Christine Bellon Sells 1,241 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) insider Christine Bellon sold 1,241 shares of Beam Therapeutics stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total transaction of $30,627.88. Following the transaction, the insider now directly owns 102,968 shares in the company, valued at approximately $2,541,250.24. This represents a 1.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Beam Therapeutics Stock Up 2.7 %

Shares of BEAM opened at $27.08 on Wednesday. Beam Therapeutics Inc. has a twelve month low of $20.84 and a twelve month high of $49.50. The stock has a market capitalization of $2.24 billion, a P/E ratio of -15.39 and a beta of 1.92. The company has a 50 day moving average of $26.36 and a 200-day moving average of $25.62.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.16) by ($0.01). Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business had revenue of $14.30 million during the quarter, compared to analyst estimates of $14.52 million. During the same quarter in the previous year, the firm posted ($1.22) earnings per share. The firm’s quarterly revenue was down 16.9% on a year-over-year basis. On average, sell-side analysts anticipate that Beam Therapeutics Inc. will post -4.66 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Royal Bank of Canada reduced their target price on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. Cantor Fitzgerald upgraded Beam Therapeutics to a “hold” rating in a report on Tuesday, December 10th. Leerink Partnrs upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Wedbush restated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a report on Monday, December 9th. Finally, HC Wainwright reiterated a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a report on Monday, December 9th. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $47.67.

Institutional Trading of Beam Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Rhumbline Advisers increased its position in shares of Beam Therapeutics by 21.6% during the 2nd quarter. Rhumbline Advisers now owns 132,569 shares of the company’s stock worth $3,106,000 after purchasing an additional 23,565 shares during the last quarter. TD Asset Management Inc increased its holdings in Beam Therapeutics by 8.1% during the second quarter. TD Asset Management Inc now owns 175,892 shares of the company’s stock worth $4,121,000 after buying an additional 13,200 shares during the last quarter. National Bank of Canada FI raised its position in Beam Therapeutics by 200.0% during the second quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock worth $69,000 after acquiring an additional 2,000 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Beam Therapeutics by 10.9% in the second quarter. Victory Capital Management Inc. now owns 9,921 shares of the company’s stock valued at $232,000 after acquiring an additional 973 shares during the last quarter. Finally, Arizona State Retirement System grew its position in shares of Beam Therapeutics by 2.1% in the 2nd quarter. Arizona State Retirement System now owns 19,431 shares of the company’s stock valued at $455,000 after acquiring an additional 392 shares during the period. 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.