Insider Selling: Beam Therapeutics Inc. (NASDAQ:BEAM) Insider Sells 1,241 Shares of Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) insider Christine Bellon sold 1,241 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total value of $30,627.88. Following the transaction, the insider now owns 102,968 shares in the company, valued at $2,541,250.24. The trade was a 1.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Beam Therapeutics Stock Performance

BEAM stock opened at $26.36 on Tuesday. The company has a market capitalization of $2.18 billion, a P/E ratio of -14.98 and a beta of 1.92. Beam Therapeutics Inc. has a 52-week low of $20.84 and a 52-week high of $49.50. The business has a 50-day simple moving average of $26.36 and a two-hundred day simple moving average of $25.62.

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

Analysts Set New Price Targets

Several research firms have recently issued reports on BEAM. Scotiabank began coverage on Beam Therapeutics in a report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 target price on the stock. 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. Cantor Fitzgerald upgraded Beam Therapeutics to a “hold” rating in a research report on Tuesday, December 10th. Royal Bank of Canada lowered their price objective on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 6th. Finally, Stifel Nicolaus raised their price objective on Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $47.67.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Fairfield Financial Advisors LTD bought a new stake in Beam Therapeutics in the second quarter worth about $26,000. National Bank of Canada FI increased its stake in shares of Beam Therapeutics by 200.0% in the second quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock worth $69,000 after purchasing an additional 2,000 shares in the last quarter. Blue Trust Inc. increased its stake in shares of Beam Therapeutics by 84.0% in the third quarter. Blue Trust Inc. now owns 3,135 shares of the company’s stock worth $73,000 after purchasing an additional 1,431 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Beam Therapeutics by 21.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock valued at $75,000 after acquiring an additional 524 shares in the last quarter. Finally, Quarry LP grew its stake in Beam Therapeutics by 350.0% during the second quarter. Quarry LP now owns 3,600 shares of the company’s stock valued at $84,000 after acquiring an additional 2,800 shares in the last quarter. 99.68% of the stock is owned by institutional investors.

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.