Beam Therapeutics (NASDAQ:BEAM) Shares Down 6.6%

Beam Therapeutics Inc. (NASDAQ:BEAM) shares were down 6.6% during mid-day trading on Thursday . The stock traded as low as $20.84 and last traded at $21.23. Approximately 468,916 shares changed hands during trading, a decline of 67% from the average daily volume of 1,435,909 shares. The stock had previously closed at $22.74.

Analysts Set New Price Targets

BEAM has been the topic of a number of analyst reports. BMO Capital Markets reaffirmed an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a report on Wednesday, March 27th. JPMorgan Chase & Co. upgraded shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $38.00 to $40.00 in a research report on Monday, January 29th. TheStreet raised Beam Therapeutics from a “d” rating to a “c-” rating in a report on Monday, March 11th. Wedbush reiterated an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research report on Tuesday. Finally, Barclays raised their target price on Beam Therapeutics from $26.00 to $42.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 28th. Eight analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $41.00.

Beam Therapeutics Trading Down 5.0 %

The firm has a market capitalization of $1.78 billion, a P/E ratio of -11.41 and a beta of 1.77. The business’s fifty day moving average is $32.50 and its 200 day moving average is $28.09.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, February 27th. The company reported $1.73 EPS for the quarter, topping the consensus estimate of ($0.69) by $2.42. The firm had revenue of $316.20 million for the quarter, compared to the consensus estimate of $34.16 million. Beam Therapeutics had a negative net margin of 35.09% and a negative return on equity of 15.90%. The business’s quarterly revenue was up 1481.0% on a year-over-year basis. During the same quarter last year, the firm posted ($0.54) EPS. As a group, sell-side analysts predict that Beam Therapeutics Inc. will post -5.53 earnings per share for the current fiscal year.

Insider Activity at Beam Therapeutics

In other news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $25.33, for a total transaction of $1,519,800.00. Following the completion of the transaction, the chief executive officer now directly owns 1,058,262 shares in the company, valued at $26,805,776.46. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $25.33, for a total value of $1,519,800.00. Following the sale, the chief executive officer now directly owns 1,058,262 shares in the company, valued at approximately $26,805,776.46. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO John M. Evans sold 18,102 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $32.13, for a total transaction of $581,617.26. Following the transaction, the chief executive officer now owns 1,058,343 shares in the company, valued at approximately $34,004,560.59. The disclosure for this sale can be found here. Insiders sold a total of 156,804 shares of company stock worth $4,731,669 in the last 90 days. 4.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Beam Therapeutics

Several large investors have recently added to or reduced their stakes in the company. Riverview Trust Co bought a new stake in shares of Beam Therapeutics during the first quarter valued at approximately $26,000. Allworth Financial LP increased its holdings in Beam Therapeutics by 163.7% in the 3rd quarter. Allworth Financial LP now owns 1,105 shares of the company’s stock valued at $27,000 after buying an additional 686 shares during the period. First Horizon Advisors Inc. increased its holdings in Beam Therapeutics by 125.9% in the 4th quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock valued at $27,000 after buying an additional 554 shares during the period. National Bank of Canada FI raised its stake in shares of Beam Therapeutics by 200.0% in the 4th quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $41,000 after buying an additional 1,000 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Beam Therapeutics by 144.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock worth $43,000 after acquiring an additional 923 shares during the period. Institutional investors and hedge funds 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.