Beam Therapeutics Inc. (NASDAQ:BEAM) Insider Sells $104,117.90 in Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) insider Christine Bellon sold 5,674 shares of the business’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $104,117.90. Following the sale, the insider now directly owns 117,294 shares of the company’s stock, valued at approximately $2,152,344.90. The trade was a 4.61 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Beam Therapeutics Stock Performance

Shares of NASDAQ BEAM opened at $15.27 on Friday. The company has a market cap of $1.52 billion, a P/E ratio of -8.68 and a beta of 2.02. Beam Therapeutics Inc. has a 52-week low of $14.72 and a 52-week high of $35.25. The firm’s fifty day moving average is $25.86 and its two-hundred day moving average is $25.61.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.25) by $0.16. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The firm had revenue of $30.00 million for the quarter, compared to analysts’ expectations of $16.47 million. During the same period in the previous year, the firm posted $1.73 earnings per share. The business’s revenue was down 90.5% compared to the same quarter last year. As a group, analysts forecast that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Institutional Trading of Beam Therapeutics

Hedge funds have recently modified their holdings of the company. Farallon Capital Management LLC grew its holdings in shares of Beam Therapeutics by 0.4% in the fourth quarter. Farallon Capital Management LLC now owns 8,239,123 shares of the company’s stock valued at $204,330,000 after purchasing an additional 31,000 shares in the last quarter. ARK Investment Management LLC lifted its position in Beam Therapeutics by 8.2% during the fourth quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company’s stock valued at $175,287,000 after purchasing an additional 536,930 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Beam Therapeutics by 11.4% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock worth $98,149,000 after buying an additional 404,782 shares in the last quarter. Nikko Asset Management Americas Inc. increased its holdings in shares of Beam Therapeutics by 11.4% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company’s stock worth $98,109,000 after buying an additional 404,782 shares during the last quarter. Finally, State Street Corp raised its position in shares of Beam Therapeutics by 12.5% during the 3rd quarter. State Street Corp now owns 3,929,557 shares of the company’s stock valued at $96,274,000 after buying an additional 437,402 shares in the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BEAM. Scotiabank upgraded Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 target price on the stock in a research report on Monday, March 10th. Jones Trading upgraded Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research note on Monday, March 10th. Bank of America raised shares of Beam Therapeutics from a “neutral” rating to a “buy” rating and set a $42.00 target price for the company in a report on Friday, March 28th. HC Wainwright reaffirmed a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a report on Monday, March 10th. Finally, Guggenheim reissued a “buy” rating and issued a $78.00 price objective on shares of Beam Therapeutics in a research note on Thursday, February 27th. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $49.45.

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.