Beam Therapeutics (NASDAQ:BEAM) Stock Price Down 3.8% – Time to Sell?

Beam Therapeutics Inc. (NASDAQ:BEAM)’s stock price was down 3.8% on Tuesday . The stock traded as low as $23.17 and last traded at $23.10. Approximately 288,416 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 1,221,528 shares. The stock had previously closed at $24.01.

Analysts Set New Price Targets

BEAM has been the topic of a number of recent research reports. Sanford C. Bernstein upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Wedbush restated an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a research report on Monday, March 10th. HC Wainwright reiterated a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research report on Monday, March 10th. Cantor Fitzgerald restated an “overweight” rating on shares of Beam Therapeutics in a report on Wednesday, March 12th. Finally, Jones Trading upgraded Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a report on Monday, March 10th. Two investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $50.82.

Beam Therapeutics Stock Performance

The stock’s 50-day moving average is $26.73 and its two-hundred day moving average is $25.93. The stock has a market cap of $2.29 billion, a PE ratio of -13.02 and a beta of 1.91.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results on Tuesday, February 25th. The company reported ($1.09) EPS for the quarter, topping the consensus estimate of ($1.25) by $0.16. The business had revenue of $30.00 million during the quarter, compared to analyst estimates of $16.47 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company’s quarterly revenue was down 90.5% on a year-over-year basis. During the same period last year, the business posted $1.73 earnings per share. Analysts forecast that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Insiders Place Their Bets

In other news, CEO John M. Evans sold 30,000 shares of the stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $26.75, for a total value of $802,500.00. Following the sale, the chief executive officer now directly owns 908,659 shares in the company, valued at approximately $24,306,628.25. This trade represents a 3.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Christine Bellon sold 1,241 shares of the business’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total value of $30,627.88. Following the transaction, the insider now directly owns 102,968 shares of the company’s stock, valued at $2,541,250.24. The trade was a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Horizon Kinetics Asset Management LLC lifted its holdings in Beam Therapeutics by 4.4% during the 4th quarter. Horizon Kinetics Asset Management LLC now owns 9,597 shares of the company’s stock worth $238,000 after buying an additional 403 shares during the last quarter. Summit Investment Advisors Inc. lifted its stake in Beam Therapeutics by 6.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 7,999 shares of the company’s stock worth $198,000 after purchasing an additional 496 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Beam Therapeutics by 2.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,396 shares of the company’s stock valued at $524,000 after purchasing an additional 516 shares in the last quarter. Martingale Asset Management L P raised its holdings in Beam Therapeutics by 8.6% during the fourth quarter. Martingale Asset Management L P now owns 11,438 shares of the company’s stock worth $284,000 after purchasing an additional 909 shares in the last quarter. Finally, Swiss National Bank raised its holdings in Beam Therapeutics by 0.8% during the fourth quarter. Swiss National Bank now owns 137,800 shares of the company’s stock worth $3,417,000 after purchasing an additional 1,100 shares in the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

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.