Beam Therapeutics (NASDAQ:BEAM) Sees Unusually-High Trading Volume – Still a Buy?

Beam Therapeutics Inc. (NASDAQ:BEAM) saw unusually-strong trading volume on Monday . Approximately 2,385,686 shares were traded during mid-day trading, an increase of 105% from the previous session’s volume of 1,163,214 shares.The stock last traded at $26.19 and had previously closed at $28.48.

Analyst Ratings Changes

A number of research analysts have weighed in on BEAM shares. Royal Bank of Canada increased their price target on Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 26th. Cantor Fitzgerald upgraded Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research report on Wednesday, January 29th. Scotiabank raised Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 price target on the stock in a research note on Monday. Guggenheim reaffirmed a “buy” rating and set a $78.00 price objective on shares of Beam Therapeutics in a research note on Thursday, February 27th. Finally, Wedbush reiterated an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a report on Monday. Two research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Beam Therapeutics has a consensus rating of “Buy” and a consensus target price of $52.50.

Beam Therapeutics Stock Performance

The firm has a fifty day moving average of $27.01 and a 200-day moving average of $26.03. The stock has a market capitalization of $2.06 billion, a price-to-earnings ratio of -13.93 and a beta of 1.91.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.25) by $0.16. The business had revenue of $30.00 million during the quarter, compared to analyst estimates of $16.47 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company’s revenue for the quarter was down 90.5% compared to the same quarter last year. During the same quarter last year, the firm earned $1.73 earnings per share. On average, analysts predict that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Insider Activity

In other news, CEO John M. Evans sold 30,000 shares of Beam Therapeutics stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $26.75, for a total transaction of $802,500.00. Following the sale, the chief executive officer now directly owns 908,659 shares of the company’s stock, valued at approximately $24,306,628.25. The trade was a 3.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Christine Bellon sold 1,241 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total value of $30,627.88. Following the completion of the transaction, the insider now owns 102,968 shares in the company, valued at approximately $2,541,250.24. This trade represents a 1.19 % decrease in their position. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Several large investors have recently modified their holdings of the stock. Wealthfront Advisers LLC bought a new position in Beam Therapeutics in the 4th quarter worth about $41,000. GF Fund Management CO. LTD. bought a new position in shares of Beam Therapeutics in the fourth quarter valued at approximately $43,000. Sterling Capital Management LLC increased its stake in shares of Beam Therapeutics by 816.0% during the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock valued at $60,000 after acquiring an additional 2,146 shares during the period. KBC Group NV increased its stake in shares of Beam Therapeutics by 103.2% during the fourth quarter. KBC Group NV now owns 4,143 shares of the company’s stock valued at $103,000 after acquiring an additional 2,104 shares during the period. Finally, Blue Trust Inc. raised its holdings in Beam Therapeutics by 36.3% during the fourth quarter. Blue Trust Inc. now owns 4,274 shares of the company’s stock worth $105,000 after purchasing an additional 1,139 shares in the last quarter. Institutional investors own 99.68% of the company’s stock.

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.