business’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $24.58, for a total transaction of $146,398.48. Following the completion of the sale, the insider owned 109,711 shares in the company, valued at approximately $2,696,696.38. The trade was a 5.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Giuseppe Ciaramella sold 11,810 shares of the company’s stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $24.58, for a total transaction of $290,289.80. Following the completion of the transaction, the president owned 218,406 shares of the company’s stock, valued at approximately $5,368,419.48. The trade was a 5.13% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 79,544 shares of company stock worth $1,899,942 in the last ninety days. Company insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of BEAM. Hollencrest Capital Management purchased a new position in shares of Beam Therapeutics during the first quarter worth about $43,000. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in shares of Beam Therapeutics in the 4th quarter valued at about $47,000. Larson Financial Group LLC lifted its holdings in shares of Beam Therapeutics by 4,370.5% in the 3rd quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock valued at $48,000 after purchasing an additional 1,923 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of Beam Therapeutics by 48.7% in the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock valued at $52,000 after purchasing an additional 707 shares during the last quarter. Finally, Kestra Advisory Services LLC acquired a new stake in shares of Beam Therapeutics in the 4th quarter valued at about $59,000. 99.68% of the stock is owned by hedge funds and other institutional investors.

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.