Insider Selling: Beam Therapeutics Inc. (NASDAQ:BEAM) CEO Sells 30,000 Shares of Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) CEO John M. Evans sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $26.75, for a total value 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. The trade was a 3.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Beam Therapeutics Stock Down 1.1 %

Shares of Beam Therapeutics stock traded down $0.29 during trading hours on Monday, reaching $25.63. 692,908 shares of the company’s stock were exchanged, compared to its average volume of 1,139,809. The business has a fifty day moving average of $26.50 and a two-hundred day moving average of $25.76. The company has a market capitalization of $2.12 billion, a P/E ratio of -14.56 and a beta of 1.92. Beam Therapeutics Inc. has a 1 year low of $20.84 and a 1 year high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last released its 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). The business had revenue of $14.30 million during the quarter, compared to analysts’ expectations of $14.52 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company’s revenue for the quarter was down 16.9% compared to the same quarter last year. During the same period last year, the business earned ($1.22) earnings per share. As a group, research analysts predict that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts recently issued reports on BEAM shares. Leerink Partners raised shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $27.00 to $39.00 in a report on Wednesday, November 6th. Royal Bank of Canada lowered their target price on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 6th. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a report on Monday. Sanford C. Bernstein raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Scotiabank began coverage on Beam Therapeutics in a research note on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 target price for the company. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Beam Therapeutics has an average rating of “Buy” and a consensus target price of $47.67.

Hedge Funds Weigh In On Beam Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC raised its holdings in shares of Beam Therapeutics by 38.1% during the 2nd quarter. AQR Capital Management LLC now owns 9,011 shares of the company’s stock worth $211,000 after acquiring an additional 2,487 shares during the period. The Manufacturers Life Insurance Company raised its stake in Beam Therapeutics by 30.8% during the second quarter. The Manufacturers Life Insurance Company now owns 137,089 shares of the company’s stock worth $3,212,000 after purchasing an additional 32,279 shares during the period. Algert Global LLC acquired a new position in Beam Therapeutics in the 2nd quarter valued at about $267,000. Handelsbanken Fonder AB grew its stake in shares of Beam Therapeutics by 61.9% in the 3rd quarter. Handelsbanken Fonder AB now owns 28,500 shares of the company’s stock valued at $698,000 after buying an additional 10,900 shares during the period. Finally, GAMMA Investing LLC increased its holdings in shares of Beam Therapeutics by 13.3% during the 3rd quarter. GAMMA Investing LLC now owns 4,620 shares of the company’s stock worth $113,000 after buying an additional 544 shares during the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

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.