Beam Therapeutics (NASDAQ:BEAM) Shares Down 10.6% - Should You Sell?

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report)'s stock price dropped 10.6% on Monday . The stock traded as low as $19.60 and last traded at $19.86. Approximately 481,629 shares changed hands during trading, a decline of 62% from the average daily volume of 1,280,464 shares. The stock had previously closed at $22.21.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on BEAM. HC Wainwright reissued a "buy" rating and set a $80.00 target price on shares of Beam Therapeutics in a research note on Monday, March 10th. Wedbush reissued an "outperform" rating and set a $57.00 price objective on shares of Beam Therapeutics in a research report on Monday, March 10th. Royal Bank of Canada boosted their price objective on shares of Beam Therapeutics from $24.00 to $26.00 and gave the company a "sector perform" rating in a research report on Wednesday, February 26th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Beam Therapeutics in a research note on Wednesday, March 12th. Finally, Scotiabank raised 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 note on Monday, March 10th. Two 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. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $49.45.

Beam Therapeutics Price Performance

The firm has a market cap of $1.64 billion, a price-to-earnings ratio of -9.35 and a beta of 1.91. The business has a 50-day moving average of $26.27 and a 200-day moving average of $25.75.

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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, topping the consensus estimate of ($1.25) by $0.16. The firm had revenue of $30.00 million for the quarter, compared to analyst estimates of $16.47 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The business's quarterly revenue was down 90.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.73 EPS. As a group, equities analysts anticipate that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO John M. Evans sold 30,000 shares of Beam Therapeutics stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $26.75, for a total transaction of $802,500.00. Following the completion of the transaction, the chief executive officer now owns 908,659 shares in the company, valued at approximately $24,306,628.25. This trade represents a 3.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 4.20% of the company's stock.

Institutional Trading of Beam Therapeutics

A number of hedge funds have recently made changes to their positions in BEAM. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in Beam Therapeutics in the 4th quarter valued at $330,000. Charles Schwab Investment Management Inc. raised its position in shares of Beam Therapeutics by 6.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company's stock valued at $15,423,000 after purchasing an additional 36,226 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Beam Therapeutics by 11.4% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company's stock worth $98,149,000 after buying an additional 404,782 shares during the last quarter. Teacher Retirement System of Texas boosted its holdings in shares of Beam Therapeutics by 18.4% during the 4th quarter. Teacher Retirement System of Texas now owns 20,767 shares of the company's stock worth $515,000 after buying an additional 3,222 shares during the period. Finally, Geode Capital Management LLC grew its stake in Beam Therapeutics by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company's stock valued at $44,297,000 after buying an additional 78,102 shares during 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.