Beam Therapeutics (NASDAQ:BEAM) Trading 6.7% Higher – Still a Buy?

Beam Therapeutics Inc. (NASDAQ:BEAM) shares shot up 6.7% on Thursday . The company traded as high as $22.18 and last traded at $23.3450. 177,663 shares traded hands during trading, a decline of 92% from the average session volume of 2,224,649 shares. The stock had previously closed at $21.87.

Analysts Set New Price Targets

Several equities analysts have recently commented on BEAM shares. Barclays decreased their price objective on shares of Beam Therapeutics from $25.00 to $21.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 6th. JPMorgan Chase & Co. dropped their price objective on Beam Therapeutics from $48.00 to $46.00 and set an “overweight” rating for the company in a research note on Thursday, October 9th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a report on Wednesday, October 8th. Wall Street Zen cut Beam Therapeutics from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research report on Friday, October 10th. Two investment analysts have rated the stock with a Strong Buy rating, nine 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.com, Beam Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.55.

Beam Therapeutics Stock Performance

The business has a 50-day simple moving average of $24.35 and a 200-day simple moving average of $20.33. The company has a market cap of $2.20 billion, a price-to-earnings ratio of -4.90 and a beta of 2.40.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, November 4th. The company reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.98) by ($0.12). Beam Therapeutics had a negative return on equity of 42.86% and a negative net margin of 744.41%.The company had revenue of $9.70 million for the quarter, compared to analyst estimates of $12.83 million. During the same period in the prior year, the firm posted ($1.17) earnings per share. The business’s quarterly revenue was down 32.2% compared to the same quarter last year. Research analysts anticipate that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Hedge Funds Weigh In On Beam Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Van ECK Associates Corp lifted its holdings in Beam Therapeutics by 48.7% during the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock worth $52,000 after buying an additional 707 shares during the last quarter. Allworth Financial LP raised its position in shares of 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 acquiring an additional 2,478 shares in the last quarter. CWM LLC raised its position in shares of Beam Therapeutics by 79.8% during the 1st quarter. CWM LLC now owns 2,684 shares of the company’s stock worth $52,000 after acquiring an additional 1,191 shares in the last quarter. Daiwa Securities Group Inc. lifted its stake in Beam Therapeutics by 1,248.8% during the second quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company’s stock worth $65,000 after purchasing an additional 3,534 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in Beam Therapeutics by 43.4% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,884 shares of the company’s stock valued at $66,000 after purchasing an additional 1,175 shares in the last quarter. Institutional investors and hedge funds 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.