Beam Therapeutics Inc. (NASDAQ:BEAM) Insider Sells $30,627.88 in Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) insider Christine Bellon sold 1,241 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total transaction of $30,627.88. Following the transaction, the insider now owns 102,968 shares of the company’s stock, valued at approximately $2,541,250.24. The trade was a 1.19 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Beam Therapeutics Price Performance

BEAM stock opened at $26.80 on Thursday. The company’s 50 day simple moving average is $26.46 and its 200-day simple moving average is $25.65. Beam Therapeutics Inc. has a 12 month low of $20.84 and a 12 month high of $49.50. The firm has a market capitalization of $2.22 billion, a PE ratio of -15.23 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). Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company had revenue of $14.30 million for the quarter, compared to analysts’ expectations of $14.52 million. During the same period in the previous year, the business posted ($1.22) EPS. The business’s quarterly revenue was down 16.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Beam Therapeutics Inc. will post -4.66 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BEAM. ARCH Venture Management LLC purchased a new stake in shares of Beam Therapeutics during the second quarter worth about $127,530,000. Farallon Capital Management LLC boosted its position in Beam Therapeutics by 75.4% during the second quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock worth $185,404,000 after acquiring an additional 3,401,370 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in Beam Therapeutics by 59.7% in 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 period. State Street Corp raised its holdings in Beam Therapeutics by 12.5% in the 3rd quarter. State Street Corp now owns 3,929,557 shares of the company’s stock valued at $96,274,000 after acquiring an additional 437,402 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Beam Therapeutics by 63.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,049,360 shares of the company’s stock worth $24,589,000 after purchasing an additional 407,499 shares during the period. 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 several analyst reports. Scotiabank initiated coverage on shares of Beam Therapeutics in a report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 price target for the company. Cantor Fitzgerald raised Beam Therapeutics to a “hold” rating in a research note on Tuesday, December 10th. Royal Bank of Canada reduced their price target on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. Leerink Partnrs raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Finally, Wedbush restated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Monday, December 9th. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $47.67.

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.