Insider Selling: Beam Therapeutics (NASDAQ:BEAM) Insider Sells 251,488 Shares of Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) insider Fmr Llc sold 251,488 shares of the firm’s stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $35.26, for a total transaction of $8,867,466.88. Following the completion of the transaction, the insider owned 854,583 shares of the company’s stock, valued at $30,132,596.58. This trade represents a 22.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Fmr Llc also recently made the following trade(s):

• On Thursday, June 25th, Fmr Llc sold 33,372 shares of Beam Therapeutics stock. The stock was sold at an average price of $35.12, for a total transaction of $1,172,024.64.

Beam Therapeutics Price Performance

Shares of BEAM traded up $0.15 during mid-day trading on Monday, reaching $34.96. 1,957,098 shares of the stock traded hands, compared to its average volume of 2,084,441. The firm has a fifty day moving average price of $30.73 and a 200 day moving average price of $28.67. The company has a market cap of $3.60 billion, a price-to-earnings ratio of -51.41 and a beta of 2.25. The company has a current ratio of 16.99, a quick ratio of 16.99 and a debt-to-equity ratio of 0.09. Beam Therapeutics Inc. has a 1 year low of $15.60 and a 1 year high of $36.88.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.91) earnings per share for the quarter, topping the consensus estimate of ($1.03) by $0.12. Beam Therapeutics had a negative net margin of 39.66% and a negative return on equity of 29.00%. The firm had revenue of $31.74 million for the quarter, compared to analysts’ expectations of $10.98 million. During the same quarter in the prior year, the firm posted ($1.23) earnings per share. The business’s quarterly revenue was up 323.2% on a year-over-year basis. As a group, equities research analysts predict that Beam Therapeutics Inc. will post -4.16 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of BEAM. ARK Investment Management LLC raised its stake in shares of Beam Therapeutics by 24.8% during the third quarter. ARK Investment Management LLC now owns 11,038,834 shares of the company’s stock worth $267,913,000 after acquiring an additional 2,190,993 shares in the last quarter. Contrarius Group Holdings Ltd bought a new position in shares of Beam Therapeutics during the 3rd quarter valued at $37,212,000. ADAR1 Capital Management LLC bought a new position in shares of Beam Therapeutics during the 1st quarter valued at $34,467,000. MWG Caph Ltd purchased a new position in Beam Therapeutics in the 4th quarter worth $35,119,000. Finally, State Street Corp increased its holdings in shares of Beam Therapeutics by 30.4% in the fourth quarter. State Street Corp now owns 5,228,529 shares of the company’s stock worth $144,935,000 after buying an additional 1,219,871 shares during the period. 99.68% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts recently weighed in on BEAM shares. Sanford C. Bernstein decreased their price objective on shares of Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 13th. HC Wainwright reissued a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a report on Thursday, May 21st. Tudor Pickering set a $39.00 price objective on shares of Beam Therapeutics in a research report on Wednesday, May 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a report on Monday, April 20th. Finally, Citigroup increased their target price on Beam Therapeutics from $64.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, March 26th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Beam Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $46.83.

Beam Therapeutics Company Profile

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.