Beam Therapeutics Inc. (NASDAQ:BEAM) CEO John M. Evans Sells 30,663 Shares

Beam Therapeutics Inc. (NASDAQ:BEAM) CEO John M. Evans sold 30,663 shares of the stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $562,666.05. Following the completion of the transaction, the chief executive officer now directly owns 986,249 shares in the company, valued at approximately $18,097,669.15. This represents a 3.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Beam Therapeutics Stock Performance

NASDAQ BEAM opened at $15.27 on Friday. The stock 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 fifty-two week low of $14.72 and a fifty-two week high of $35.25. The stock has a 50 day simple moving average of $25.86 and a two-hundred day simple moving average of $25.61.

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

Wall Street Analyst Weigh In

Several equities analysts have recently commented on BEAM shares. Scotiabank upgraded Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 price objective on the stock in a research report on Monday, March 10th. Jones Trading raised shares of Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a research note on Monday, March 10th. Guggenheim reaffirmed a “buy” rating and issued a $78.00 price objective on shares of Beam Therapeutics in a research note on Thursday, February 27th. Wedbush reaffirmed an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a report on Monday, March 10th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Beam Therapeutics in a research note on Wednesday, March 12th. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $49.45.

Institutional Investors Weigh In On Beam Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. ARK Investment Management LLC increased its position in shares of 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 buying an additional 536,930 shares during the period. Casdin Capital LLC boosted its position in Beam Therapeutics by 61.3% during the 4th quarter. Casdin Capital LLC now owns 1,250,000 shares of the company’s stock valued at $31,000,000 after acquiring an additional 475,000 shares in the last quarter. State Street Corp grew its holdings 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 worth $96,274,000 after acquiring an additional 437,402 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its position 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 acquiring an additional 404,782 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. lifted its stake 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 valued at $98,109,000 after purchasing an additional 404,782 shares during the period. 99.68% of the stock is owned by hedge funds and other 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.