Beam Therapeutics (NASDAQ:BEAM) Trading Down 5.9% - Here's Why

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report)'s share price fell 5.9% during mid-day trading on Wednesday . The stock traded as low as $28.08 and last traded at $28.07. 562,773 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 1,278,666 shares. The stock had previously closed at $29.84.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on BEAM. HC Wainwright reiterated a "buy" rating and set a $80.00 target price on shares of Beam Therapeutics in a report on Friday. Leerink Partners raised shares of Beam Therapeutics from a "market perform" rating to an "outperform" rating and boosted their price objective for the stock from $27.00 to $39.00 in a research note on Wednesday, November 6th. Wedbush reissued an "outperform" rating and issued a $57.00 target price on shares of Beam Therapeutics in a research note on Monday, January 13th. Guggenheim reaffirmed a "buy" rating and issued a $78.00 price objective on shares of Beam Therapeutics in a research report on Thursday. Finally, Cantor Fitzgerald upgraded shares of Beam Therapeutics from a "neutral" rating to an "overweight" rating in a research note on Wednesday, January 29th. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $50.90.

Beam Therapeutics Stock Down 2.8 %

The company's 50 day simple moving average is $27.18 and its 200-day simple moving average is $25.94. The firm has a market cap of $2.20 billion, a P/E ratio of -14.97 and a beta of 1.92.

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Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.25) by $0.16. The firm had revenue of $30.00 million during 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%. Beam Therapeutics's quarterly revenue was down 90.5% compared to the same quarter last year. During the same period last year, the company earned $1.73 EPS. Equities research analysts predict that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Insider Activity

In other 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Christine Bellon sold 1,241 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total value of $30,627.88. Following the completion of the transaction, 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. Insiders own 4.20% of the company's stock.

Institutional Investors Weigh In On Beam Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Beam Therapeutics by 59.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company's stock valued at $87,044,000 after buying an additional 1,328,414 shares during the period. ARK Investment Management LLC increased its position in Beam Therapeutics by 8.2% during the 4th quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company's stock valued at $175,287,000 after purchasing an additional 536,930 shares during the period. Casdin Capital LLC raised its holdings in shares of Beam Therapeutics by 61.3% in the 4th quarter. Casdin Capital LLC now owns 1,250,000 shares of the company's stock valued at $31,000,000 after purchasing an additional 475,000 shares in the last quarter. State Street Corp lifted its position in shares of Beam Therapeutics by 12.5% in the 3rd quarter. State Street Corp now owns 3,929,557 shares of the company's stock worth $96,274,000 after purchasing an additional 437,402 shares during the period. Finally, Nikko Asset Management Americas Inc. boosted its stake in shares of Beam Therapeutics by 11.4% during the fourth 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 in the last quarter. 99.68% of the stock is owned by institutional investors.

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.