Beam Therapeutics (NASDAQ:BEAM) Shares Gap Up on Strong Earnings

Beam Therapeutics Inc. (NASDAQ:BEAM) gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $28.33, but opened at $29.75. Beam Therapeutics shares last traded at $30.0010, with a volume of 619,040 shares traded.

The company reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.13) by $3.46. Beam Therapeutics had a negative return on equity of 42.86% and a negative net margin of 744.41%.The company had revenue of $114.11 million for the quarter, compared to analyst estimates of $13.22 million. During the same quarter in the previous year, the firm earned ($1.09) earnings per share. The firm’s quarterly revenue was up 280.3% compared to the same quarter last year.

Analyst Upgrades and Downgrades

BEAM has been the topic of several research reports. UBS Group initiated coverage on shares of Beam Therapeutics in a report on Wednesday, January 7th. They issued a “neutral” rating and a $28.00 price target on the stock. Wall Street Zen cut shares of Beam Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, February 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a report on Wednesday, January 21st. Evercore 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, Canaccord Genuity Group initiated coverage on Beam Therapeutics in a report on Friday. They set a “buy” rating and a $74.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Beam Therapeutics has an average rating of “Moderate Buy” and an average price target of $45.69.

Insider Transactions at Beam Therapeutics

In other Beam Therapeutics news, insider Christine Bellon sold 1,371 shares of the firm’s stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $34.00, for a total value of $46,614.00. Following the completion of the sale, the insider directly owned 95,667 shares of the company’s stock, valued at $3,252,678. This trade represents a 1.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Beam Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the company. ARK Investment Management LLC increased its holdings in shares of Beam Therapeutics by 24.8% during the 3rd quarter. ARK Investment Management LLC now owns 11,038,834 shares of the company’s stock worth $267,913,000 after buying an additional 2,190,993 shares during the last quarter. Contrarius Group Holdings Ltd acquired a new stake in Beam Therapeutics during the third quarter worth $37,212,000. MWG Caph Ltd acquired a new stake in Beam Therapeutics during the fourth quarter worth $35,119,000. State Street Corp raised its position in Beam Therapeutics by 30.4% in the fourth quarter. State Street Corp now owns 5,228,529 shares of the company’s stock valued at $144,935,000 after purchasing an additional 1,219,871 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Beam Therapeutics by 237.5% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,665,385 shares of the company’s stock valued at $40,419,000 after purchasing an additional 1,171,977 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Beam Therapeutics Trading Up 5.9%

The business has a fifty day moving average price of $28.63 and a two-hundred day moving average price of $24.89. The firm has a market capitalization of $3.05 billion, a PE ratio of -6.83 and a beta of 2.12.

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.