Beam Therapeutics (NASDAQ:BEAM) Trading Down 6.6% on Insider Selling

Beam Therapeutics Inc. (NASDAQ:BEAM)’s stock price traded down 6.6% on Thursday after an insider sold shares in the company. The stock traded as low as $24.88 and last traded at $24.92. 226,257 shares were traded during trading, a decline of 82% from the average session volume of 1,226,021 shares. The stock had previously closed at $26.69.

Specifically, President Giuseppe Ciaramella sold 51,110 shares of the company’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $26.27, for a total value of $1,342,659.70. Following the sale, the president now owns 160,260 shares of the company’s stock, valued at approximately $4,210,030.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Analysts Set New Price Targets

BEAM has been the topic of several recent analyst reports. Stifel Nicolaus increased their target price on Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. Barclays lowered their price objective on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 7th. Wedbush reiterated an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a research report on Tuesday, August 6th. HC Wainwright reissued a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a report on Thursday, August 22nd. Finally, Scotiabank assumed coverage on Beam Therapeutics in a report on Wednesday. They issued a “sector outperform” rating and a $24.00 price target on the stock. Seven equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $43.45.

Beam Therapeutics Stock Down 8.8 %

The company has a fifty day simple moving average of $24.83 and a two-hundred day simple moving average of $25.09. The stock has a market capitalization of $2.00 billion, a P/E ratio of -13.68 and a beta of 1.85.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($1.11) EPS for the quarter, topping analysts’ consensus estimates of ($1.13) by $0.02. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. The business had revenue of $11.80 million during the quarter, compared to analysts’ expectations of $14.18 million. During the same quarter last year, the company posted ($1.08) earnings per share. Beam Therapeutics’s quarterly revenue was down 41.3% on a year-over-year basis. As a group, equities analysts forecast that Beam Therapeutics Inc. will post -4.6 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. ARCH Venture Management LLC acquired a new stake in Beam Therapeutics in the second quarter valued at $127,530,000. Farallon Capital Management LLC increased its stake in Beam Therapeutics by 75.4% in the 2nd quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock valued at $185,404,000 after buying an additional 3,401,370 shares during the last quarter. Darwin Global Management Ltd. purchased a new stake in Beam Therapeutics in the 1st quarter valued at about $70,032,000. Price T Rowe Associates Inc. MD increased its stake in shares of Beam Therapeutics by 3,137.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,246,189 shares of the company’s stock worth $41,175,000 after purchasing an additional 1,207,699 shares during the last quarter. Finally, Bellevue Group AG increased its stake in shares of Beam Therapeutics by 71.7% during the 1st quarter. Bellevue Group AG now owns 1,193,121 shares of the company’s stock worth $39,421,000 after purchasing an additional 498,300 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

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.