Beam Therapeutics (NASDAQ:BEAM) President Giuseppe Ciaramella Sells 11,810 Shares

Beam Therapeutics Inc. (NASDAQ:BEAM) President Giuseppe Ciaramella sold 11,810 shares of the company’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total transaction of $290,289.80. Following the transaction, the president owned 218,406 shares of the company’s stock, valued at $5,368,419.48. This represents a 5.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Beam Therapeutics Trading Down 1.7%

BEAM traded down $0.43 during midday trading on Monday, hitting $24.23. 1,298,322 shares of the company traded hands, compared to its average volume of 1,988,365. The business has a 50 day simple moving average of $26.65 and a two-hundred day simple moving average of $26.43. Beam Therapeutics Inc. has a 52-week low of $13.52 and a 52-week high of $36.44. The company has a market capitalization of $2.47 billion, a price-to-earnings ratio of -23.99 and a beta of 2.18.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, February 24th. The company reported $2.33 EPS for the quarter, topping analysts’ consensus estimates of ($1.13) by $3.46. Beam Therapeutics had a negative net margin of 57.24% and a negative return on equity of 30.65%. The business had revenue of $114.11 million during the quarter, compared to analysts’ expectations of $13.22 million. During the same quarter in the previous year, the company earned ($1.09) earnings per share. The company’s quarterly revenue was up 280.3% on a year-over-year basis. Equities research analysts anticipate that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Jones Financial Companies Lllp increased its holdings in shares of Beam Therapeutics by 55,780.0% in the first quarter. Jones Financial Companies Lllp now owns 33,528 shares of the company’s stock valued at $655,000 after purchasing an additional 33,468 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Beam Therapeutics by 10.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 438,529 shares of the company’s stock valued at $8,564,000 after buying an additional 42,609 shares in the last quarter. Legal & General Group Plc grew its holdings in Beam Therapeutics by 8.5% in the 2nd quarter. Legal & General Group Plc now owns 102,646 shares of the company’s stock valued at $1,746,000 after buying an additional 8,023 shares in the last quarter. Rhumbline Advisers increased its stake in shares of Beam Therapeutics by 7.2% in the 2nd quarter. Rhumbline Advisers now owns 151,372 shares of the company’s stock worth $2,575,000 after acquiring an additional 10,168 shares during the last quarter. Finally, Prudential Financial Inc. purchased a new position in shares of Beam Therapeutics during the 2nd quarter worth $201,000. 99.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on BEAM shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a report on Wednesday, January 21st. Canaccord Genuity Group initiated coverage on Beam Therapeutics in a research note on Friday, February 20th. They issued a “buy” rating and a $74.00 price target on the stock. UBS Group began coverage on Beam Therapeutics in a research report on Wednesday, January 7th. They set a “neutral” rating and a $28.00 price target for the company. Tudor Pickering set a $41.00 price objective on Beam Therapeutics in a research note on Wednesday, January 21st. Finally, Royal Bank Of Canada raised their price objective on Beam Therapeutics from $22.00 to $26.00 and gave the company a “sector perform” rating in a report on Wednesday, February 25th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $49.36.

Beam Therapeutics Company Profile

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.