Beam Therapeutics (NASDAQ:BEAM) Sets New 12-Month High – Time to Buy?

Beam Therapeutics Inc. (NASDAQ:BEAM) shares reached a new 52-week high during mid-day trading on Monday . The stock 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 research analysts have recently weighed in on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a report on Monday, April 20th. Tudor Pickering set a $39.00 target price on shares of Beam Therapeutics in a research report on Wednesday, May 13th. Citigroup increased their price target on Beam Therapeutics from $64.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, March 26th. HC Wainwright restated a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Thursday, May 21st. Finally, Royal Bank Of Canada upped their price objective on Beam Therapeutics from $22.00 to $26.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $46.83.

Beam Therapeutics Trading Up 5.1%

The company has a quick ratio of 16.99, a current ratio of 16.99 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $3.69 billion, a PE ratio of -52.79 and a beta of 2.25. The stock’s fifty day simple moving average is $30.20 and its 200 day simple moving average is $28.41.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly 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. Beam Therapeutics had a negative net margin of 39.66% and a negative return on equity of 29.00%. The business had revenue of $31.74 million for the quarter, compared to analysts’ expectations of $10.98 million. During the same quarter last year, the company posted ($1.23) EPS. The company’s revenue was up 323.2% compared to the same quarter last year. On average, sell-side analysts predict that Beam Therapeutics Inc. will post -4.16 earnings per share for the current year.

Insider Buying and Selling

In other news, President Giuseppe Ciaramella sold 11,810 shares of Beam Therapeutics stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total transaction of $290,289.80. Following the transaction, the president directly owned 218,406 shares of the company’s stock, valued at $5,368,419.48. The trade was a 5.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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, insider Amy Simon sold 6,700 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 value of $164,686.00. Following the transaction, the insider owned 102,735 shares of the company’s stock, valued at approximately $2,525,226.30. This trade represents a 6.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Over the last ninety days, insiders sold 79,544 shares of company stock worth $1,899,942. Company insiders own 3.80% of the company’s stock.

Institutional Trading of Beam Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the company. Jones Financial Companies Lllp increased its position in Beam Therapeutics by 55,780.0% in the first quarter. Jones Financial Companies Lllp now owns 33,528 shares of the company’s stock worth $655,000 after purchasing an additional 33,468 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Beam Therapeutics by 10.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 438,529 shares of the company’s stock valued at $8,564,000 after acquiring an additional 42,609 shares in the last quarter. Prudential Financial Inc. purchased a new stake in shares of Beam Therapeutics in the 2nd quarter worth approximately $201,000. New York State Common Retirement Fund increased its holdings in shares of Beam Therapeutics by 17.7% in the 2nd quarter. New York State Common Retirement Fund now owns 30,629 shares of the company’s stock valued at $521,000 after acquiring an additional 4,600 shares during the period. Finally, Invesco Ltd. grew its stake in Beam Therapeutics by 46.0% in the second quarter. Invesco Ltd. now owns 128,874 shares of the company’s stock valued at $2,192,000 after purchasing an additional 40,583 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors.

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.