Insider Selling: Beam Therapeutics Inc. (NASDAQ:BEAM) CEO Sells 60,000 Shares of Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $24.50, for a total value of $1,470,000.00. Following the completion of the sale, the chief executive officer now directly owns 998,343 shares of the company’s stock, valued at $24,459,403.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Beam Therapeutics Trading Down 2.3 %

Shares of BEAM stock opened at $23.43 on Friday. The company has a market cap of $1.93 billion, a price-to-earnings ratio of -13.16 and a beta of 1.89. The stock has a 50 day simple moving average of $23.65 and a 200-day simple moving average of $27.87. Beam Therapeutics Inc. has a 12-month low of $16.95 and a 12-month high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, May 7th. The company reported ($1.21) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.42) by $0.21. The business had revenue of $7.40 million during the quarter, compared to the consensus estimate of $17.09 million. Beam Therapeutics had a negative return on equity of 15.46% and a negative net margin of 37.33%. The company’s revenue for the quarter was down 69.4% on a year-over-year basis. During the same period in the prior year, the business posted ($1.33) EPS. On average, equities analysts forecast that Beam Therapeutics Inc. will post -4.68 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Beam Therapeutics

A number of large investors have recently modified their holdings of BEAM. Darwin Global Management Ltd. purchased a new position in shares of Beam Therapeutics during the 1st quarter worth approximately $70,032,000. Price T Rowe Associates Inc. MD increased its stake in Beam Therapeutics by 3,137.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,246,189 shares of the company’s stock valued at $41,175,000 after purchasing an additional 1,207,699 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Beam Therapeutics by 43.6% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,358,091 shares of the company’s stock valued at $64,187,000 after purchasing an additional 715,911 shares in the last quarter. Nikko Asset Management Americas Inc. increased its stake in Beam Therapeutics by 43.6% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 2,358,091 shares of the company’s stock valued at $64,093,000 after purchasing an additional 715,911 shares in the last quarter. Finally, ARK Investment Management LLC increased its stake in Beam Therapeutics by 6.9% in the 4th quarter. ARK Investment Management LLC now owns 9,393,889 shares of the company’s stock valued at $255,702,000 after purchasing an additional 609,998 shares in the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently issued reports on BEAM shares. TheStreet raised Beam Therapeutics from a “d” rating to a “c-” rating in a research report on Monday, March 11th. BMO Capital Markets reissued an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a research report on Wednesday, March 27th. Barclays decreased their target price on Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 8th. Finally, Wedbush reaffirmed an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research report on Tuesday, May 7th. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Beam Therapeutics presently has an average rating of “Hold” and a consensus price target of $40.18.

About Beam Therapeutics

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.