Beam Therapeutics Sees Unusually High Options Volume (NASDAQ:BEAM)


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Beam Therapeutics Inc. (NASDAQ:BEAM) was the target of unusually large options trading activity on Tuesday. Stock investors bought 2,753 call options on the company. This is an increase of 160% compared to the typical daily volume of 1,058 call options.

A number of equities analysts have recently commented on BEAM shares. JPMorgan Chase & Co. lowered shares of Beam Therapeutics from an “overweight” rating to a “neutral” rating and raised their target price for the stock from $38.00 to $100.00 in a research report on Friday, January 29th. Stifel Nicolaus assumed coverage on shares of Beam Therapeutics in a research note on Tuesday, January 5th. They issued a “hold” rating for the company. Finally, Wells Fargo & Company began coverage on shares of Beam Therapeutics in a research note on Tuesday, February 16th. They set an “overweight” rating and a $145.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $57.14.

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. lifted its holdings in shares of Beam Therapeutics by 41.8% in the 4th quarter. BlackRock Inc. now owns 3,159,510 shares of the company’s stock worth $257,945,000 after acquiring an additional 931,108 shares during the last quarter. State Street Corp lifted its holdings in shares of Beam Therapeutics by 138.0% in the 3rd quarter. State Street Corp now owns 531,478 shares of the company’s stock worth $13,085,000 after acquiring an additional 308,179 shares during the last quarter. Northern Trust Corp increased its stake in Beam Therapeutics by 11.8% during the 4th quarter. Northern Trust Corp now owns 427,157 shares of the company’s stock worth $34,873,000 after buying an additional 45,101 shares during the period. Point72 Asset Management L.P. increased its stake in Beam Therapeutics by 68.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 248,417 shares of the company’s stock worth $6,116,000 after buying an additional 100,579 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in Beam Therapeutics by 34.3% during the 4th quarter. JPMorgan Chase & Co. now owns 234,458 shares of the company’s stock worth $19,141,000 after buying an additional 59,935 shares during the period. Hedge funds and other institutional investors own 49.79% of the company’s stock.

Shares of BEAM stock traded down $9.86 during trading hours on Tuesday, hitting $100.55. The company had a trading volume of 74,101 shares, compared to its average volume of 1,027,591. The company’s fifty day moving average is $102.66 and its 200 day moving average is $67.85. Beam Therapeutics has a fifty-two week low of $13.00 and a fifty-two week high of $126.90. The stock has a market capitalization of $5.83 billion and a PE ratio of -6.18.

About Beam Therapeutics

Beam Therapeutics Inc, a biotechnology company, engages in developing precision genetic medicines for patients suffering from serious diseases in the United States. The company is developing therapies for the development of sickle cell disease and beta-thalassemia; CAR-T cell therapies for pediatric T-cell acute lymphoblastic leukemia and pediatric acute myeloid leukemia; therapies for alpha-1 antitrypsin deficiency and glycogen storage disorder 1A; and therapies for ocular and central nervous system disorders.

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