Beam Therapeutics (NASDAQ:BEAM) Shares Up 11.1% – Here’s What Happened
by Jessica Moore · The Cerbat GemBeam Therapeutics Inc. (NASDAQ:BEAM – Get Free Report) shot up 11.1% during mid-day trading on Tuesday . The stock traded as high as $30.10 and last traded at $29.8210. 295,696 shares were traded during trading, a decline of 70% from the average session volume of 972,062 shares. The stock had previously closed at $26.84.
Analyst Upgrades and Downgrades
A number of brokerages have issued reports on BEAM. Jefferies Financial Group began coverage on shares of Beam Therapeutics in a report on Thursday, October 9th. They issued a “buy” rating and a $41.00 price target on the stock. Benchmark restated a “speculative buy” rating on shares of Beam Therapeutics in a report on Monday, November 17th. Wall Street Zen raised Beam Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday. Evercore ISI initiated coverage on Beam Therapeutics in a research note on Monday, November 24th. They set an “outperform” rating and a $35.00 price objective for the company. Finally, HC Wainwright reissued a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a report on Friday, October 10th. Two equities 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 issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $45.58.
View Our Latest Stock Analysis on Beam Therapeutics
Beam Therapeutics Stock Performance
The business has a 50-day simple moving average of $25.16 and a 200-day simple moving average of $22.50. The company has a market cap of $2.91 billion, a price-to-earnings ratio of -6.47 and a beta of 2.07.
Beam Therapeutics (NASDAQ:BEAM – Get Free Report) last issued its earnings results on Tuesday, November 4th. The company reported ($1.10) earnings per share (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 company had revenue of $9.70 million during the quarter, compared to analyst estimates of $12.83 million. During the same quarter in the previous year, the company posted ($1.17) EPS. The company’s quarterly revenue was down 32.2% on a year-over-year basis. Research analysts anticipate that Beam Therapeutics Inc. will post -4.57 EPS for the current year.
Institutional Investors Weigh In On Beam Therapeutics
Several large investors have recently made changes to their positions in the business. Larson Financial Group LLC grew its stake in shares of Beam Therapeutics by 4,370.5% during the third quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock valued at $48,000 after acquiring an additional 1,923 shares in the last quarter. Van ECK Associates Corp lifted its holdings in shares of Beam Therapeutics by 48.7% in the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock worth $52,000 after purchasing an additional 707 shares during the last quarter. Allworth Financial LP grew its stake in Beam Therapeutics by 7,080.0% during the 2nd quarter. Allworth Financial LP now owns 2,513 shares of the company’s stock worth $43,000 after buying an additional 2,478 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in shares of Beam Therapeutics by 1,248.8% in the second quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company’s stock valued at $65,000 after purchasing an additional 3,534 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in Beam Therapeutics by 43.4% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,884 shares of the company’s stock valued at $66,000 after buying an additional 1,175 shares in the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.
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.