Stifel launched its Beam Therapeutics [BEAM] rating to the equivalent of Hold and assigned the price target of $84, in a research note dated 2021-01-06. That figure represents around a -0.08% premium from where the company’s shares closed on Tuesday. Some new analysts also started their coverage, with Wedbush’s analysts assigning the shares to “an Outperform” rating in a research note to investors issued in early March. Meanwhile, JP Morgan had launched its coverage on BEAM with “an Overweight”, in a research note produced for clients March 02, 2020. In addition, Jefferies launched coverage on March 02, 2020. The research firm rated BEAM “a Buy”.
Is Beam Therapeutics Inc. [NASDAQ:BEAM] a Good Buy Right Now?
It should be noted that BEAM technical indicators for short, intermediate as well as long term progress have placed an overall average of 100% as Buy. The average signal changed from 100% Buy in the last week and compares with 100% Buy in the past month. Data from Beam Therapeutics Inc.’s Trend Spotter indicated that the signals were Strongest. The stock current average is 1.16 million shares in the past 20 days and the short term average signal indicates a 100% Buy. In the last 50 days, the average trading volume was 0.83 million shares while the medium term average advocated for 100% Buy. The average long-term signal stands at 100% Buy and the 100-day average volume stands at 0.75 million shares.
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BEAM Price Performance
On Wall Street, Beam Therapeutics Inc. [NASDAQ:BEAM] finished Tuesday’s session up 1.12% at $84.07. The stock went up to $86.60 at the same session while its lowest single day price was $80.00. In the last five days, it saw a fall of about -12.09%, Beam Therapeutics Inc. shares gained by almost 2.98% since the beginning of the year. However, the share price has dropped to as low as -16.47% below its one year high.
BEAM Stock Support And Resistance Levels
On the 24-hour scale, the immediate backing is perceived around 80.51 level, and in case of violation of this particular level, it will cause more drop to 76.96 level. On the upper level, 90.16 is still the key resistance. The stock may increase to the subsequent resistance at 87.11. The Relative Strength Index (RSI) pinned on the 14-day chart is 61.06, implying a neutral technical stance while the MACD stands at -0.34, meaning price will decrease in the next trading period. Percent R indicator moved to 48.06%, implying low price movement. Stochastic %K at 48.69% suggest selling the stock.
What is the short interest in Beam Therapeutics Inc.?
Short interest in the Beam Therapeutics Inc. stock has surged, increasing by 0.44 million shares to total 3.26 million shares on Dec 14, 2020. The interest had seen shares on Nov 12, 2020 stand at 3.7 million, data from Yahoo Finance shows. The decrease of -13.5% suggests the stock saw some decreased bullish sentiment. The stock’s days to cover (short ratio) moved to while the shorted shares account for just 7.83% of the overall float for the stock.
Beam Therapeutics Inc.’s Biggest Shareholders: Who Owns Beam Therapeutics Inc. [BEAM]?
Filings by Temasek Holdings Pte Ltd. showed that the firm now holds a total of 3,354,641 shares or roughly 5.91% of the outstanding BEAM shares. This means their shares have reduced by 0 from the 3,354,641 the investor reportedly held in its prior 13-F filing. With the conclusion of the sale, Redmile Group LLC updated its stake to be worth $166,363,100. Details in the latest 13F filings reveal that Hillhouse Capital Advisors Ltd. disposed of their 0.00% stake valued at $148,320,150 while The Vanguard Group, Inc. added theirs at $108,387,050. During the last quarter, Hillhouse Capital Advisors Ltd. liquidated 0 of its shares in Beam Therapeutics Inc. while The Vanguard Group, Inc. bought 1,042,138 shares. The BlackRock Fund Advisors’s holdings currently number 1,839,808 shares at $154672658.56. According to the firm’s last 13F report, FIL Investment Advisors shares in the company at filing stood at 816,116 shares, roughly $40,805,800.