Beam Therapeutics (NASDAQ:BEAM) Shares Down 8% - Should You Sell?

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

Analysts Set New Price Targets

Several analysts have commented on BEAM shares. Sanford C. Bernstein raised Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 7th. Leerink Partnrs raised shares of Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, November 6th. Royal Bank of Canada reduced their price objective on shares of Beam Therapeutics from $27.00 to $24.00 and set a "sector perform" rating for the company in a research report on Wednesday, November 6th. Leerink Partners upgraded shares of Beam Therapeutics from a "market perform" rating to an "outperform" rating and lifted their target price for the company from $27.00 to $39.00 in a research report on Wednesday, November 6th. Finally, Scotiabank assumed coverage on shares of Beam Therapeutics in a research note on Wednesday, October 16th. They set a "sector outperform" rating and a $24.00 target price for the company. Three analysts have rated the stock with a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.67.

Beam Therapeutics Stock Performance

The company has a market cap of $1.94 billion, a PE ratio of -13.29 and a beta of 1.92. The firm's 50 day moving average is $26.66 and its 200-day moving average is $25.69.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its 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 company had revenue of $14.30 million for the quarter, compared to analyst estimates of $14.52 million. During the same quarter in the prior year, the firm earned ($1.22) earnings per share. The company's revenue for the quarter was down 16.9% on a year-over-year basis. On average, analysts predict that Beam Therapeutics Inc. will post -4.66 EPS for the current year.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, insider Christine Bellon sold 1,241 shares of Beam Therapeutics stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total transaction of $30,627.88. Following the transaction, the insider now directly owns 102,968 shares of the company's stock, valued at $2,541,250.24. The trade was a 1.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Giuseppe Ciaramella sold 51,110 shares of the business's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $26.36, for a total transaction of $1,347,259.60. Following the completion of the transaction, the president now owns 109,150 shares in the company, valued at $2,877,194. The trade was a 31.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.20% of the stock is owned by company insiders.

Institutional Trading of Beam Therapeutics

Several institutional investors have recently made changes to their positions in BEAM. Mirae Asset Global Investments Co. Ltd. grew its position in Beam Therapeutics by 21.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company's stock worth $75,000 after acquiring an additional 524 shares during the period. Blue Trust Inc. lifted its stake in shares of Beam Therapeutics by 84.0% in the 3rd quarter. Blue Trust Inc. now owns 3,135 shares of the company's stock valued at $73,000 after purchasing an additional 1,431 shares during the last quarter. Quarry LP grew its holdings in shares of Beam Therapeutics by 350.0% during the 2nd quarter. Quarry LP now owns 3,600 shares of the company's stock worth $84,000 after purchasing an additional 2,800 shares during the period. Arcadia Investment Management Corp MI acquired a new stake in shares of Beam Therapeutics during the 3rd quarter worth about $98,000. Finally, GAMMA Investing LLC raised its holdings in Beam Therapeutics by 13.3% in the 3rd 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 period. Hedge funds and other institutional investors own 99.68% of the company's stock.

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.