BEAM Stock Sees Decline of Approximately -1.83% in Last Five Days


Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Beam Therapeutics Inc. shares valued at $38,604 were sold by Ciaramella Giuseppe on Jul 24. At $32.01 per share, Ciaramella Giuseppe sold 1,206 shares. The insider’s holdings dropped to 48,250 shares worth approximately $1.11 million following the completion of this transaction.

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Also, Ciaramella Giuseppe sold 155,324 shares, netting a total of over 4,979,687 in proceeds. Following the sale of shares at $32.06 each, the insider now holds 48,250 shares.

Before that, Simon Amy had sold 391 shares from its account. In a trade valued at $11,918, the Chief Medical Officer traded Beam Therapeutics Inc. shares for $30.48 each. Upon closing the transaction, the insider’s holdings decreased to 391 shares, worth approximately $1.59 million.

As published in their initiating research note from Bernstein on March 21, 2023, Beam Therapeutics Inc. [BEAM] has been a Mkt perform and the price target has been revised to $37. This represents a 37.68% premium over Thursday’s closing price.

Analyzing BEAM Stock Performance

On Thursday, Beam Therapeutics Inc. [NASDAQ: BEAM] plunged -1.87% to $23.06. The stock’s lowest price that day was $22.70, but it reached a high of $23.46 in the same session. During the last five days, there has been a drop of approximately -1.83%. Over the course of the year, Beam Therapeutics Inc. shares have dropped approximately -41.04%. Shares of the company reached a 52-week high of $50.74 on 02/02/23 and a 52-week low of $22.70 on 08/24/23. A 50-day SMA is recorded $29.45, while a 200-day SMA reached $35.97. Nevertheless, trading volume fell to 0.58 million shares from 0.69 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 22.69, which, if violated, would cause prices to drop to 22.31. In the upper region, resistance lies at 23.45. The next price resistance is at 23.83. RSI (Relative Strength Index) is 27.65 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.14, which suggests the price will decrease in the coming days. Percent R is at 92.11%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is Beam Therapeutics Inc. subject to short interest?

Stocks of Beam Therapeutics Inc. saw a sharp steep in short interest on Jul 30, 2023 dropping by -0.63 million shares to 12.0 million. Data from Yahoo Finance shows that the short interest on Jun 29, 2023 was 12.63 million shares. A decline of -5.25% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 14.48 of the overall float, the days-to-cover ratio (short ratio) decline to 14.48.

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

According to ARK Investment Management LLC filings, the company currently owns 8,382,595 shares, which is about 11.00% of the total BEAM shares outstanding. The investor’s shares have plunged by -190,834 from its previous 13-F filing of 8573429.0 shares. With the completion of the buy transaction, The Vanguard Group, Inc.’s stake is now worth $210,969,871. BlackRock Fund Advisors acquire a 16.19% interest valued at $158.65 million while Fidelity Management & Research Co purchased a 724,697 stake. A total of 223,277 shares of Beam Therapeutics Inc. were bought by Temasek Holdings Pte Ltd. during the quarter, and 350,916 were bought by SSgA Funds Management, Inc. In its current portfolio, Farallon Capital Management LLC holds 3,441,522 shares valued at $106.24 million.

In terms of Beam Therapeutics Inc. share price expectations, FactSet research, analysts set an average price target of $63.40 in the next 12 months, up nearly 138.3% from the previous closing price of $23.50. Analysts anticipate Beam Therapeutics Inc. stock to reach $105.00 by 2023, with the lowest price target being $32.00. In spite of this, 16 analysts ranked Beam Therapeutics Inc. stock as an Overweight at the end of 2023.


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