Beam Therapeutics (NASDAQ:BEAM) Trading Down 8% - Time to Sell?

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) shares fell 8% during mid-day trading on Monday . The company traded as low as $24.21 and last traded at $24.27. 62,979 shares changed hands during trading, a decline of 95% from the average session volume of 1,175,231 shares. The stock had previously closed at $26.39.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BEAM. Cantor Fitzgerald raised Beam Therapeutics to a "hold" rating in a report on Tuesday, December 10th. Sanford C. Bernstein raised Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 7th. HC Wainwright reaffirmed a "buy" rating and issued a $80.00 price target on shares of Beam Therapeutics in a report on Monday, December 9th. Wedbush reissued an "outperform" rating and set a $57.00 price objective on shares of Beam Therapeutics in a report on Monday. Finally, Leerink Partners raised Beam Therapeutics from a "market perform" rating to an "outperform" rating and raised their price objective for the company from $27.00 to $39.00 in a report on Wednesday, November 6th. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $47.67.

Beam Therapeutics Price Performance

The company has a 50 day moving average price of $26.71 and a two-hundred day moving average price of $25.69. The stock has a market cap of $2.11 billion, a PE ratio of -14.51 and a beta of 1.92.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.01). Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The business had revenue of $14.30 million during the quarter, compared to analysts' expectations of $14.52 million. During the same quarter in the prior year, the firm earned ($1.22) EPS. The firm's revenue for the quarter was down 16.9% compared to the same quarter last year. As a group, equities analysts predict that Beam Therapeutics Inc. will post -4.66 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Christine Bellon sold 1,241 shares of the company's stock in a transaction dated 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 owns 102,968 shares of the company's stock, valued at $2,541,250.24. This represents a 1.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, President Giuseppe Ciaramella sold 51,110 shares of the company's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $26.36, for a total value of $1,347,259.60. Following the completion of the transaction, the president now directly owns 109,150 shares of the company's stock, valued at approximately $2,877,194. This trade represents a 31.89 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Beam Therapeutics

A number of hedge funds have recently made changes to their positions in the company. Arizona State Retirement System raised its position in Beam Therapeutics by 2.1% during the second quarter. Arizona State Retirement System now owns 19,431 shares of the company's stock valued at $455,000 after purchasing an additional 392 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Beam Therapeutics by 2.5% during the third 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 during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Beam Therapeutics by 21.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company's stock valued at $75,000 after buying an additional 524 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Beam Therapeutics by 13.3% during the third quarter. GAMMA Investing LLC now owns 4,620 shares of the company's stock valued at $113,000 after buying an additional 544 shares during the last quarter. Finally, Green Alpha Advisors LLC grew its stake in shares of Beam Therapeutics by 5.9% during the third quarter. Green Alpha Advisors LLC now owns 12,475 shares of the company's stock valued at $306,000 after buying an additional 698 shares during the last quarter. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

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.