Beam Therapeutics (NASDAQ:BEAM) Stock Price Down 7.2% - Here's What Happened

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report)'s share price was down 7.2% during trading on Thursday . The stock traded as low as $25.47 and last traded at $25.44. Approximately 387,371 shares changed hands during trading, a decline of 68% from the average daily volume of 1,200,693 shares. The stock had previously closed at $27.42.

Wall Street Analysts Forecast Growth

BEAM has been the subject of a number of research analyst reports. Scotiabank upgraded shares of Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 price target for the company in a research note on Monday. Sanford C. Bernstein raised shares of Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 7th. HC Wainwright restated a "buy" rating and issued a $80.00 target price on shares of Beam Therapeutics in a research note on Monday. Guggenheim reiterated a "buy" rating and issued a $78.00 price target on shares of Beam Therapeutics in a research note on Thursday, February 27th. Finally, Jones Trading upgraded Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 price objective on the stock in a research note on Monday. Two investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Beam Therapeutics has an average rating of "Buy" and a consensus target price of $50.82.

Beam Therapeutics Trading Down 6.4 %

The firm has a market cap of $2.15 billion, a price-to-earnings ratio of -14.57 and a beta of 1.91. The stock has a 50-day moving average of $27.10 and a 200-day moving average of $26.04.

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Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its earnings results 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 for the quarter, compared to analysts' expectations 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 quarterly revenue was down 90.5% compared to the same quarter last year. During the same period last year, the business posted $1.73 earnings per share. As a group, research analysts expect that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 30,000 shares of Beam Therapeutics stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $26.75, for a total transaction of $802,500.00. Following the sale, the chief executive officer now owns 908,659 shares of the company's stock, valued at $24,306,628.25. The trade was a 3.20 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Christine Bellon sold 1,241 shares of the business's stock in a transaction 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 transaction, the insider now owns 102,968 shares of the company's stock, valued at $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 company insiders.

Hedge Funds Weigh In On Beam Therapeutics

Large investors have recently bought and sold shares of the stock. Horizon Kinetics Asset Management LLC boosted its holdings in shares of Beam Therapeutics by 4.4% in the fourth quarter. Horizon Kinetics Asset Management LLC now owns 9,597 shares of the company's stock valued at $238,000 after acquiring an additional 403 shares in the last quarter. Summit Investment Advisors Inc. boosted its stake in Beam Therapeutics by 6.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 7,999 shares of the company's stock valued at $198,000 after purchasing an additional 496 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Beam Therapeutics by 2.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,396 shares of the company's stock valued at $524,000 after purchasing an additional 516 shares in the last quarter. Martingale Asset Management L P increased its position in shares of Beam Therapeutics by 8.6% during the 4th quarter. Martingale Asset Management L P now owns 11,438 shares of the company's stock valued at $284,000 after purchasing an additional 909 shares during the period. Finally, Swiss National Bank raised its stake in shares of Beam Therapeutics by 0.8% in the 4th quarter. Swiss National Bank now owns 137,800 shares of the company's stock worth $3,417,000 after buying an additional 1,100 shares in the last quarter. 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.

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