Beam Therapeutics (NASDAQ:BEAM) Stock Price Down 10.6% – Time to Sell?

Beam Therapeutics Inc. (NASDAQ:BEAM)’s share price traded down 10.6% during mid-day trading on Monday . The company traded as low as $19.60 and last traded at $19.86. 481,629 shares were traded during trading, a decline of 62% from the average session volume of 1,280,464 shares. The stock had previously closed at $22.21.

Analysts Set New Price Targets

Several brokerages have commented on BEAM. Scotiabank raised Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 price objective for the company in a research report on Monday, March 10th. HC Wainwright reissued a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research note on Monday, March 10th. Jones Trading raised shares of Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 target price for the company in a research note on Monday, March 10th. Bank of America upgraded Beam Therapeutics from a “neutral” rating to a “buy” rating and set a $42.00 price target on the stock in a research note on Friday. Finally, Guggenheim reiterated a “buy” rating and issued a $78.00 price target on shares of Beam Therapeutics in a research note on Thursday, February 27th. Two research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Beam Therapeutics has an average rating of “Buy” and an average target price of $49.45.

Beam Therapeutics Trading Down 14.5 %

The stock has a market capitalization of $1.90 billion, a PE ratio of -10.81 and a beta of 1.91. The stock has a 50 day moving average price of $26.65 and a 200-day moving average price of $25.89.

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

Insider Buying and Selling

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

Hedge Funds Weigh In On Beam Therapeutics

Several institutional investors have recently bought and sold shares of BEAM. Wealthfront Advisers LLC bought a new position in shares of Beam Therapeutics during the 4th quarter worth approximately $41,000. GF Fund Management CO. LTD. acquired a new stake in Beam Therapeutics in the fourth quarter worth about $43,000. Sterling Capital Management LLC increased its holdings in shares of Beam Therapeutics by 816.0% during the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock valued at $60,000 after acquiring an additional 2,146 shares in the last quarter. KBC Group NV raised its position in shares of Beam Therapeutics by 103.2% in the 4th quarter. KBC Group NV now owns 4,143 shares of the company’s stock valued at $103,000 after purchasing an additional 2,104 shares during the last quarter. Finally, Blue Trust Inc. grew its position in Beam Therapeutics by 36.3% during the 4th quarter. Blue Trust Inc. now owns 4,274 shares of the company’s stock worth $105,000 after purchasing an additional 1,139 shares during the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

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.