Beam Therapeutics (NASDAQ:BEAM) Shares Gap Down Following Insider Selling

Beam Therapeutics Inc. (NASDAQ:BEAM)’s stock price gapped down before the market opened on Tuesday following insider selling activity. The stock had previously closed at $32.66, but opened at $30.65. Beam Therapeutics shares last traded at $30.50, with a volume of 169,873 shares changing hands.

Specifically, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now owns 998,262 shares of the company’s stock, valued at $33,801,151.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $33.86, for a total transaction of $2,031,600.00. Following the sale, the chief executive officer now directly owns 998,262 shares in the company, valued at $33,801,151.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Amy Simon sold 7,157 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was 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 in the company, valued at $2,782,136.70. The disclosure for this sale can be found here. Insiders have sold 156,804 shares of company stock valued at $4,731,669 over the last 90 days. 4.40% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Wedbush restated an “outperform” rating and set a $57.00 target price (up from $48.00) on shares of Beam Therapeutics in a research note on Tuesday, February 27th. Royal Bank of Canada upped their target price on shares of Beam Therapeutics from $27.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 28th. Jefferies Financial Group restated a “hold” rating and set a $30.00 target price (down from $75.00) on shares of Beam Therapeutics in a research note on Friday, December 8th. BMO Capital Markets restated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research note on Wednesday, March 27th. Finally, Bank of America lowered shares of Beam Therapeutics from a “buy” rating to a “neutral” rating and set a $35.00 price target on the stock. in a research note on Friday, December 15th. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $41.00.

Beam Therapeutics Price Performance

The firm has a market capitalization of $2.42 billion, a PE ratio of -15.62 and a beta of 1.77. The business’s 50-day moving average price is $32.97 and its 200-day moving average price is $27.82.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, February 27th. The company reported $1.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.69) by $2.42. The business had revenue of $316.20 million for the quarter, compared to analyst estimates 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 for the quarter was up 1481.0% compared to the same quarter last year. During the same period last year, the firm posted ($0.54) earnings per share. Equities analysts forecast that Beam Therapeutics Inc. will post -5.5 earnings per share for the current year.

Hedge Funds Weigh In On Beam Therapeutics

Hedge funds have recently modified their holdings of the business. State Street Corp grew its position in Beam Therapeutics by 68.4% in the 2nd quarter. State Street Corp now owns 3,336,327 shares of the company’s stock valued at $129,149,000 after buying an additional 1,354,781 shares during the last quarter. BlackRock Inc. grew its position in Beam Therapeutics by 20.0% in the 2nd quarter. BlackRock Inc. now owns 6,350,776 shares of the company’s stock valued at $202,780,000 after buying an additional 1,060,104 shares during the last quarter. Vanguard Group Inc. grew its position in Beam Therapeutics by 17.7% in the 3rd quarter. Vanguard Group Inc. now owns 6,174,471 shares of the company’s stock valued at $294,153,000 after buying an additional 927,970 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in Beam Therapeutics by 43.6% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,358,091 shares of the company’s stock valued at $64,187,000 after buying an additional 715,911 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. grew its position in Beam Therapeutics by 43.6% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 2,358,091 shares of the company’s stock valued at $64,093,000 after buying an additional 715,911 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.