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

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 changed hands during mid-day trading, a decline of 87% from the average session volume of 2,220,357 shares. The stock had previously closed at $23.37.

Analysts Set New Price Targets

A number of research firms have recently commented on BEAM. Wall Street Zen lowered shares of Beam Therapeutics from a “hold” rating to a “sell” rating in a research note on Saturday, November 8th. 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. HC Wainwright reaffirmed a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a research note on Friday, October 10th. JPMorgan Chase & Co. lowered their target price on Beam Therapeutics from $48.00 to $46.00 and set an “overweight” rating for the company in a report on Thursday, October 9th. Finally, Jefferies Financial Group assumed coverage on Beam Therapeutics in a report on Thursday, October 9th. They set a “buy” rating and a $41.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $45.58.

Beam Therapeutics Stock Performance

The business has a 50 day moving average of $24.78 and a two-hundred day moving average of $20.88. The firm has a market capitalization of $2.93 billion, a price-to-earnings ratio of -6.53 and a beta of 2.21.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings data 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 net margin of 744.41% and a negative return on equity of 42.86%. The firm had revenue of $9.70 million for the quarter, compared to the consensus estimate of $12.83 million. During the same quarter in the prior year, the firm earned ($1.17) EPS. The company’s revenue was down 32.2% compared to the same quarter last year. On average, equities analysts predict that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Institutional Investors Weigh In On Beam Therapeutics

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

About Beam Therapeutics

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.