Beam Therapeutics Inc. (NASDAQ:BEAM) CEO Sells $2,031,600.00 in Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) CEO John M. Evans sold 60,000 shares of the stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $33.86, for a total value of $2,031,600.00. Following the sale, the chief executive officer now directly owns 998,262 shares in the company, valued at approximately $33,801,151.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Beam Therapeutics Stock Performance

Shares of NASDAQ:BEAM opened at $30.55 on Wednesday. The stock has a 50-day simple moving average of $32.87 and a 200-day simple moving average of $27.80. The stock has a market capitalization of $2.49 billion, a P/E ratio of -16.08 and a beta of 1.77. Beam Therapeutics Inc. has a 1 year low of $16.95 and a 1 year high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $1.73 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.69) by $2.42. Beam Therapeutics had a negative net margin of 35.09% and a negative return on equity of 15.90%. The firm had revenue of $316.20 million for the quarter, compared to analysts’ expectations of $34.16 million. During the same period in the previous year, the company posted ($0.54) earnings per share. Beam Therapeutics’s revenue was up 1481.0% compared to the same quarter last year. Analysts predict that Beam Therapeutics Inc. will post -5.5 earnings per share for the current year.

Institutional Trading of Beam Therapeutics

A number of institutional investors have recently added to or reduced their stakes in BEAM. Envestnet Asset Management Inc. acquired a new position in shares of Beam Therapeutics during the first quarter worth about $204,000. Raymond James & Associates lifted its position in Beam Therapeutics by 43.6% during the 1st quarter. Raymond James & Associates now owns 4,163 shares of the company’s stock worth $239,000 after acquiring an additional 1,263 shares in the last quarter. US Bancorp DE boosted its holdings in Beam Therapeutics by 5.6% in the 1st quarter. US Bancorp DE now owns 10,802 shares of the company’s stock worth $619,000 after acquiring an additional 571 shares during the period. HighTower Advisors LLC grew its position in Beam Therapeutics by 15.3% in the first quarter. HighTower Advisors LLC now owns 4,352 shares of the company’s stock valued at $251,000 after acquiring an additional 576 shares in the last quarter. Finally, MetLife Investment Management LLC raised its stake in shares of Beam Therapeutics by 56.8% during the first quarter. MetLife Investment Management LLC now owns 27,129 shares of the company’s stock valued at $1,554,000 after purchasing an additional 9,829 shares during the period. 99.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Bank of America lowered shares of Beam Therapeutics from a “buy” rating to a “neutral” rating and set a $35.00 target price on the stock. in a report on Friday, December 15th. Jefferies Financial Group restated a “hold” rating and set a $30.00 target price (down previously from $75.00) on shares of Beam Therapeutics in a research report on Friday, December 8th. Barclays boosted their price target on Beam Therapeutics from $26.00 to $42.00 and gave the company an “equal weight” rating in a report on Wednesday, February 28th. Royal Bank of Canada raised their price objective on Beam Therapeutics from $27.00 to $35.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 28th. Finally, TheStreet upgraded Beam Therapeutics from a “d” rating to a “c-” rating in a research note on Monday, March 11th. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $41.00.

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.