Insider Selling: Beam Therapeutics Inc. (NASDAQ:BEAM) President Sells 7,434 Shares of Stock

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) President Giuseppe Ciaramella sold 7,434 shares of the stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total value of $136,413.90. Following the transaction, the president now owns 190,216 shares in the company, valued at $3,490,463.60. This represents a 3.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

Beam Therapeutics Price Performance

Shares of BEAM traded down $0.87 during mid-day trading 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 business's fifty day simple moving average is $25.65 and its 200-day simple moving average is $25.54. Beam Therapeutics Inc. has a 52-week low of $13.53 and a 52-week high of $35.25. The stock has a market capitalization of $1.44 billion, a PE ratio of -8.17 and a beta of 2.02.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its earnings results on Tuesday, February 25th. The company reported ($1.09) EPS for the quarter, topping the consensus estimate of ($1.25) by $0.16. The company had revenue of $30.00 million during the quarter, compared to analysts' expectations of $16.47 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business's revenue was down 90.5% on a year-over-year basis. During the same quarter last year, the business earned $1.73 EPS. Equities research analysts predict that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently weighed in on BEAM shares. Scotiabank upgraded shares of Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 price target for the company in a research report on Monday, March 10th. Bank of America raised shares of Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 price target on the stock in a research report on Friday, March 28th. HC Wainwright reaffirmed a "buy" rating and set a $80.00 target price on shares of Beam Therapeutics in a research note on Monday. Royal Bank of Canada increased their target price on Beam Therapeutics from $24.00 to $26.00 and gave the stock a "sector perform" rating in a research note on Wednesday, February 26th. Finally, Jones Trading raised Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 price target on the stock in a research report on Monday, March 10th. Two analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Beam Therapeutics currently has an average rating of "Buy" and a consensus target price of $49.45.

Institutional Investors Weigh In On Beam Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of BEAM. Wealthfront Advisers LLC purchased a new stake in shares of Beam Therapeutics in the 4th quarter worth about $41,000. GF Fund Management CO. LTD. acquired a new stake in shares of Beam Therapeutics in the fourth quarter valued at approximately $43,000. Sterling Capital Management LLC increased its stake in shares of Beam Therapeutics by 816.0% during the 4th quarter. Sterling Capital Management LLC now owns 2,409 shares of the company's stock worth $60,000 after purchasing an additional 2,146 shares in the last quarter. KBC Group NV raised its position in shares of Beam Therapeutics by 103.2% during the 4th quarter. KBC Group NV now owns 4,143 shares of the company's stock worth $103,000 after purchasing an additional 2,104 shares during the last quarter. Finally, Blue Trust Inc. lifted its stake in Beam Therapeutics by 36.3% in the 4th quarter. Blue Trust Inc. now owns 4,274 shares of the company's stock valued at $105,000 after buying an additional 1,139 shares in the last quarter. Institutional investors and hedge funds 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.