Insider Selling: Beam Therapeutics Inc. (NASDAQ:BEAM) CEO Sells 60,000 Shares of Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $24.50, for a total transaction of $1,470,000.00. Following the sale, the chief executive officer now directly owns 998,343 shares of the company’s stock, valued at approximately $24,459,403.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Beam Therapeutics Stock Down 2.3 %

BEAM stock traded down $0.55 during midday trading on Friday, hitting $23.43. The company’s stock had a trading volume of 4,059,652 shares, compared to its average volume of 1,404,293. Beam Therapeutics Inc. has a 12 month low of $16.95 and a 12 month high of $49.50. The firm has a market capitalization of $1.93 billion, a price-to-earnings ratio of -13.16 and a beta of 1.89. The company has a 50 day moving average of $23.66 and a two-hundred day moving average of $27.90.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($1.21) earnings per share for the quarter, topping the consensus estimate of ($1.42) by $0.21. Beam Therapeutics had a negative return on equity of 15.46% and a negative net margin of 37.33%. The business had revenue of $7.40 million during the quarter, compared to the consensus estimate of $17.09 million. During the same period in the prior year, the company posted ($1.33) EPS. The firm’s revenue for the quarter was down 69.4% compared to the same quarter last year. On average, analysts anticipate that Beam Therapeutics Inc. will post -4.68 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on BEAM shares. BMO Capital Markets reaffirmed an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a research report on Wednesday, March 27th. Wedbush reissued an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a report on Tuesday, May 7th. Barclays reduced their target price on shares of Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating for the company in a report on Wednesday, May 8th. Finally, TheStreet raised shares of Beam Therapeutics from a “d” rating to a “c-” rating in a report on Monday, March 11th. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $40.18.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Rhumbline Advisers boosted its position in shares of Beam Therapeutics by 11.0% during the 3rd quarter. Rhumbline Advisers now owns 105,496 shares of the company’s stock valued at $2,537,000 after acquiring an additional 10,412 shares during the last quarter. Trexquant Investment LP bought a new position in shares of Beam Therapeutics during the 3rd quarter valued at approximately $360,000. Teza Capital Management LLC bought a new position in shares of Beam Therapeutics during the 3rd quarter valued at approximately $226,000. Corton Capital Inc. boosted its position in shares of Beam Therapeutics by 91.9% during the 3rd quarter. Corton Capital Inc. now owns 20,505 shares of the company’s stock valued at $493,000 after acquiring an additional 9,818 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC boosted its position in shares of Beam Therapeutics by 2.9% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 77,072 shares of the company’s stock valued at $1,854,000 after acquiring an additional 2,168 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors.

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.