Beam Therapeutics (NASDAQ:BEAM) Stock Price Down 10.4% – Here’s What Happened

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) dropped 10.4% during trading on Tuesday. The stock traded as low as $24.33 and last traded at $24.2040. 702,542 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 2,025,225 shares. The stock had previously closed at $27.02.

Key Beam Therapeutics News

Here are the key news stories impacting Beam Therapeutics this week:

• Positive Sentiment: Beam reported positive topline pivotal data from its BEACON Phase 1/2 trial of risto-cel in patients with sickle cell disease. The study met its primary efficacy endpoint—freedom from severe vaso-occlusive crises for at least 12 consecutive months—as well as primary safety and secondary endpoints. Beam said the results support a planned U.S. biologics license application submission, potentially by year-end 2026. Article: Positive topline BEACON trial data
• Positive Sentiment: HC Wainwright, which maintains a Buy rating, raised its earnings-per-share estimates across several quarters and fiscal years. The revisions were modest but generally imply slightly smaller expected losses. Article: HC Wainwright estimate revisions

Analysts Set New Price Targets

A number of brokerages have recently commented on BEAM. Wall Street Zen downgraded Beam Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Saturday, October 31st. Canaccord Genuity Group decreased their price objective on shares of Beam Therapeutics from $79.00 to $78.00 and set a “buy” rating for the company in a research note on Wednesday, November 4th. Guggenheim cut their target price on Beam Therapeutics from $55.00 to $51.00 and set a “buy” rating on the stock in a research report on Thursday, November 5th. HC Wainwright reissued a “buy” rating on shares of Beam Therapeutics in a report on Tuesday, October 27th. Finally, Wedbush boosted their target price on Beam Therapeutics from $28.00 to $30.00 and gave the company an “outperform” rating in a report on Wednesday, November 4th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $47.36.

Beam Therapeutics Trading Down 9.9%

The business’s 50 day simple moving average is $25.53 and its 200 day simple moving average is $28.00. The company has a debt-to-equity ratio of 0.11, a current ratio of 13.01 and a quick ratio of 14.57. The company has a market capitalization of $2.52 billion, a price-to-earnings ratio of -23.46 and a beta of 2.23.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, November 3rd. The company reported ($1.28) earnings per share for the quarter, missing the consensus estimate of ($1.17) by ($0.11). Beam Therapeutics had a negative return on equity of 32.76% and a negative net margin of 73.04%. The business had revenue of $0.31 million for the quarter, compared to analyst estimates of $8.75 million. During the same quarter last year, the company posted ($1.10) EPS. Beam Therapeutics’s quarterly revenue was down 96.8% on a year-over-year basis. Research analysts anticipate that Beam Therapeutics Inc. will post -4.66 EPS for the current year.

Insider Buying and Selling

In other Beam Therapeutics news, CEO John Evans sold 25,000 shares of the stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $23.57, for a total transaction of $589,250.00. Following the completion of the sale, the chief executive officer directly owned 1,047,205 shares of the company’s stock, valued at approximately $24,682,621.85. This trade represents a 2.33% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Edgestream Partners L.P. purchased a new stake in shares of Beam Therapeutics during the third quarter worth approximately $5,995,000. HighTower Advisors LLC grew its position in Beam Therapeutics by 35.1% in the 3rd quarter. HighTower Advisors LLC now owns 12,551 shares of the company’s stock valued at $307,000 after buying an additional 3,262 shares during the last quarter. Fulcrum Asset Management LLP purchased a new position in Beam Therapeutics in the 3rd quarter valued at $51,000. Allspring Global Investments Holdings LLC increased its stake in Beam Therapeutics by 4.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 20,350 shares of the company’s stock valued at $496,000 after buying an additional 815 shares during the period. Finally, AlphaCentric Advisors LLC acquired a new position in Beam Therapeutics in the 3rd quarter valued at $350,000. Institutional investors and hedge funds own 99.68% of the company’s stock.

Beam Therapeutics Company Profile

Beam Therapeutics is a biotechnology company developing genetic medicines using base editing, a form of gene editing designed to make precise changes to DNA. Its platform includes base-editing technologies and delivery systems intended to address diseases by altering the genetic instructions involved in their development. The company’s research and development programs include potential treatments for genetic diseases, including sickle cell disease. Its work spans medicines made by editing a patient’s cells outside the body as well as approaches intended to deliver gene editing directly to cells in the body.