Beam Therapeutics (NASDAQ:BEAM) Shares Down 6.6% After Insider Selling

Beam Therapeutics Inc. (NASDAQ:BEAM) fell 6.6% during mid-day trading on Thursday following insider selling activity. The stock traded as low as $24.88 and last traded at $24.92. 226,257 shares were traded during trading, a decline of 82% from the average session volume of 1,226,021 shares. The stock had previously closed at $26.69.

Specifically, President Giuseppe Ciaramella sold 51,110 shares of the business’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $26.27, for a total value of $1,342,659.70. Following the transaction, the president now directly owns 160,260 shares of the company’s stock, valued at $4,210,030.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BEAM. Stifel Nicolaus boosted their price objective on Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Scotiabank began coverage on Beam Therapeutics in a research note on Wednesday. They issued a “sector outperform” rating and a $24.00 price objective on the stock. HC Wainwright reissued a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research note on Thursday, August 22nd. JPMorgan Chase & Co. boosted their target price on Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Finally, Barclays decreased their target price on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 7th. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $43.45.

Beam Therapeutics Trading Down 2.9 %

The business has a fifty day simple moving average of $24.81 and a 200 day simple moving average of $25.03. The stock has a market capitalization of $1.95 billion, a P/E ratio of -13.29 and a beta of 1.85.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($1.11) EPS for the quarter, topping analysts’ consensus estimates of ($1.13) by $0.02. The firm had revenue of $11.80 million during the quarter, compared to analyst estimates of $14.18 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. The company’s revenue for the quarter was down 41.3% on a year-over-year basis. During the same period in the previous year, the company posted ($1.08) EPS. As a group, research analysts forecast that Beam Therapeutics Inc. will post -4.6 earnings per share for the current year.

Hedge Funds Weigh In On Beam Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of BEAM. Vanguard Group Inc. boosted its stake in shares of Beam Therapeutics by 5.1% in the 4th quarter. Vanguard Group Inc. now owns 7,164,876 shares of the company’s stock worth $195,028,000 after buying an additional 349,906 shares during the last quarter. PNC Financial Services Group Inc. boosted 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 buying an additional 923 shares during the last quarter. Riverview Trust Co purchased a new position in shares of Beam Therapeutics in the 1st quarter worth approximately $26,000. DLK Investment Management LLC purchased a new position in shares of Beam Therapeutics in the 1st quarter worth approximately $239,000. Finally, Thrive Wealth Management LLC purchased a new position in shares of Beam Therapeutics in the 1st quarter worth approximately $229,000. Hedge funds and other institutional investors own 99.68% of the company’s stock.

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.