Beam Therapeutics Inc. (NASDAQ:BEAM) Short Interest Down 6.1% in March

Beam Therapeutics Inc. (NASDAQ:BEAM) was the recipient of a large decline in short interest in the month of March. As of March 31st, there was short interest totalling 13,450,000 shares, a decline of 6.1% from the March 15th total of 14,320,000 shares. Based on an average trading volume of 1,390,000 shares, the short-interest ratio is currently 9.7 days.

Beam Therapeutics Trading Up 0.8 %

Shares of Beam Therapeutics stock traded up $0.20 on Tuesday, hitting $25.90. The company had a trading volume of 633,268 shares, compared to its average volume of 1,380,879. The business has a 50-day simple moving average of $33.28 and a 200-day simple moving average of $28.04. Beam Therapeutics has a 52 week low of $16.95 and a 52 week high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $1.73 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.69) by $2.42. Beam Therapeutics had a negative net margin of 35.09% and a negative return on equity of 15.90%. The business had revenue of $316.20 million during the quarter, compared to analysts’ expectations of $34.16 million. During the same period last year, the firm posted ($0.54) earnings per share. The business’s revenue was up 1481.0% on a year-over-year basis. As a group, equities research analysts expect that Beam Therapeutics will post -5.53 EPS for the current fiscal year.

Insiders Place Their Bets

In other Beam Therapeutics news, President Giuseppe Ciaramella sold 4,534 shares of Beam Therapeutics stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $32.12, for a total value of $145,632.08. Following the completion of the sale, the president now directly owns 169,616 shares of the company’s stock, valued at approximately $5,448,065.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $25.33, for a total transaction of $1,519,800.00. Following the completion of the sale, the chief executive officer now directly owns 1,058,262 shares of the company’s stock, valued at approximately $26,805,776.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Giuseppe Ciaramella sold 4,534 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $32.12, for a total transaction of $145,632.08. Following the sale, the president now directly owns 169,616 shares of the company’s stock, valued at $5,448,065.92. The disclosure for this sale can be found here. In the last three months, insiders sold 156,804 shares of company stock valued at $4,731,669. Company insiders own 4.40% of the company’s stock.

Institutional Trading of Beam Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. ARK Investment Management LLC lifted its stake in Beam Therapeutics by 6.9% during the fourth quarter. ARK Investment Management LLC now owns 9,393,889 shares of the company’s stock valued at $255,702,000 after purchasing an additional 609,998 shares during the last quarter. Swiss National Bank lifted its position in shares of Beam Therapeutics by 12.9% in the 3rd quarter. Swiss National Bank now owns 142,400 shares of the company’s stock valued at $3,425,000 after acquiring an additional 16,300 shares in the last quarter. Citigroup Inc. lifted its position in shares of Beam Therapeutics by 21.5% in the 3rd quarter. Citigroup Inc. now owns 197,597 shares of the company’s stock valued at $4,752,000 after acquiring an additional 34,943 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its position in shares of Beam Therapeutics by 41.5% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 106,269 shares of the company’s stock valued at $2,556,000 after acquiring an additional 31,165 shares in the last quarter. Finally, Rafferty Asset Management LLC lifted its position in shares of Beam Therapeutics by 31.8% in the 3rd quarter. Rafferty Asset Management LLC now owns 340,141 shares of the company’s stock valued at $8,180,000 after acquiring an additional 82,150 shares in the last quarter. 99.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on BEAM shares. BMO Capital Markets reiterated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a report on Wednesday, March 27th. TheStreet upgraded shares of Beam Therapeutics from a “d” rating to a “c-” rating in a report on Monday, March 11th. Royal Bank of Canada upped their target price on shares of Beam Therapeutics from $27.00 to $35.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 28th. Barclays upped their target price on shares of Beam Therapeutics from $26.00 to $42.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 28th. Finally, Wedbush restated an “outperform” rating and issued a $57.00 target price (up previously from $48.00) on shares of Beam Therapeutics in a research note on Tuesday, February 27th. Eight research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $41.00.

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.