Selling Buzz: Beam Therapeutics Inc. [BEAM] CEO Evans John M. sells 20,000 shares of the company

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Beam Therapeutics Inc. shares valued at $1,315,559 were sold by Evans John M. on Jul 28. At $65.78 per share, Evans John M. sold 20,000 shares. The insider’s holdings dropped to 123,000 shares worth approximately $7.73 million following the completion of this transaction.


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Also, Evans John M. sold 30,000 shares, netting a total of over 1,972,523 in proceeds. Following the sale of shares at $65.75 each, the insider now holds 1,088,520 shares.

Before that, Evans John M. had sold 20,000 shares from its account. In a trade valued at $759,597, the CEO traded Beam Therapeutics Inc. shares for $37.98 each. Upon closing the transaction, the insider’s holdings decreased to 20,000 shares, worth approximately $8.99 million.

As published in their initiating research note from BMO Capital Markets on June 17, 2022, Beam Therapeutics Inc. [BEAM] has been a Market perform and the price target has been revised to $41. This represents a -53.37% premium over Thursday’s closing price. Analysts at Credit Suisse started covering the stock with ‘”a Neutral”‘ outlook in a report released in late April. As of January 05, 2022, Guggenheim has initiated its “Buy” rating for BEAM. Earlier on October 19, 2021, SVB Leerink initiated its rating. Their recommendation was “an Outperform” for BEAM stock.

Analyzing BEAM’s Price Performance

On Thursday, Beam Therapeutics Inc. [NASDAQ: BEAM] plunged -0.21% to $62.88. The stock’s lowest price that day was $58.99, but it reached a high of $64.63 in the same session. During the last five days, there has been a drop of approximately -4.26%. Over the course of the year, Beam Therapeutics Inc. shares have dropped approximately -21.09%. Shares of the company reached a 52-week high of $82.62 on 01/04/22 and a 52-week low of $27.77 on 05/12/22. A 50-day SMA is recorded $46.88, while a 200-day SMA reached $61.80. Nevertheless, trading volume fell to 1.1 million shares from 0.8 million shares the previous day.

Support And Resistance Levels for Beam Therapeutics Inc. (BEAM)

According to the 24-hour chart, there is a support level at 59.70, which, if violated, would cause prices to drop to 56.53. In the upper region, resistance lies at 65.34. The next price resistance is at 67.81. RSI (Relative Strength Index) is 60.32 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.92, which suggests the price will decrease in the coming days. Percent R is at 54.59%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Beam Therapeutics Inc. subject to short interest?

Stocks of Beam Therapeutics Inc. saw a sharp rise in short interest on Jul 14, 2022 jumping by 1.62 million shares to 13.24 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 11.62 million shares. A jump of 12.24% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 8.75 of the overall float, the days-to-cover ratio (short ratio) jumped to 8.75.

Which companies own the most shares of Beam Therapeutics Inc. (BEAM)?

According to ARK Investment Management LLC filings, the company currently owns 8,792,064 shares, which is about 12.51% of the total BEAM shares outstanding. The investor’s shares have appreciated by 591,315 from its previous 13-F filing of 8200749.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $177,629,274. Temasek Holdings Pte Ltd. acquire a 14.51% interest valued at $153.26 million while BlackRock Fund Advisors sold a -23,397 stake. A total of 957,384 shares of Beam Therapeutics Inc. were sold by Farallon Capital Management LLC during the quarter, and 298,383 were bought by SSgA Funds Management, Inc. In its current portfolio, Redmile Group LLC holds 1,836,050 shares valued at $71.07 million.

In terms of Beam Therapeutics Inc. share price expectations, FactSet research, analysts set an average price target of $92.25 in the next 12 months, up nearly 46.8% from the previous closing price of $63.01. Analysts anticipate Beam Therapeutics Inc. stock to reach $145.00 by 2022, with the lowest price target being $38.00. In spite of this, 13 analysts ranked Beam Therapeutics Inc. stock as an Overweight at the end of 2022. On September 24, 2021, Stifel assigned a price target of “a Buy” to the stock and resumed coverage with a $120.

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