John M. Evans Sells 30,663 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) Stock

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) CEO John M. Evans sold 30,663 shares of the business'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 transaction of $562,666.05. Following the transaction, the chief executive officer now owns 986,249 shares of the company's stock, valued at approximately $18,097,669.15. This represents a 3.02 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Beam Therapeutics Trading Down 5.7 %

Shares of Beam Therapeutics stock traded down $0.87 during trading hours on Tuesday, reaching $14.43. 1,423,911 shares of the company's stock were exchanged, compared to its average volume of 1,352,459. The company has a 50 day moving average of $25.65 and a two-hundred day moving average of $25.54. The stock has a market cap of $1.44 billion, a P/E ratio of -8.17 and a beta of 2.02. Beam Therapeutics Inc. has a fifty-two week low of $13.53 and a fifty-two week high of $35.25.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its quarterly earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, beating analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $16.47 million. During the same period last year, the company earned $1.73 earnings per share. The business's revenue was down 90.5% compared to the same quarter last year. As a group, analysts expect that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Jones Trading raised Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 target price for the company in a research note on Monday, March 10th. Bank of America upgraded Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 price objective for the company in a research report on Friday, March 28th. Guggenheim reissued a "buy" rating and set a $78.00 target price on shares of Beam Therapeutics in a research note on Thursday, February 27th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Beam Therapeutics in a research note on Wednesday, March 12th. Finally, Scotiabank raised shares of Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 price objective for the company in a research report on Monday, March 10th. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Beam Therapeutics currently has a consensus rating of "Buy" and an average target price of $49.45.

Hedge Funds Weigh In On Beam Therapeutics

A number of institutional investors have recently added to or reduced their stakes in BEAM. GAMMA Investing LLC increased its holdings in shares of Beam Therapeutics by 549.9% in the first quarter. GAMMA Investing LLC now owns 37,185 shares of the company's stock valued at $726,000 after purchasing an additional 31,463 shares during the last quarter. Polar Asset Management Partners Inc. lifted its position in Beam Therapeutics by 901.2% during the fourth quarter. Polar Asset Management Partners Inc. now owns 208,255 shares of the company's stock worth $5,165,000 after purchasing an additional 187,455 shares during the period. GF Fund Management CO. LTD. bought a new stake in Beam Therapeutics during the fourth quarter worth about $43,000. Woodline Partners LP acquired a new stake in Beam Therapeutics during the fourth quarter worth about $6,997,000. Finally, Squarepoint Ops LLC bought a new position in Beam Therapeutics in the 4th quarter valued at about $3,851,000. 99.68% of the stock is currently owned by institutional investors and hedge funds.

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.