Beam Therapeutics (NASDAQ:BEAM) Trading Down 3.8% – Should You Sell?

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) dropped 3.8% during mid-day trading on Tuesday . The stock traded as low as $23.17 and last traded at $23.10. Approximately 288,416 shares were traded during trading, a decline of 76% from the average daily volume of 1,221,528 shares. The stock had previously closed at $24.01.

Analyst Ratings Changes

BEAM has been the subject of several research reports. Scotiabank raised Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 target price for the company in a report on Monday, March 10th. Cantor Fitzgerald restated an “overweight” rating on shares of Beam Therapeutics in a research report on Wednesday, March 12th. Jones Trading upgraded shares of Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a research report on Monday, March 10th. Royal Bank of Canada raised their price objective on shares of Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 26th. Finally, Sanford C. Bernstein raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, Beam Therapeutics currently has a consensus rating of “Buy” and a consensus target price of $50.82.

Beam Therapeutics Trading Down 4.6 %

The business has a 50 day moving average price of $26.73 and a 200-day moving average price of $25.93. The firm has a market capitalization of $2.29 billion, a PE ratio of -13.02 and a beta of 1.91.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, February 25th. The company reported ($1.09) EPS for the quarter, beating analysts’ consensus estimates 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%. Beam Therapeutics’s quarterly revenue was down 90.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.73 earnings per share. On average, equities research analysts forecast that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, insider Christine Bellon sold 1,241 shares of the business’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total transaction of $30,627.88. Following the sale, the insider now directly owns 102,968 shares in the company, valued at approximately $2,541,250.24. The trade was a 1.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO John M. Evans sold 30,000 shares of the company’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $26.75, for a total value of $802,500.00. Following the completion of the sale, the chief executive officer now directly owns 908,659 shares in the company, valued at $24,306,628.25. This trade represents a 3.20 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Beam Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wealthfront Advisers LLC purchased a new position in Beam Therapeutics during the fourth quarter worth $41,000. GF Fund Management CO. LTD. acquired a new stake in shares of Beam Therapeutics during the fourth quarter valued at $43,000. Sterling Capital Management LLC increased its position in Beam Therapeutics by 816.0% during the 4th quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock worth $60,000 after purchasing an additional 2,146 shares in the last quarter. KBC Group NV increased its position in Beam Therapeutics by 103.2% during the 4th quarter. KBC Group NV now owns 4,143 shares of the company’s stock worth $103,000 after purchasing an additional 2,104 shares in the last quarter. Finally, Blue Trust Inc. raised its position in shares of Beam Therapeutics by 36.3% in the fourth quarter. Blue Trust Inc. now owns 4,274 shares of the company’s stock valued at $105,000 after buying an additional 1,139 shares during the last quarter. Institutional investors and hedge funds 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.