Beam Therapeutics (NASDAQ:BEAM) Insider Sells $429,008.58 in Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) insider Amy Simon sold 16,667 shares of the stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $25.74, for a total transaction of $429,008.58. Following the completion of the sale, the insider directly owned 85,696 shares of the company’s stock, valued at $2,205,815.04. This represents a 16.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Beam Therapeutics Price Performance

Shares of NASDAQ:BEAM opened at $25.52 on Friday. The company has a market capitalization of $2.63 billion, a P/E ratio of -37.53 and a beta of 2.18. Beam Therapeutics Inc. has a 1-year low of $15.60 and a 1-year high of $38.26. The firm’s 50 day simple moving average is $31.01 and its two-hundred day simple moving average is $29.19. The company has a debt-to-equity ratio of 0.09, a current ratio of 16.99 and a quick ratio of 16.99.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.91) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.12. The firm had revenue of $31.74 million during the quarter, compared to analysts’ expectations of $10.98 million. Beam Therapeutics had a negative net margin of 39.66% and a negative return on equity of 29.00%. The company’s revenue for the quarter was up 323.2% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.23) earnings per share. Research analysts expect that Beam Therapeutics Inc. will post -4.16 EPS for the current fiscal year.

Institutional Investors Weigh In On Beam Therapeutics

A number of hedge funds have recently made changes to their positions in BEAM. ARK Investment Management LLC grew its holdings in Beam Therapeutics by 12.9% during the 4th quarter. ARK Investment Management LLC now owns 12,467,189 shares of the company’s stock valued at $345,590,000 after buying an additional 1,428,355 shares in the last quarter. State Street Corp raised its holdings in shares of Beam Therapeutics by 30.4% during the 4th quarter. State Street Corp now owns 5,228,529 shares of the company’s stock worth $144,935,000 after acquiring an additional 1,219,871 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Beam Therapeutics by 20.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,730,282 shares of the company’s stock worth $75,684,000 after acquiring an additional 467,133 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Beam Therapeutics by 10.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,154,575 shares of the company’s stock valued at $51,327,000 after acquiring an additional 206,696 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Beam Therapeutics by 2.8% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,712,359 shares of the company’s stock valued at $47,467,000 after acquiring an additional 46,974 shares during the last quarter. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BEAM has been the subject of a number of analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Friday, July 17th. Bank of America restated a “buy” rating and issued a $47.00 price objective on shares of Beam Therapeutics in a research report on Wednesday, July 8th. Sanford C. Bernstein dropped their price objective on Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. HC Wainwright reiterated a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a research report on Tuesday, July 7th. Finally, Tudor Pickering set a $39.00 target price on Beam Therapeutics in a research note on Wednesday, May 13th. Ten analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $46.85.

About Beam Therapeutics

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.