Beam Therapeutics (NASDAQ:BEAM) Stock Price Down 2.6% – Time to Sell?

Beam Therapeutics Inc. (NASDAQ:BEAM) dropped 2.6% during trading on Thursday . The stock traded as low as $27.93 and last traded at $28.07. Approximately 24,646 shares were traded during mid-day trading, a decline of 98% from the average daily volume of 1,222,862 shares. The stock had previously closed at $28.81.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Royal Bank of Canada decreased their price objective on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. Stifel Nicolaus boosted their price target on Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Leerink Partners raised Beam Therapeutics from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $27.00 to $39.00 in a research note on Wednesday, November 6th. Wedbush reaffirmed an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a report on Monday, December 9th. Finally, Cantor Fitzgerald raised Beam Therapeutics to a “hold” rating in a report on Tuesday, December 10th. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $47.67.

Beam Therapeutics Stock Performance

The company has a market capitalization of $2.20 billion, a PE ratio of -15.11 and a beta of 1.90. The stock’s fifty day simple moving average is $26.01 and its 200-day simple moving average is $25.57.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.16) by ($0.01). The firm had revenue of $14.30 million for the quarter, compared to analysts’ expectations of $14.52 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business’s quarterly revenue was down 16.9% on a year-over-year basis. During the same period in the previous year, the company posted ($1.22) EPS. On average, equities analysts anticipate that Beam Therapeutics Inc. will post -4.66 EPS for the current year.

Insider Transactions at Beam Therapeutics

In other Beam Therapeutics news, President Giuseppe Ciaramella sold 51,110 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $26.36, for a total transaction of $1,347,259.60. Following the transaction, the president now owns 109,150 shares of the company’s stock, valued at $2,877,194. This trade represents a 31.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction on Monday, September 30th. The shares were sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the completion of the transaction, the chief executive officer now owns 938,659 shares in the company, valued at approximately $23,091,011.40. This trade represents a 6.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 162,894 shares of company stock worth $4,181,745 over the last quarter. 4.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in BEAM. Rhumbline Advisers grew its position in Beam Therapeutics by 21.6% during the second quarter. Rhumbline Advisers now owns 132,569 shares of the company’s stock valued at $3,106,000 after acquiring an additional 23,565 shares during the period. TD Asset Management Inc increased its position in Beam Therapeutics by 8.1% during the 2nd quarter. TD Asset Management Inc now owns 175,892 shares of the company’s stock worth $4,121,000 after purchasing an additional 13,200 shares in the last quarter. National Bank of Canada FI raised its holdings in Beam Therapeutics by 200.0% in the second quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock valued at $69,000 after buying an additional 2,000 shares during the period. Victory Capital Management Inc. lifted its position in Beam Therapeutics by 10.9% during the second quarter. Victory Capital Management Inc. now owns 9,921 shares of the company’s stock valued at $232,000 after buying an additional 973 shares in the last quarter. Finally, Arizona State Retirement System grew its stake in Beam Therapeutics by 2.1% during the second quarter. Arizona State Retirement System now owns 19,431 shares of the company’s stock worth $455,000 after buying an additional 392 shares during the period. 99.68% of the stock is owned by hedge funds and other institutional investors.

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.