Beam Therapeutics (NASDAQ:BEAM) Trading Down 5.9%

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) dropped 5.9% during trading on Tuesday . The company traded as low as $25.26 and last traded at $25.50. Approximately 253,742 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 1,331,221 shares. The stock had previously closed at $27.11.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Wedbush reissued an "outperform" rating and set a $57.00 target price on shares of Beam Therapeutics in a report on Tuesday, August 6th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $27.00 price objective on shares of Beam Therapeutics in a research note on Wednesday, August 7th. Barclays cut their price objective on shares of Beam Therapeutics from $33.00 to $31.00 and set an "equal weight" rating for the company in a report on Wednesday, August 7th. HC Wainwright reaffirmed a "buy" rating and set a $80.00 target price on shares of Beam Therapeutics in a report on Thursday, August 22nd. Finally, JPMorgan Chase & Co. boosted their price target on Beam Therapeutics from $45.00 to $48.00 and gave the company an "overweight" rating in a research note on Wednesday, August 7th. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, Beam Therapeutics currently has a consensus rating of "Hold" and an average price target of $41.70.

Beam Therapeutics Stock Down 3.0 %

The firm has a 50 day moving average of $25.80 and a two-hundred day moving average of $27.73. The firm has a market capitalization of $2.16 billion, a price-to-earnings ratio of -14.43 and a beta of 1.87.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its earnings results on Tuesday, August 6th. The company reported ($1.11) earnings per share for the quarter, topping analysts' consensus estimates of ($1.13) by $0.02. The firm had revenue of $11.80 million for the quarter, compared to analysts' expectations of $14.18 million. Beam Therapeutics had a negative net margin of 37.33% and a negative return on equity of 15.46%. The company's revenue was down 41.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.08) earnings per share. Sell-side analysts forecast that Beam Therapeutics Inc. will post -4.68 EPS for the current fiscal year.

Insider Activity

In other news, CEO John M. Evans sold 60,000 shares of the company's stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $24.50, for a total value of $1,470,000.00. Following the completion of the transaction, the chief executive officer now owns 998,343 shares of the company's stock, valued at $24,459,403.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 4.20% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Quarry LP raised its position in shares of Beam Therapeutics by 350.0% during the second quarter. Quarry LP now owns 3,600 shares of the company's stock worth $84,000 after acquiring an additional 2,800 shares during the last quarter. Algert Global LLC acquired a new stake in Beam Therapeutics during the 2nd quarter valued at approximately $267,000. Scientech Research LLC raised its holdings in Beam Therapeutics by 167.3% during the 2nd quarter. Scientech Research LLC now owns 51,876 shares of the company's stock worth $1,215,000 after purchasing an additional 32,469 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Beam Therapeutics by 30.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 137,089 shares of the company's stock worth $3,212,000 after purchasing an additional 32,279 shares during the period. Finally, AQR Capital Management LLC boosted its stake in shares of Beam Therapeutics by 38.1% in the 2nd quarter. AQR Capital Management LLC now owns 9,011 shares of the company's stock valued at $211,000 after purchasing an additional 2,487 shares during the last quarter. 99.68% of the stock is owned by institutional investors and hedge funds.

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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