Beam Therapeutics (NASDAQ:BEAM) Trading Down 6.6% After Insider Selling

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) dropped 6.6% during mid-day trading on Thursday after an insider sold shares in the company. The company traded as low as $24.88 and last traded at $24.92. Approximately 226,257 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 1,226,021 shares. The stock had previously closed at $26.69.

Specifically, President Giuseppe Ciaramella sold 51,110 shares of the company's stock in a transaction on Monday, October 14th. The stock was sold at an average price of $26.27, for a total value of $1,342,659.70. Following the completion of the transaction, the president now directly owns 160,260 shares in the company, valued at approximately $4,210,030.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. lifted their price target on shares of Beam Therapeutics from $45.00 to $48.00 and gave the company an "overweight" rating in a report on Wednesday, August 7th. Royal Bank of Canada reissued a "sector perform" rating and set a $27.00 price target on shares of Beam Therapeutics in a research report on Thursday, September 19th. HC Wainwright reiterated a "buy" rating and set a $80.00 target price on shares of Beam Therapeutics in a report on Thursday, August 22nd. Stifel Nicolaus lifted their price target on shares of Beam Therapeutics from $66.00 to $69.00 and gave the company a "buy" rating in a research report on Wednesday, September 11th. Finally, Barclays dropped 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 research report on Wednesday, August 7th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $42.50.

Beam Therapeutics Stock Performance

The company's fifty day simple moving average is $24.84 and its two-hundred day simple moving average is $25.10. The company has a market capitalization of $2.00 billion, a price-to-earnings ratio of -13.70 and a beta of 1.85.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($1.11) EPS for the quarter, topping analysts' consensus estimates of ($1.13) by $0.02. The business had revenue of $11.80 million during the quarter, compared to the consensus estimate of $14.18 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. The company's revenue for the quarter was down 41.3% compared to the same quarter last year. During the same period last year, the firm earned ($1.08) earnings per share. Sell-side analysts anticipate that Beam Therapeutics Inc. will post -4.6 EPS for the current year.

Institutional Investors Weigh In On Beam Therapeutics

A number of institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Beam Therapeutics by 5.1% in the fourth quarter. Vanguard Group Inc. now owns 7,164,876 shares of the company's stock worth $195,028,000 after purchasing an additional 349,906 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Beam Therapeutics by 144.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company's stock valued at $43,000 after buying an additional 923 shares during the last quarter. Riverview Trust Co acquired a new stake in Beam Therapeutics during the first quarter worth about $26,000. DLK Investment Management LLC acquired a new stake in Beam Therapeutics during the first quarter worth about $239,000. Finally, Thrive Wealth Management LLC bought a new position in Beam Therapeutics in the first quarter worth about $229,000. 99.68% of the stock is currently owned by 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.