Beam Therapeutics Inc. (NASDAQ:BEAM) Insider Sells $229,954.41 in Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) insider Amy Simon sold 7,157 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $32.13, for a total transaction of $229,954.41. Following the sale, the insider now owns 86,590 shares of the company’s stock, valued at approximately $2,782,136.70. The sale was disclosed in a legal filing with the SEC, which is available at this link.

Beam Therapeutics Stock Performance

Shares of NASDAQ:BEAM opened at $28.20 on Friday. The company’s 50-day moving average is $33.13 and its 200 day moving average is $27.85. The company has a market capitalization of $2.30 billion, a P/E ratio of -14.84 and a beta of 1.77. Beam Therapeutics Inc. has a fifty-two week low of $16.95 and a fifty-two week high of $49.50.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Wedbush reaffirmed an “outperform” rating and set a $57.00 price objective (up from $48.00) on shares of Beam Therapeutics in a report on Tuesday, February 27th. Royal Bank of Canada lifted their price objective on shares of Beam Therapeutics from $27.00 to $35.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 28th. JPMorgan Chase & Co. raised shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $38.00 to $40.00 in a report on Monday, January 29th. Jefferies Financial Group reaffirmed a “hold” rating and set a $30.00 price objective (down from $75.00) on shares of Beam Therapeutics in a report on Friday, December 8th. Finally, TheStreet raised shares of Beam Therapeutics from a “d” rating to a “c-” rating in a report on Monday, March 11th. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $41.00.

Institutional Investors Weigh In On Beam Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Alliancebernstein L.P. boosted its stake in Beam Therapeutics by 0.4% in the third quarter. Alliancebernstein L.P. now owns 70,100 shares of the company’s stock worth $3,340,000 after buying an additional 300 shares in the last quarter. Stifel Financial Corp boosted its stake in shares of Beam Therapeutics by 5.1% during the first quarter. Stifel Financial Corp now owns 7,022 shares of the company’s stock valued at $215,000 after purchasing an additional 338 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of Beam Therapeutics by 1.4% during the fourth quarter. The Manufacturers Life Insurance Company now owns 25,580 shares of the company’s stock valued at $1,000,000 after purchasing an additional 343 shares during the period. Vident Investment Advisory LLC boosted its stake in shares of Beam Therapeutics by 4.2% during the fourth quarter. Vident Investment Advisory LLC now owns 8,520 shares of the company’s stock valued at $333,000 after purchasing an additional 343 shares during the period. Finally, Captrust Financial Advisors boosted its stake in shares of Beam Therapeutics by 29.9% during the first quarter. Captrust Financial Advisors now owns 1,845 shares of the company’s stock valued at $106,000 after purchasing an additional 425 shares during the period. 99.68% of the stock is currently owned by 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.