Beam Therapeutics (NASDAQ:BEAM) Trading Down 5.2% – Should You Sell?

Beam Therapeutics Inc. (NASDAQ:BEAM) traded down 5.2% during mid-day trading on Tuesday . The company traded as low as $26.35 and last traded at $26.83. 66,488 shares changed hands during mid-day trading, a decline of 95% from the average session volume of 1,221,825 shares. The stock had previously closed at $28.30.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. HC Wainwright restated a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a report on Thursday, November 7th. JPMorgan Chase & Co. lifted their price target on Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Scotiabank initiated coverage on Beam Therapeutics in a report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 price target on the stock. Stifel Nicolaus lifted their price target on Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Finally, Wedbush reiterated an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a report on Tuesday, November 5th. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Beam Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $44.91.

Beam Therapeutics Price Performance

The business has a 50 day simple moving average of $24.76 and a 200 day simple moving average of $25.13. The stock has a market cap of $2.15 billion, a PE ratio of -14.78 and a beta of 1.90.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $14.52 million. During the same period in the prior year, the firm earned ($1.22) EPS. Beam Therapeutics’s quarterly revenue was down 16.9% on a year-over-year basis. As a group, sell-side analysts forecast that Beam Therapeutics Inc. will post -4.66 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the completion of the transaction, the chief executive officer now owns 938,659 shares of the company’s stock, valued at approximately $23,091,011.40. The trade was a 6.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Giuseppe Ciaramella sold 51,110 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $26.27, for a total value of $1,342,659.70. Following the sale, the president now owns 160,260 shares of the company’s stock, valued at approximately $4,210,030.20. The trade was a 24.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 162,894 shares of company stock valued at $4,181,745 over the last quarter. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Bank of Montreal Can bought a new position in Beam Therapeutics during the second quarter worth $3,683,000. Bellevue Group AG increased its position in Beam Therapeutics by 7.1% during the third quarter. Bellevue Group AG now owns 1,518,121 shares of the company’s stock worth $37,194,000 after acquiring an additional 100,000 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its position in Beam Therapeutics by 59.7% during the third 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. Algert Global LLC increased its position in Beam Therapeutics by 282.0% during the third quarter. Algert Global LLC now owns 43,523 shares of the company’s stock worth $1,066,000 after acquiring an additional 32,130 shares during the period. Finally, International Assets Investment Management LLC bought a new position in Beam Therapeutics during the third quarter worth $15,760,000. 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.