Beam Therapeutics (NASDAQ:BEAM) Shares Down 3.8% - Here's What Happened

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) fell 3.8% on Tuesday . The company traded as low as $23.17 and last traded at $23.10. 288,416 shares were traded during mid-day trading, a decline of 76% from the average session volume of 1,221,528 shares. The stock had previously closed at $24.01.

Wall Street Analysts Forecast Growth

BEAM has been the subject of several research reports. Jones Trading raised shares of Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 price objective for the company in a research note on Monday, March 10th. Wedbush reaffirmed an "outperform" rating and issued a $57.00 price target on shares of Beam Therapeutics in a report on Monday, March 10th. Guggenheim reiterated a "buy" rating and issued a $78.00 target price on shares of Beam Therapeutics in a research report on Thursday, February 27th. 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 reissued an "overweight" rating on shares of Beam Therapeutics in a research report on Wednesday, March 12th. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average price target of $49.45.

Beam Therapeutics Stock Performance

The company has a 50-day simple moving average of $26.65 and a two-hundred day simple moving average of $25.87. The firm has a market capitalization of $2.22 billion, a P/E ratio of -12.62 and a beta of 1.91.

Remove Ads

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its quarterly earnings data on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.25) by $0.16. The company had revenue of $30.00 million during the quarter, compared to the consensus estimate of $16.47 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The firm's revenue was down 90.5% on a year-over-year basis. During the same period in the previous year, the company posted $1.73 EPS. As a group, research analysts forecast that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Insider Activity at Beam Therapeutics

In related news, CEO John M. Evans sold 30,000 shares of Beam Therapeutics stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $26.75, for a total value of $802,500.00. Following the completion of the sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Christine Bellon sold 1,241 shares of the firm's stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total transaction of $30,627.88. Following the completion of the sale, the insider now directly owns 102,968 shares in the company, valued at approximately $2,541,250.24. This trade represents a 1.19 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in shares of Beam Therapeutics during the 4th quarter valued at approximately $330,000. Charles Schwab Investment Management Inc. raised its stake in Beam Therapeutics by 6.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company's stock valued at $15,423,000 after acquiring an additional 36,226 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of 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 valued at $98,149,000 after purchasing an additional 404,782 shares in the last quarter. Bellevue Group AG lifted its stake in shares of Beam Therapeutics by 7.1% in the 3rd quarter. Bellevue Group AG now owns 1,518,121 shares of the company's stock worth $37,194,000 after acquiring an additional 100,000 shares during the period. Finally, Geode Capital Management LLC lifted its position in Beam Therapeutics by 4.5% in the third quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company's stock worth $44,297,000 after purchasing an additional 78,102 shares during the period. Institutional investors and hedge funds own 99.68% of the company's stock.

About Beam Therapeutics

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.