Beam Therapeutics (NASDAQ:BEAM) Hits New 1-Year Low - Here's Why

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) reached a new 52-week low on Tuesday . The stock traded as low as $18.30 and last traded at $19.53, with a volume of 5741350 shares trading hands. The stock had previously closed at $22.21.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Cantor Fitzgerald restated an "overweight" rating on shares of Beam Therapeutics in a research report on Wednesday, March 12th. Sanford C. Bernstein raised shares of Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 7th. Wedbush restated an "outperform" rating and issued a $57.00 target price on shares of Beam Therapeutics in a research note on Monday, March 10th. Scotiabank upgraded Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 price target on the stock in a research report on Monday, March 10th. 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 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 company's stock. Based on data from MarketBeat, the company has an average rating of "Buy" and a consensus target price of $49.45.

Beam Therapeutics Trading Down 7.2 %

The company has a market cap of $1.52 billion, a price-to-earnings ratio of -8.68 and a beta of 2.02. The stock has a 50-day simple moving average of $25.86 and a 200-day simple moving average of $25.61.

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 for the quarter, topping the consensus estimate of ($1.25) by $0.16. The business had revenue of $30.00 million during the quarter, compared to the consensus estimate of $16.47 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The company's quarterly revenue was down 90.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.73 earnings per share. As a group, research analysts expect that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Insider Activity

In other news, insider Christine Bellon sold 5,674 shares of the business's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total value of $104,117.90. Following the sale, the insider now owns 117,294 shares of the company's stock, valued at approximately $2,152,344.90. The trade was a 4.61 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Giuseppe Ciaramella sold 7,434 shares of the company's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $136,413.90. Following the completion of the sale, the president now owns 190,216 shares of the company's stock, valued at approximately $3,490,463.60. This trade represents a 3.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 73,771 shares of company stock worth $1,605,698 over the last three months. Corporate insiders own 4.20% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Wealthfront Advisers LLC bought a new position in shares of Beam Therapeutics during the 4th quarter valued at about $41,000. GF Fund Management CO. LTD. acquired a new stake in Beam Therapeutics during the fourth quarter valued at approximately $43,000. Sterling Capital Management LLC boosted its holdings in Beam Therapeutics by 816.0% during the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company's stock worth $60,000 after buying an additional 2,146 shares in the last quarter. KBC Group NV grew its position in Beam Therapeutics by 103.2% in the fourth quarter. KBC Group NV now owns 4,143 shares of the company's stock worth $103,000 after buying an additional 2,104 shares during the last quarter. Finally, Blue Trust Inc. increased its holdings in shares of Beam Therapeutics by 36.3% in the fourth 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. 99.68% of the stock is 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.