Beam Therapeutics (NASDAQ:BEAM) Trading Down 4.8% – Here’s What Happened

Beam Therapeutics Inc. (NASDAQ:BEAM) shares fell 4.8% during trading on Tuesday . The company traded as low as $25.38 and last traded at $25.38. 107,412 shares were traded during mid-day trading, a decline of 91% from the average session volume of 1,230,457 shares. The stock had previously closed at $26.65.

Wall Street Analysts Forecast Growth

BEAM has been the topic of a number of recent research reports. JPMorgan Chase & Co. raised their price objective on Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Barclays reduced their price objective on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 7th. HC Wainwright reaffirmed a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research note on Thursday, November 7th. Stifel Nicolaus raised their price objective on Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Finally, 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. Four analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Beam Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.91.

Beam Therapeutics Price Performance

The company has a market capitalization of $2.25 billion, a P/E ratio of -15.45 and a beta of 1.86. The company has a 50 day moving average of $24.57 and a 200-day moving average of $25.03.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) EPS for the quarter, missing the consensus estimate of ($1.16) by ($0.01). Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company had revenue of $14.30 million during the quarter, compared to analysts’ expectations of $14.52 million. During the same quarter last year, the business earned ($1.22) earnings per share. The business’s quarterly revenue was down 16.9% on a year-over-year basis. Research analysts predict that Beam Therapeutics Inc. will post -4.66 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the completion of the transaction, the chief executive officer now directly owns 938,659 shares in the company, valued at approximately $23,091,011.40. This trade represents a 6.01 % 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. Also, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $26.27, for a total transaction of $1,342,659.70. Following the transaction, the president now owns 160,260 shares of the company’s stock, valued at $4,210,030.20. The trade was a 24.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 162,894 shares of company stock worth $4,181,745 over the last three months. Company insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Large investors have recently made changes to their positions in the business. Fairfield Financial Advisors LTD purchased a new position in shares of Beam Therapeutics during the second quarter valued at approximately $26,000. Blue Trust Inc. lifted its holdings in shares of Beam Therapeutics by 2,648.4% during the second quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock valued at $40,000 after purchasing an additional 1,642 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of 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 purchasing an additional 524 shares during the last quarter. National Bank of Canada FI lifted its holdings in shares of Beam Therapeutics by 200.0% during the second quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock valued at $69,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Quarry LP lifted its holdings in shares of 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 purchasing an additional 2,800 shares during the last quarter. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

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.