Beam Therapeutics Inc. (NASDAQ:BEAM) CEO Sells $802,500.00 in Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) CEO John M. Evans sold 30,000 shares of the stock in a transaction dated 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 transaction, the chief executive officer now directly owns 908,659 shares in the company, valued at approximately $24,306,628.25. This represents a 3.20 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Beam Therapeutics Trading Down 1.3 %

NASDAQ:BEAM opened at $25.59 on Tuesday. Beam Therapeutics Inc. has a 12-month low of $20.84 and a 12-month high of $49.50. The stock has a 50-day moving average price of $26.50 and a 200 day moving average price of $25.76. The stock has a market capitalization of $2.12 billion, a P/E ratio of -14.54 and a beta of 1.92.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.01). The firm had revenue of $14.30 million for the quarter, compared to analysts’ expectations of $14.52 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business’s quarterly revenue was down 16.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($1.22) EPS. On average, research analysts predict that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Wedbush reissued an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a report on Monday, January 13th. Cantor Fitzgerald raised Beam Therapeutics from a “neutral” rating to an “overweight” rating in a report on Wednesday, January 29th. HC Wainwright reissued a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a report on Monday. Scotiabank assumed coverage on Beam Therapeutics in a report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 target price on the stock. Finally, Sanford C. Bernstein raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $47.67.

Hedge Funds Weigh In On Beam Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the stock. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Beam Therapeutics by 59.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock worth $87,044,000 after acquiring an additional 1,328,414 shares during the last quarter. State Street Corp grew its stake in Beam Therapeutics by 12.5% during the 3rd quarter. State Street Corp now owns 3,929,557 shares of the company’s stock valued at $96,274,000 after purchasing an additional 437,402 shares during the last quarter. Peregrine Investment Management Inc. purchased a new stake in Beam Therapeutics during the 4th quarter valued at about $3,932,000. Bellevue Group AG lifted its holdings in shares of Beam Therapeutics by 7.1% in the 3rd quarter. Bellevue Group AG now owns 1,518,121 shares of the company’s stock valued at $37,194,000 after buying an additional 100,000 shares during the period. Finally, Geode Capital Management LLC lifted its holdings 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 buying an additional 78,102 shares during the period. Hedge funds and other institutional investors 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.