Beam Therapeutics (NASDAQ:BEAM) Sets New 52-Week Low – Here’s What Happened

Beam Therapeutics Inc. (NASDAQ:BEAM) shares hit a new 52-week low on Tuesday . The stock traded as low as $18.30 and last traded at $19.53, with a volume of 5741350 shares. The stock had previously closed at $22.21.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Wedbush reissued an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a research report on Monday, March 10th. Scotiabank raised Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 price objective on the stock in a research note on Monday, March 10th. Royal Bank of Canada lifted their price target on shares of Beam Therapeutics from $24.00 to $26.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 26th. Cantor Fitzgerald reissued an “overweight” rating on shares of Beam Therapeutics in a research report on Wednesday, March 12th. Finally, HC Wainwright reissued a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research note on Monday, March 10th. 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. Based on data from MarketBeat, Beam Therapeutics currently has an average rating of “Buy” and a consensus price target of $49.45.

Beam Therapeutics Stock Performance

The firm has a market capitalization of $1.95 billion, a price-to-earnings ratio of -11.10 and a beta of 1.91. The stock’s fifty day moving average is $26.57 and its two-hundred day moving average is $25.86.

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

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 30,000 shares of the firm’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $26.75, for a total transaction of $802,500.00. Following the completion of the transaction, the chief executive officer now directly owns 908,659 shares of the company’s stock, valued at $24,306,628.25. This trade represents a 3.20 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christine Bellon sold 1,241 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total transaction of $30,627.88. Following the completion of the sale, the insider now owns 102,968 shares in the company, valued at approximately $2,541,250.24. This trade represents a 1.19 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Beam Therapeutics

A number of hedge funds have recently bought and sold shares of the company. Wealthfront Advisers LLC bought a new position in Beam Therapeutics during the 4th quarter worth approximately $41,000. GF Fund Management CO. LTD. acquired a new stake in shares of Beam Therapeutics during the 4th quarter valued at approximately $43,000. Sterling Capital Management LLC lifted its stake in Beam Therapeutics by 816.0% during the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock worth $60,000 after purchasing an additional 2,146 shares during the last quarter. KBC Group NV boosted its holdings in Beam Therapeutics by 103.2% in the fourth quarter. KBC Group NV now owns 4,143 shares of the company’s stock worth $103,000 after purchasing an additional 2,104 shares during the period. Finally, Blue Trust Inc. increased 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 purchasing an additional 1,139 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

About Beam Therapeutics

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.