Christine Bellon Sells 1,241 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) insider Christine Bellon sold 1,241 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total value of $30,627.88. Following the transaction, the insider now directly owns 102,968 shares in the company, valued at $2,541,250.24. The trade was a 1.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Beam Therapeutics Price Performance

Beam Therapeutics stock opened at $27.08 on Wednesday. The firm has a market cap of $2.24 billion, a PE ratio of -15.39 and a beta of 1.92. The stock’s fifty day moving average price is $26.36 and its two-hundred day moving average price is $25.62. Beam Therapeutics Inc. has a one year low of $20.84 and a one year high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, November 5th. The company reported ($1.17) EPS for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company had revenue of $14.30 million during the quarter, compared to the consensus estimate of $14.52 million. During the same quarter in the previous year, the business posted ($1.22) EPS. The firm’s revenue for the quarter was down 16.9% on a year-over-year basis. Sell-side analysts expect that Beam Therapeutics Inc. will post -4.66 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have commented on BEAM. Stifel Nicolaus upped their price objective on shares of Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Scotiabank started coverage on shares of Beam Therapeutics in a research note on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 price target on the stock. Cantor Fitzgerald upgraded shares of Beam Therapeutics to a “hold” rating in a research report on Tuesday, December 10th. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research report on Monday, December 9th. Finally, Leerink Partners raised Beam Therapeutics from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $27.00 to $39.00 in a report on Wednesday, November 6th. Three equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $47.67.

Hedge Funds Weigh In On Beam Therapeutics

Hedge funds have recently bought and sold shares of the company. GAMMA Investing LLC lifted its holdings in shares of Beam Therapeutics by 23.9% during the 4th quarter. GAMMA Investing LLC now owns 5,722 shares of the company’s stock worth $142,000 after acquiring an additional 1,102 shares during the period. Franklin Resources Inc. acquired a new stake in shares of Beam Therapeutics in the 3rd quarter valued at $400,000. Geode Capital Management LLC increased its stake in shares of Beam Therapeutics by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock valued at $44,297,000 after purchasing an additional 78,102 shares during the last quarter. XTX Topco Ltd raised its holdings in shares of Beam Therapeutics by 16.3% during the 3rd quarter. XTX Topco Ltd now owns 37,001 shares of the company’s stock worth $907,000 after buying an additional 5,191 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Beam Therapeutics by 12.5% during the 3rd quarter. State Street Corp now owns 3,929,557 shares of the company’s stock worth $96,274,000 after buying an additional 437,402 shares during the last quarter. 99.68% of the stock is owned by institutional investors.

About Beam Therapeutics

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.