Short Interest in Beam Therapeutics Inc. (NASDAQ:BEAM) Decreases By 6.4%

Beam Therapeutics Inc. (NASDAQ:BEAM) was the target of a significant decrease in short interest during the month of June. As of June 15th, there was short interest totalling 12,950,000 shares, a decrease of 6.4% from the May 31st total of 13,830,000 shares. Based on an average daily volume of 1,340,000 shares, the days-to-cover ratio is presently 9.7 days.

Beam Therapeutics Stock Performance

BEAM stock opened at $23.48 on Thursday. The stock’s 50 day moving average price is $23.62 and its 200 day moving average price is $27.76. The firm has a market cap of $1.93 billion, a P/E ratio of -13.19 and a beta of 1.88. Beam Therapeutics has a 1 year low of $16.95 and a 1 year high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, May 7th. The company reported ($1.21) earnings per share for the quarter, beating the consensus estimate of ($1.42) by $0.21. The firm had revenue of $7.40 million during the quarter, compared to the consensus estimate of $17.09 million. Beam Therapeutics had a negative net margin of 37.33% and a negative return on equity of 15.46%. The firm’s revenue for the quarter was down 69.4% on a year-over-year basis. During the same quarter in the previous year, the company posted ($1.33) EPS. On average, research analysts predict that Beam Therapeutics will post -4.68 earnings per share for the current year.

Insider Transactions at Beam Therapeutics

In related news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $24.50, for a total value of $1,470,000.00. Following the transaction, the chief executive officer now directly owns 998,343 shares in the company, valued at approximately $24,459,403.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Several institutional investors have recently added to or reduced their stakes in the business. First Horizon Advisors Inc. boosted its stake in Beam Therapeutics by 125.9% in the 4th quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock worth $27,000 after buying an additional 554 shares during the last quarter. E Fund Management Co. Ltd. boosted its position in shares of Beam Therapeutics by 4.0% in the fourth quarter. E Fund Management Co. Ltd. now owns 18,174 shares of the company’s stock worth $495,000 after acquiring an additional 704 shares during the last quarter. American International Group Inc. grew its holdings in Beam Therapeutics by 2.0% in the first quarter. American International Group Inc. now owns 36,760 shares of the company’s stock valued at $1,215,000 after purchasing an additional 732 shares during the period. Principal Financial Group Inc. increased its position in Beam Therapeutics by 4.5% during the first quarter. Principal Financial Group Inc. now owns 18,418 shares of the company’s stock worth $609,000 after purchasing an additional 789 shares during the last quarter. Finally, Riverview Trust Co purchased a new position in Beam Therapeutics during the first quarter worth approximately $26,000. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on BEAM shares. Wedbush reiterated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Tuesday, May 7th. BMO Capital Markets reiterated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research report on Wednesday, March 27th. Barclays decreased their target price on shares of Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 8th. Finally, TheStreet upgraded shares of Beam Therapeutics from a “d” rating to a “c-” rating in a report on Monday, March 11th. Eight analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $40.18.

Beam Therapeutics Company Profile

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.