Beam Therapeutics (NASDAQ:BEAM) Trading Down 6.3% – Should You Sell?

Beam Therapeutics Inc. (NASDAQ:BEAM)’s share price was down 6.3% on Wednesday . The company traded as low as $28.02 and last traded at $28.31. Approximately 232,725 shares traded hands during trading, a decline of 81% from the average daily volume of 1,220,431 shares. The stock had previously closed at $30.20.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Cantor Fitzgerald upgraded Beam Therapeutics to a “hold” rating in a research report on Tuesday. Stifel Nicolaus boosted their price target on shares of Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Wedbush reaffirmed an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a report on Monday. HC Wainwright reissued a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a research note on Monday. Finally, Scotiabank initiated coverage on shares of Beam Therapeutics in a research report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 target price for the company. Four analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $46.40.

Beam Therapeutics Trading Down 0.5 %

The business’s 50-day simple moving average is $25.20 and its 200 day simple moving average is $25.26. The company has a market capitalization of $2.31 billion, a P/E ratio of -15.70 and a beta of 1.90.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) EPS for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). The company had revenue of $14.30 million for the quarter, compared to analyst estimates of $14.52 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. Beam Therapeutics’s revenue was down 16.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($1.22) EPS. As a group, sell-side analysts predict that Beam Therapeutics Inc. will post -4.66 EPS for the current fiscal year.

Insider Activity

In related news, President Giuseppe Ciaramella sold 51,110 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $26.27, for a total transaction of $1,342,659.70. Following the completion of the sale, the president now directly owns 160,260 shares in the company, valued at approximately $4,210,030.20. This trade represents a 24.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $24.60, for a total value of $1,476,000.00. Following the completion of the transaction, the chief executive officer now directly owns 938,659 shares in the company, valued at $23,091,011.40. This represents a 6.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 162,894 shares of company stock worth $4,181,745 over the last 90 days. 4.20% of the stock is currently owned by company insiders.

Institutional Trading of Beam Therapeutics

Hedge funds have recently bought and sold shares of the company. Franklin Resources Inc. purchased a new stake in shares of Beam Therapeutics in the 3rd quarter valued at approximately $400,000. Geode Capital Management LLC lifted its holdings in shares of Beam Therapeutics by 4.5% in the third quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock valued at $44,297,000 after purchasing an additional 78,102 shares in the last quarter. XTX Topco Ltd boosted its position in shares of Beam Therapeutics by 16.3% in the third quarter. XTX Topco Ltd now owns 37,001 shares of the company’s stock worth $907,000 after buying an additional 5,191 shares during the period. State Street Corp grew its holdings in shares of Beam Therapeutics by 12.5% during the third quarter. State Street Corp now owns 3,929,557 shares of the company’s stock valued at $96,274,000 after buying an additional 437,402 shares in the last quarter. Finally, Stifel Financial Corp acquired a new position in Beam Therapeutics during the third quarter valued at $262,000. 99.68% of the stock is owned by hedge funds and other institutional investors.

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.