Beam Therapeutics (NASDAQ:BEAM) Hits New 52-Week Low - Here's What Happened

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report)'s stock price reached a new 52-week low on Monday . The company traded as low as $13.53 and last traded at $13.71, with a volume of 381660 shares. The stock had previously closed at $15.27.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. HC Wainwright restated a "buy" rating and set a $80.00 target price on shares of Beam Therapeutics in a research report on Monday, April 7th. Guggenheim reissued a "buy" rating and issued a $78.00 price objective on shares of Beam Therapeutics in a report on Thursday, February 27th. Jones Trading raised Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 target price on the stock in a report on Monday, March 10th. Sanford C. Bernstein raised Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 7th. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of Beam Therapeutics in a research report on Wednesday, March 12th. Two research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $49.45.

Beam Therapeutics Stock Up 5.7 %

The firm has a market cap of $1.54 billion, a price-to-earnings ratio of -8.79 and a beta of 2.02. The company's 50-day moving average price is $24.37 and its 200-day moving average price is $25.13.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its quarterly earnings data on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $30.00 million for the quarter, compared to analysts' expectations of $16.47 million. During the same period in the previous year, the firm posted $1.73 EPS. Beam Therapeutics's revenue was down 90.5% compared to the same quarter last year. Analysts predict that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Christine Bellon sold 5,674 shares of the business's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $104,117.90. Following the transaction, the insider now directly owns 117,294 shares in the company, valued at approximately $2,152,344.90. The trade was a 4.61 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO John M. Evans sold 30,000 shares of the stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $26.75, for a total transaction of $802,500.00. Following the completion of the sale, the chief executive officer now owns 908,659 shares of the company's stock, valued at approximately $24,306,628.25. The trade was a 3.20 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 73,771 shares of company stock worth $1,605,698. 4.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Beam Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Farallon Capital Management LLC increased its stake in shares of Beam Therapeutics by 0.4% in the 4th quarter. Farallon Capital Management LLC now owns 8,239,123 shares of the company's stock worth $204,330,000 after acquiring an additional 31,000 shares during the last quarter. ARK Investment Management LLC increased its position in Beam Therapeutics by 8.2% during the fourth quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company's stock worth $175,287,000 after purchasing an additional 536,930 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in Beam Therapeutics by 11.4% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company's stock worth $98,149,000 after purchasing an additional 404,782 shares during the period. Nikko Asset Management Americas Inc. boosted its holdings in Beam Therapeutics by 11.4% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company's stock valued at $98,109,000 after purchasing an additional 404,782 shares during the last quarter. Finally, State Street Corp boosted its holdings in Beam Therapeutics by 12.5% in the 3rd quarter. State Street Corp now owns 3,929,557 shares of the company's stock valued at $96,274,000 after purchasing an additional 437,402 shares during 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.