Insider Selling: Beam Therapeutics Inc. (NASDAQ:BEAM) CEO Sells 60,000 Shares of Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the transaction, the chief executive officer now directly owns 938,659 shares in the company, valued at $23,091,011.40. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website.

Beam Therapeutics Price Performance

Beam Therapeutics stock traded up $0.09 during mid-day trading on Wednesday, reaching $23.50. The stock had a trading volume of 610,986 shares, compared to its average volume of 1,253,272. The company has a market capitalization of $1.93 billion, a price-to-earnings ratio of -13.15 and a beta of 1.86. The company has a 50-day moving average price of $25.97 and a two-hundred day moving average price of $25.78. Beam Therapeutics Inc. has a one year low of $16.95 and a one year high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($1.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.13) by $0.02. The company had revenue of $11.80 million for the quarter, compared to analysts’ expectations of $14.18 million. Beam Therapeutics had a negative net margin of 40.56% and a negative return on equity of 16.22%. Beam Therapeutics’s revenue was down 41.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.08) EPS. On average, equities research analysts anticipate that Beam Therapeutics Inc. will post -4.6 earnings per share for the current fiscal year.

Institutional Trading of Beam Therapeutics

A number of large investors have recently made changes to their positions in the stock. Riverview Trust Co bought a new position in shares of Beam Therapeutics in the 1st quarter worth approximately $26,000. Fairfield Financial Advisors LTD bought a new position in shares of Beam Therapeutics in the 2nd quarter worth approximately $26,000. Blue Trust Inc. lifted its stake in shares of Beam Therapeutics by 2,648.4% in the 2nd quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock worth $40,000 after purchasing an additional 1,642 shares during the period. PNC Financial Services Group Inc. lifted its stake in shares of Beam Therapeutics by 144.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock worth $43,000 after purchasing an additional 923 shares during the period. Finally, National Bank of Canada FI lifted its stake in shares of Beam Therapeutics by 200.0% in the 2nd quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock worth $69,000 after purchasing an additional 2,000 shares during the period. 99.68% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on BEAM shares. Royal Bank of Canada reissued a “sector perform” rating and set a $27.00 price objective on shares of Beam Therapeutics in a research report on Thursday, September 19th. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research report on Thursday, August 22nd. Wedbush reaffirmed an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a research report on Tuesday, August 6th. Barclays reduced their target price on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 7th. Finally, Stifel Nicolaus upped their target price on shares of Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $44.18.

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.