Beam Therapeutics (NASDAQ:BEAM) Reaches New 52-Week Low – Here’s Why

Beam Therapeutics Inc. (NASDAQ:BEAM) hit a new 52-week low during trading on Monday . The company traded as low as $13.53 and last traded at $13.71, with a volume of 381660 shares. The stock had previously closed at $15.27.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Jones Trading upgraded shares of Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a report on Monday, March 10th. Bank of America raised Beam Therapeutics from a “neutral” rating to a “buy” rating and set a $42.00 target price on the stock in a report on Friday, March 28th. Guggenheim reiterated a “buy” rating and issued a $78.00 price target on shares of Beam Therapeutics in a report on Thursday, February 27th. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a report on Monday. Finally, Wedbush reissued an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a report on Monday, March 10th. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Beam Therapeutics currently has a consensus rating of “Buy” and a consensus target price of $49.45.

Beam Therapeutics Price Performance

The business has a 50 day moving average of $25.86 and a 200 day moving average of $25.61. The firm has a market capitalization of $1.45 billion, a price-to-earnings ratio of -8.32 and a beta of 2.02.

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

Insider Buying and Selling

In other news, President Giuseppe Ciaramella sold 7,434 shares of Beam Therapeutics stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $136,413.90. Following the completion of the sale, the president now owns 190,216 shares in the company, valued at $3,490,463.60. The trade was a 3.76 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Christine Bellon sold 5,674 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $104,117.90. Following the completion of the transaction, the insider now owns 117,294 shares in the company, valued at $2,152,344.90. This represents a 4.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 73,771 shares of company stock worth $1,605,698 in the last three months. 4.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Beam Therapeutics

A number of large investors have recently modified their holdings of the company. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in Beam Therapeutics in the 4th quarter worth $330,000. Charles Schwab Investment Management Inc. boosted its position in shares of Beam Therapeutics by 6.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock worth $15,423,000 after purchasing an additional 36,226 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in Beam Therapeutics by 11.4% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock valued at $98,149,000 after purchasing an additional 404,782 shares in the last quarter. Teacher Retirement System of Texas boosted its stake in Beam Therapeutics by 18.4% during the 4th quarter. Teacher Retirement System of Texas now owns 20,767 shares of the company’s stock valued at $515,000 after purchasing an additional 3,222 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Beam Therapeutics by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock worth $44,297,000 after buying an additional 78,102 shares during the last quarter. 99.68% of the stock is currently owned by 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.