Insider Selling: Beam Therapeutics Inc. (NASDAQ:BEAM) Insider Sells 5,674 Shares of Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) insider Christine Bellon sold 5,674 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $104,117.90. Following the completion of the sale, the insider now owns 117,294 shares in the company, valued at $2,152,344.90. The trade was a 4.61 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.

Beam Therapeutics Stock Performance

Shares of NASDAQ:BEAM traded down $2.02 during trading hours on Thursday, hitting $16.46. 3,382,207 shares of the company’s stock traded hands, compared to its average volume of 1,323,521. The company’s fifty day simple moving average is $26.27 and its two-hundred day simple moving average is $25.75. The company has a market cap of $1.64 billion, a price-to-earnings ratio of -9.35 and a beta of 2.02. Beam Therapeutics Inc. has a 52 week low of $16.26 and a 52 week high of $35.25.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.25) by $0.16. The firm had revenue of $30.00 million during the quarter, compared to analysts’ expectations of $16.47 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The firm’s revenue for the quarter was down 90.5% compared to the same quarter last year. During the same period last year, the firm posted $1.73 earnings per share. On average, analysts anticipate that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Institutional Investors Weigh In On Beam Therapeutics

Several large investors have recently modified their holdings of BEAM. Wealthfront Advisers LLC acquired a new stake in shares of Beam Therapeutics during the fourth quarter worth $41,000. GF Fund Management CO. LTD. purchased a new position in Beam Therapeutics in the 4th quarter worth about $43,000. Sterling Capital Management LLC raised its holdings 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 buying an additional 2,146 shares during the period. KBC Group NV raised its holdings 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 buying an additional 2,104 shares during the period. Finally, Blue Trust Inc. lifted its stake in Beam Therapeutics by 36.3% during 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 in the last quarter. 99.68% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on the company. Cantor Fitzgerald restated an “overweight” rating on shares of Beam Therapeutics in a research report on Wednesday, March 12th. Royal Bank of Canada raised their price target on Beam Therapeutics from $24.00 to $26.00 and gave the company a “sector perform” rating in a report on Wednesday, February 26th. Bank of America upgraded shares of Beam Therapeutics from a “neutral” rating to a “buy” rating and set a $42.00 price objective on the stock in a research note on Friday, March 28th. Scotiabank upgraded shares of Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 target price for the company in a research report on Monday, March 10th. Finally, Sanford C. Bernstein raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $49.45.

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.