Christine Bellon Sells 5,674 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) Stock

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) insider Christine Bellon sold 5,674 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total transaction of $104,117.90. Following the transaction, the insider now directly owns 117,294 shares in the company, valued at approximately $2,152,344.90. This represents a 4.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Beam Therapeutics Trading Down 5.7 %

Shares of Beam Therapeutics stock traded down $0.87 on Tuesday, hitting $14.43. 1,423,911 shares of the company traded hands, compared to its average volume of 1,352,459. The firm's 50-day simple moving average is $25.65 and its 200 day simple moving average is $25.54. Beam Therapeutics Inc. has a 12-month low of $13.53 and a 12-month high of $35.25. The company has a market cap of $1.44 billion, a P/E ratio of -8.17 and a beta of 2.02.

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 firm 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 company's revenue for the quarter was down 90.5% compared to the same quarter last year. During the same period last year, the firm earned $1.73 earnings per share. Analysts predict that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts recently weighed in on BEAM shares. Wedbush reaffirmed an "outperform" rating and set a $57.00 price target on shares of Beam Therapeutics in a research note on Monday, March 10th. Scotiabank raised 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 report on Monday, March 10th. HC Wainwright reaffirmed a "buy" rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research note on Monday. Jones Trading upgraded shares of Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 target price on the stock in a report on Monday, March 10th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Beam Therapeutics in a report on Wednesday, March 12th. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $49.45.

Institutional Trading of Beam Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of Beam Therapeutics during the fourth quarter valued at approximately $330,000. Charles Schwab Investment Management Inc. increased its position in shares of 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 purchasing an additional 36,226 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in 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. Teacher Retirement System of Texas raised its stake in Beam Therapeutics by 18.4% during the 4th quarter. Teacher Retirement System of Texas now owns 20,767 shares of the company's stock worth $515,000 after acquiring an additional 3,222 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of Beam Therapeutics by 4.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company's stock valued at $44,297,000 after buying an additional 78,102 shares in the last quarter. Hedge funds and other institutional investors 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.