Beam Therapeutics Inc. (NASDAQ:BEAM) President Giuseppe Ciaramella Sells 51,110 Shares

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) President Giuseppe Ciaramella sold 51,110 shares of the business's stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $26.36, for a total transaction of $1,347,259.60. Following the transaction, the president now owns 109,150 shares of the company's stock, valued at approximately $2,877,194. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Giuseppe Ciaramella also recently made the following trade(s):

• On Monday, October 14th, Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock. The stock was sold at an average price of $26.27, for a total value of $1,342,659.70.

Beam Therapeutics Trading Up 3.7 %

Shares of Beam Therapeutics stock traded up $0.96 during trading hours on Friday, reaching $27.06. 1,266,095 shares of the company's stock were exchanged, compared to its average volume of 1,192,048. The stock has a market cap of $2.24 billion, a P/E ratio of -15.38 and a beta of 1.86. The company has a 50 day moving average of $24.23 and a two-hundred day moving average of $24.67. Beam Therapeutics Inc. has a fifty-two week low of $18.85 and a fifty-two week high of $49.50.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The company reported ($1.17) EPS for the quarter, missing the consensus estimate of ($1.16) by ($0.01). The company had revenue of $14.30 million for the quarter, compared to analyst estimates of $14.52 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business's revenue for the quarter was down 16.9% on a year-over-year basis. During the same period last year, the company posted ($1.22) earnings per share. As a group, analysts expect that Beam Therapeutics Inc. will post -4.64 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Leerink Partners upgraded Beam Therapeutics from a "market perform" rating to an "outperform" rating and increased their price target for the stock from $27.00 to $39.00 in a report on Wednesday. Scotiabank began coverage on shares of Beam Therapeutics in a report on Wednesday, October 16th. They set a "sector outperform" rating and a $24.00 target price on the stock. JPMorgan Chase & Co. lifted their price target on shares of Beam Therapeutics from $45.00 to $48.00 and gave the company an "overweight" rating in a research note on Wednesday, August 7th. Wedbush reissued an "outperform" rating and set a $57.00 price objective on shares of Beam Therapeutics in a research report on Tuesday. Finally, Royal Bank of Canada cut their price objective on shares of Beam Therapeutics from $27.00 to $24.00 and set a "sector perform" rating on the stock in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Beam Therapeutics currently has an average rating of "Moderate Buy" and an average target price of $44.91.

Hedge Funds Weigh In On Beam Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. ARCH Venture Management LLC bought a new stake in Beam Therapeutics during the second quarter worth $127,530,000. Farallon Capital Management LLC raised its holdings in shares of Beam Therapeutics by 75.4% in the 2nd quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company's stock valued at $185,404,000 after purchasing an additional 3,401,370 shares during the period. Darwin Global Management Ltd. bought a new stake in shares of Beam Therapeutics in the 1st quarter valued at about $70,032,000. Sumitomo Mitsui Trust Group Inc. lifted its stake in Beam Therapeutics by 59.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company's stock valued at $87,044,000 after purchasing an additional 1,328,414 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in Beam Therapeutics by 3,137.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,246,189 shares of the company's stock worth $41,175,000 after purchasing an additional 1,207,699 shares during the period. 99.68% of the stock is owned by institutional investors.

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.