Beam Therapeutics (NASDAQ:BEAM) Shares Gap Up – What’s Next?

Beam Therapeutics Inc. (NASDAQ:BEAM) gapped up prior to trading on Tuesday . The stock had previously closed at $35.32, but opened at $36.62. Beam Therapeutics shares last traded at $35.6820, with a volume of 989,486 shares traded.

Wall Street Analyst Weigh In

BEAM has been the topic of a number of analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research note on Tuesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Monday, April 20th. Citigroup boosted their target price on shares of Beam Therapeutics from $64.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, March 26th. Bank of America reaffirmed a “buy” rating and set a $47.00 price target on shares of Beam Therapeutics in a research report on Wednesday. Finally, Tudor Pickering set a $39.00 price target on Beam Therapeutics in a report on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Beam Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $46.85.

Beam Therapeutics Price Performance

The firm has a market capitalization of $3.79 billion, a P/E ratio of -54.23 and a beta of 2.18. The business has a 50-day moving average of $31.55 and a 200 day moving average of $29.16. The company has a current ratio of 16.99, a quick ratio of 16.99 and a debt-to-equity ratio of 0.09.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.91) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.03) by $0.12. The business had revenue of $31.74 million for the quarter, compared to analyst estimates of $10.98 million. Beam Therapeutics had a negative return on equity of 29.00% and a negative net margin of 39.66%.The company’s quarterly revenue was up 323.2% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.23) earnings per share. On average, sell-side analysts predict that Beam Therapeutics Inc. will post -4.16 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Fmr Llc sold 251,488 shares of the stock in a transaction on Friday, June 26th. The stock was sold at an average price of $35.26, for a total value of $8,867,466.88. Following the transaction, the insider directly owned 854,583 shares in the company, valued at $30,132,596.58. This trade represents a 22.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Hollencrest Capital Management bought a new stake in shares of Beam Therapeutics during the first quarter worth about $43,000. Bank Julius Baer & Co. Ltd Zurich bought a new position in Beam Therapeutics in the 4th quarter valued at about $47,000. Larson Financial Group LLC boosted its stake in Beam Therapeutics by 4,370.5% during 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 boosted its stake in Beam Therapeutics by 48.7% during 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 position in Beam Therapeutics during the 4th quarter valued at about $59,000. 99.68% of the stock is 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.