Beam Therapeutics (NASDAQ:BEAM) Reaches New 1-Year Low – Here’s What Happened

Beam Therapeutics Inc. (NASDAQ:BEAM) hit a new 52-week low on Monday . The stock traded as low as $13.53 and last traded at $13.71, with a volume of 381660 shares. The stock had previously closed at $15.27.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on BEAM shares. Wedbush reissued an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a research report on Monday, March 10th. Cantor Fitzgerald reissued an “overweight” rating on shares of Beam Therapeutics in a research report on Wednesday, March 12th. Guggenheim reissued a “buy” rating and set a $78.00 target price on shares of Beam Therapeutics in a report on Thursday, February 27th. Jones Trading upgraded shares of Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research report on Monday, March 10th. Finally, Royal Bank of Canada lifted their target price on shares of Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 26th. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Beam Therapeutics presently has a consensus rating of “Buy” and an average price target of $49.45.

Beam Therapeutics Trading Down 4.8 %

The company has a market cap of $1.45 billion, a price-to-earnings ratio of -8.32 and a beta of 2.02. The stock’s 50 day moving average price is $25.86 and its 200 day moving average price is $25.61.

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

Insider Buying and Selling at Beam Therapeutics

In related news, CEO John M. Evans sold 30,000 shares of the stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $26.75, for a total value of $802,500.00. Following the completion of the transaction, the chief executive officer now owns 908,659 shares in the company, valued at $24,306,628.25. This trade represents a 3.20 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 in the company, valued at approximately $2,152,344.90. This trade represents a 4.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 73,771 shares of company stock worth $1,605,698 over the last quarter. 4.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Beam Therapeutics

Several large investors have recently made changes to their positions in the company. Polar Asset Management Partners Inc. lifted its position in shares of Beam Therapeutics by 901.2% during the 4th quarter. Polar Asset Management Partners Inc. now owns 208,255 shares of the company’s stock worth $5,165,000 after purchasing an additional 187,455 shares during the last quarter. GF Fund Management CO. LTD. bought a new position in shares of Beam Therapeutics during the fourth quarter valued at $43,000. Woodline Partners LP acquired a new stake in shares of Beam Therapeutics in the 4th quarter valued at $6,997,000. Squarepoint Ops LLC bought a new stake in shares of Beam Therapeutics in the 4th quarter worth about $3,851,000. Finally, Twinbeech Capital LP boosted its position in Beam Therapeutics by 119.3% in the fourth quarter. Twinbeech Capital LP now owns 127,664 shares of the company’s stock valued at $3,166,000 after buying an additional 69,456 shares in the last quarter. Institutional investors own 99.68% of the company’s stock.

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.