Insider Selling: Beam Therapeutics Inc. (NASDAQ:BEAM) Insider Sells 502 Shares of Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) insider Amy Simon sold 502 shares of Beam Therapeutics stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $23.76, for a total value of $11,927.52. Following the completion of the transaction, the insider now owns 69,553 shares of the company’s stock, valued at approximately $1,652,579.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Beam Therapeutics Stock Up 4.0 %

NASDAQ BEAM traded up $0.91 on Wednesday, reaching $23.48. The stock had a trading volume of 718,701 shares, compared to its average volume of 1,390,833. The firm has a market capitalization of $1.93 billion, a price-to-earnings ratio of -13.22 and a beta of 1.88. Beam Therapeutics Inc. has a 12-month low of $16.95 and a 12-month high of $49.50. The stock has a fifty day moving average price of $23.61 and a two-hundred day moving average price of $27.79.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, May 7th. The company reported ($1.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $7.40 million for the quarter, compared to analyst estimates of $17.09 million. During the same quarter in the previous year, the company earned ($1.33) earnings per share. The firm’s quarterly revenue was down 69.4% compared to the same quarter last year. Sell-side analysts forecast that Beam Therapeutics Inc. will post -4.68 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Beam Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. ARK Investment Management LLC grew its stake in shares of Beam Therapeutics by 6.9% during the fourth quarter. ARK Investment Management LLC now owns 9,393,889 shares of the company’s stock worth $255,702,000 after purchasing an additional 609,998 shares in the last quarter. Vestmark Advisory Solutions Inc. acquired a new position in Beam Therapeutics in the fourth quarter valued at $2,673,000. UBS Group AG boosted its stake in Beam Therapeutics by 118.2% in the fourth quarter. UBS Group AG now owns 260,500 shares of the company’s stock valued at $7,091,000 after acquiring an additional 141,102 shares in the last quarter. International Assets Investment Management LLC acquired a new position in Beam Therapeutics in the fourth quarter valued at $1,852,000. Finally, Citigroup Inc. boosted its stake in Beam Therapeutics by 21.5% in the third quarter. Citigroup Inc. now owns 197,597 shares of the company’s stock valued at $4,752,000 after acquiring an additional 34,943 shares in the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on BEAM shares. Wedbush restated an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a research note on Tuesday, May 7th. Barclays lowered their price objective on Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 8th. BMO Capital Markets reiterated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a report on Wednesday, March 27th. Finally, TheStreet upgraded Beam Therapeutics from a “d” rating to a “c-” rating in a report on Monday, March 11th. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $40.18.

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.