Beam Therapeutics (NASDAQ:BEAM) Sets New 12-Month High – Here’s Why

Beam Therapeutics Inc. (NASDAQ:BEAM) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $36.44 and last traded at $33.69, with a volume of 7047846 shares changing hands. The stock had previously closed at $27.55.

Analyst Ratings Changes

Several brokerages recently weighed in on BEAM. 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 target price on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Beam Therapeutics from $48.00 to $46.00 and set an “overweight” rating on the stock in a research report on Thursday, October 9th. HC Wainwright restated a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a report on Friday, October 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Wednesday, October 8th. Finally, Jefferies Financial Group initiated coverage on Beam Therapeutics in a research note on Thursday, October 9th. They issued a “buy” rating and a $41.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $44.23.

Beam Therapeutics Trading Up 22.3%

The firm’s fifty day moving average price is $25.61 and its 200-day moving average price is $22.93. The firm has a market cap of $3.42 billion, a price-to-earnings ratio of -7.60 and a beta of 2.07.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, November 4th. The company reported ($1.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.98) by ($0.12). Beam Therapeutics had a negative net margin of 744.41% and a negative return on equity of 42.86%. The company had revenue of $9.70 million during the quarter, compared to analysts’ expectations of $12.83 million. During the same period last year, the firm earned ($1.17) earnings per share. Beam Therapeutics’s revenue was down 32.2% on a year-over-year basis. On average, sell-side analysts expect that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Institutional Trading of Beam Therapeutics

A number of large investors have recently made changes to their positions in the company. Larson Financial Group LLC increased its position in Beam Therapeutics by 4,370.5% during the third quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock worth $48,000 after buying an additional 1,923 shares during the period. Van ECK Associates Corp grew its position in shares of Beam Therapeutics by 48.7% during the third quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock worth $52,000 after acquiring an additional 707 shares during the last quarter. Allworth Financial LP increased its holdings in shares of Beam Therapeutics by 7,080.0% in the 2nd quarter. Allworth Financial LP now owns 2,513 shares of the company’s stock valued at $43,000 after acquiring an additional 2,478 shares during the period. Daiwa Securities Group Inc. raised its position in Beam Therapeutics by 1,248.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company’s stock valued at $65,000 after purchasing an additional 3,534 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in Beam Therapeutics by 43.4% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,884 shares of the company’s stock worth $66,000 after purchasing an additional 1,175 shares during the period. 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.