Short Interest in Beam Therapeutics Inc. (NASDAQ:BEAM) Decreases By 6.1%

Beam Therapeutics Inc. (NASDAQ:BEAM) saw a significant drop in short interest in the month of March. As of March 31st, there was short interest totalling 13,450,000 shares, a drop of 6.1% from the March 15th total of 14,320,000 shares. Based on an average daily volume of 1,390,000 shares, the days-to-cover ratio is currently 9.7 days.

Insider Transactions at Beam Therapeutics

In other news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $25.33, for a total transaction of $1,519,800.00. Following the transaction, the chief executive officer now directly owns 1,058,262 shares of the company’s stock, valued at $26,805,776.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Fmr Llc sold 1,565 shares of Beam Therapeutics stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $30.76, for a total value of $48,139.40. Following the transaction, the insider now directly owns 2,771,913 shares of the company’s stock, valued at $85,264,043.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $25.33, for a total transaction of $1,519,800.00. Following the completion of the transaction, the chief executive officer now directly owns 1,058,262 shares in the company, valued at $26,805,776.46. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 156,804 shares of company stock valued at $4,731,669. 4.40% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Beam Therapeutics

Hedge funds have recently modified their holdings of the business. Riverview Trust Co acquired a new position in shares of Beam Therapeutics during the first quarter worth $26,000. Comerica Bank lifted its holdings in Beam Therapeutics by 80.9% in the fourth quarter. Comerica Bank now owns 973 shares of the company’s stock valued at $26,000 after buying an additional 435 shares during the period. Allworth Financial LP lifted its holdings in Beam Therapeutics by 163.7% in the third quarter. Allworth Financial LP now owns 1,105 shares of the company’s stock valued at $27,000 after buying an additional 686 shares during the period. First Horizon Advisors Inc. lifted its holdings in Beam Therapeutics by 125.9% in the fourth quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock valued at $27,000 after buying an additional 554 shares during the period. Finally, Point72 Middle East FZE acquired a new position in Beam Therapeutics in the fourth quarter valued at $35,000. Institutional investors and hedge funds own 99.68% of the company’s stock.

Beam Therapeutics Stock Performance

Shares of NASDAQ:BEAM opened at $24.31 on Thursday. The firm has a market cap of $1.99 billion, a PE ratio of -12.79 and a beta of 1.77. The firm’s fifty day moving average is $33.23 and its 200-day moving average is $28.05. Beam Therapeutics has a 52 week low of $16.95 and a 52 week high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of ($0.69) by $2.42. The company had revenue of $316.20 million for the quarter, compared to analyst estimates of $34.16 million. Beam Therapeutics had a negative net margin of 35.09% and a negative return on equity of 15.90%. Beam Therapeutics’s revenue was up 1481.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.54) earnings per share. Sell-side analysts forecast that Beam Therapeutics will post -5.53 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Barclays lifted their price objective on shares of Beam Therapeutics from $26.00 to $42.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 28th. JPMorgan Chase & Co. raised shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $38.00 to $40.00 in a research note on Monday, January 29th. TheStreet raised shares of Beam Therapeutics from a “d” rating to a “c-” rating in a research note on Monday, March 11th. Royal Bank of Canada boosted their target price on shares of Beam Therapeutics from $27.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 28th. Finally, Wedbush reaffirmed an “outperform” rating and set a $57.00 target price (up previously from $48.00) on shares of Beam Therapeutics in a research note on Tuesday, February 27th. Eight analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Beam Therapeutics currently has an average rating of “Hold” and a consensus target price of $41.00.

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.