Short Interest in Beam Therapeutics Inc. (NASDAQ:BEAM) Drops By 6.0%
Beam Therapeutics Inc. (NASDAQ:BEAM – Get Free Report) saw a significant drop in short interest in the month of November. As of November 30th, there was short interest totalling 13,000,000 shares, a drop of 6.0% from the November 15th total of 13,830,000 shares. Based on an average daily volume of 1,320,000 shares, the short-interest ratio is presently 9.8 days.
Wall Street Analyst Weigh In
Several equities analysts have recently weighed in on the company. Jefferies Financial Group restated a “hold” rating and issued a $30.00 target price (down previously from $75.00) on shares of Beam Therapeutics in a research report on Friday, December 8th. Bank of America downgraded Beam Therapeutics from a “buy” rating to a “neutral” rating and set a $35.00 target price on the stock. in a research report on Friday. SVB Leerink downgraded Beam Therapeutics from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $75.00 to $20.00 in a research report on Friday, October 20th. Wedbush restated an “outperform” rating and issued a $48.00 target price on shares of Beam Therapeutics in a research report on Monday, November 13th. Finally, Leerink Partnrs downgraded Beam Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Friday, October 20th. Eight analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $46.08.
View Our Latest Report on Beam Therapeutics
Insider Buying and Selling at Beam Therapeutics
In other Beam Therapeutics news, insider Amy Simon sold 3,448 shares of the firm’s stock in a transaction that occurred on Monday, October 30th. The stock was sold at an average price of $18.70, for a total value of $64,477.60. Following the sale, the insider now directly owns 65,469 shares of the company’s stock, valued at $1,224,270.30. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 4.40% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Beam Therapeutics
A number of institutional investors have recently modified their holdings of the company. Alliancebernstein L.P. grew its stake in shares of Beam Therapeutics by 0.4% in the third quarter. Alliancebernstein L.P. now owns 70,100 shares of the company’s stock valued at $3,340,000 after buying an additional 300 shares in the last quarter. Stifel Financial Corp grew its stake in Beam Therapeutics by 5.1% during the 1st quarter. Stifel Financial Corp now owns 7,022 shares of the company’s stock worth $215,000 after purchasing an additional 338 shares in the last quarter. Vident Investment Advisory LLC grew its stake in Beam Therapeutics by 4.2% during the 4th quarter. Vident Investment Advisory LLC now owns 8,520 shares of the company’s stock worth $333,000 after purchasing an additional 343 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Beam Therapeutics by 1.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 25,580 shares of the company’s stock worth $1,000,000 after purchasing an additional 343 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in Beam Therapeutics by 2.5% during the 2nd quarter. Principal Financial Group Inc. now owns 17,326 shares of the company’s stock worth $553,000 after purchasing an additional 421 shares in the last quarter. 80.64% of the stock is owned by institutional investors and hedge funds.
Beam Therapeutics Stock Down 4.6 %
NASDAQ:BEAM traded down $1.37 on Friday, reaching $28.42. The company’s stock had a trading volume of 1,845,041 shares, compared to its average volume of 1,001,279. Beam Therapeutics has a 12-month low of $16.95 and a 12-month high of $50.74. The firm has a market cap of $2.32 billion, a price-to-earnings ratio of -6.82 and a beta of 1.69. The stock has a 50 day moving average price of $24.55 and a 200 day moving average price of $26.86.
Beam Therapeutics (NASDAQ:BEAM – Get Free Report) last issued its quarterly earnings data on Wednesday, November 8th. The company reported ($1.22) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.33) by $0.11. Beam Therapeutics had a negative return on equity of 40.66% and a negative net margin of 384.62%. The business had revenue of $17.20 million during the quarter, compared to analysts’ expectations of $17.09 million. During the same period in the previous year, the firm posted ($1.56) earnings per share. The company’s revenue was up 8.9% on a year-over-year basis. Equities research analysts expect that Beam Therapeutics will post -4.85 EPS for the current fiscal year.
About Beam Therapeutics (Get Free Report)
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 and BEAM-102 for the treatment of sickle cell disease beta thalassemia; BEAM-201, an allogeneic chimeric antigen receptor T cell for the treatment of refractory T-cell acute lymphoblastic leukemia/T cell lymphoblastic lymphoma; BEAM-301, a liver-targeting LNP formulation for the treatment of glycogen storage disease 1a; and BEAM-302, a liver-targeting LNP formulation to treat severe alpha-1 antitrypsin deficiency.
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Original: MarketBeat News Feed: Short Interest in Beam Therapeutics Inc. (NASDAQ:BEAM) Drops By 6.0%