Beam Therapeutics (NASDAQ:BEAM) Reaches New 1-Year High – Still a Buy?

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) hit a new 52-week high on Monday . The stock traded as high as $37.30 and last traded at $36.7950, with a volume of 1270067 shares. The stock had previously closed at $34.79.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on BEAM shares. HC Wainwright restated a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research note on Thursday, May 21st. Sanford C. Bernstein lowered their price objective on Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Monday, April 20th. Tudor Pickering set a $39.00 target price on Beam Therapeutics in a report on Wednesday, May 13th. Finally, Citigroup boosted 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. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $46.83.

Beam Therapeutics Trading Up 5.0%

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’s 50 day moving average is $31.07 and its two-hundred day moving average is $28.93. The stock has a market cap of $3.76 billion, a price-to-earnings ratio of -53.91 and a beta of 2.18.

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

Insider Transactions at Beam Therapeutics

In other news, insider Fmr Llc sold 251,488 shares of the business’s stock in a transaction on Friday, June 26th. The shares were sold at an average price of $35.26, for a total transaction of $8,867,466.88. Following the completion of the transaction, the insider owned 854,583 shares of the company’s stock, valued at approximately $30,132,596.58. The trade was a 22.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Hollencrest Capital Management bought a new stake in shares of Beam Therapeutics during the first quarter valued at approximately $43,000. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in Beam Therapeutics in the 4th quarter valued at approximately $47,000. Larson Financial Group LLC increased its position in Beam Therapeutics by 4,370.5% in the 3rd 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 during the period. Van ECK Associates Corp raised 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 acquiring an additional 707 shares in the last quarter. Finally, Kestra Advisory Services LLC acquired a new position in Beam Therapeutics during the 4th quarter worth $59,000. 99.68% of the stock is owned by institutional investors and hedge funds.

About Beam Therapeutics

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.