Beam Therapeutics (NASDAQ:BEAM) Stock Price Down 5.9%

Beam Therapeutics Inc. (NASDAQ:BEAM) shares fell 5.9% on Tuesday . The company traded as low as $25.26 and last traded at $25.50. 253,742 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 1,331,221 shares. The stock had previously closed at $27.11.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BEAM. Wedbush restated an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a report on Tuesday, August 6th. JPMorgan Chase & Co. upped their target price on shares of Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Royal Bank of Canada restated a “sector perform” rating and issued a $27.00 target price on shares of Beam Therapeutics in a report on Wednesday, August 7th. Barclays lowered their target price on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 7th. Finally, HC Wainwright restated a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a report on Thursday, August 22nd. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $41.70.

Beam Therapeutics Stock Performance

The stock has a market cap of $2.21 billion, a PE ratio of -15.56 and a beta of 1.87. The company’s 50 day simple moving average is $25.92 and its 200 day simple moving average is $27.69.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, August 6th. The company reported ($1.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.13) by $0.02. Beam Therapeutics had a negative net margin of 37.33% and a negative return on equity of 15.46%. The firm had revenue of $11.80 million during the quarter, compared to the consensus estimate of $14.18 million. During the same period in the prior year, the firm earned ($1.08) EPS. The company’s revenue was down 41.3% compared to the same quarter last year. Equities research analysts expect that Beam Therapeutics Inc. will post -4.68 earnings per share for the current year.

Insider Activity

In other news, CEO John M. Evans sold 60,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $24.50, for a total transaction of $1,470,000.00. Following the completion of the transaction, the chief executive officer now directly owns 998,343 shares of the company’s stock, valued at approximately $24,459,403.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Riverview Trust Co bought a new position in Beam Therapeutics in the 1st quarter worth approximately $26,000. Fairfield Financial Advisors LTD bought a new position in Beam Therapeutics in the 2nd quarter worth approximately $26,000. First Horizon Advisors Inc. boosted its holdings in Beam Therapeutics by 125.9% in the 4th quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock worth $27,000 after buying an additional 554 shares during the period. Blue Trust Inc. boosted its holdings in Beam Therapeutics by 2,648.4% in the 2nd quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock worth $40,000 after buying an additional 1,642 shares during the period. Finally, National Bank of Canada FI boosted its holdings in Beam Therapeutics by 200.0% in the 4th quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $41,000 after buying an additional 1,000 shares during the period. 99.68% of the stock is owned by 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.