Beam Therapeutics (NASDAQ:BEAM) Sets New 1-Year Low – Here’s Why

Beam Therapeutics Inc. (NASDAQ:BEAM) shares hit a new 52-week low during trading on Tuesday . The stock traded as low as $18.30 and last traded at $19.53, with a volume of 5741350 shares. The stock had previously closed at $22.21.

Wall Street Analysts Forecast Growth

BEAM has been the subject of several analyst reports. Sanford C. Bernstein raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Bank of America upgraded Beam Therapeutics from a “neutral” rating to a “buy” rating and set a $42.00 price target for the company in a research note on Friday, March 28th. HC Wainwright reissued a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research note on Monday, March 10th. Scotiabank upgraded Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 target price for the company in a report on Monday, March 10th. Finally, Jones Trading upgraded shares of Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a research note on Monday, March 10th. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Beam Therapeutics presently has a consensus rating of “Buy” and a consensus target price of $49.45.

Beam Therapeutics Stock Up 4.8 %

The firm has a market capitalization of $1.84 billion, a P/E ratio of -10.50 and a beta of 1.91. The business has a 50-day moving average price of $26.27 and a 200-day moving average price of $25.75.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.25) by $0.16. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The company had revenue of $30.00 million during the quarter, compared to analysts’ expectations of $16.47 million. During the same quarter in the prior year, the company posted $1.73 EPS. The business’s revenue was down 90.5% on a year-over-year basis. As a group, sell-side analysts forecast that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Insiders Place Their Bets

In related news, CEO John M. Evans sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $26.75, for a total transaction of $802,500.00. Following the completion of the transaction, the chief executive officer now owns 908,659 shares in the company, valued at $24,306,628.25. This trade represents a 3.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of BEAM. Wealthfront Advisers LLC acquired a new stake in shares of Beam Therapeutics in the 4th quarter valued at $41,000. GF Fund Management CO. LTD. acquired a new position in Beam Therapeutics in the fourth quarter valued at about $43,000. Sterling Capital Management LLC grew its stake in Beam Therapeutics by 816.0% during the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock worth $60,000 after buying an additional 2,146 shares during the last quarter. KBC Group NV increased its holdings in shares of Beam Therapeutics by 103.2% during the fourth quarter. KBC Group NV now owns 4,143 shares of the company’s stock worth $103,000 after buying an additional 2,104 shares in the last quarter. Finally, Blue Trust Inc. raised its stake in shares of Beam Therapeutics by 36.3% in the fourth quarter. Blue Trust Inc. now owns 4,274 shares of the company’s stock valued at $105,000 after acquiring an additional 1,139 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.