Beam Therapeutics (NASDAQ:BEAM) Shares Down 7.2% – Time to Sell?

Beam Therapeutics Inc. (NASDAQ:BEAM) was down 7.2% during trading on Thursday . The company traded as low as $25.47 and last traded at $25.44. Approximately 387,371 shares changed hands during mid-day trading, a decline of 68% from the average daily volume of 1,200,693 shares. The stock had previously closed at $27.42.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research note on Monday, March 10th. Jones Trading upgraded Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a research note on Monday, March 10th. Sanford C. Bernstein raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Royal Bank of Canada boosted their target price on shares of Beam Therapeutics from $24.00 to $26.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 26th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Beam Therapeutics in a report on Wednesday. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $50.82.

Beam Therapeutics Stock Down 3.3 %

The company has a 50 day moving average of $27.09 and a 200 day moving average of $26.01. The stock has a market capitalization of $2.42 billion, a price-to-earnings ratio of -13.77 and a beta of 1.91.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, topping the consensus estimate of ($1.25) by $0.16. The business had revenue of $30.00 million for the quarter, compared to analyst estimates of $16.47 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The business’s quarterly revenue was down 90.5% on a year-over-year basis. During the same period last year, the company posted $1.73 EPS. On average, research analysts forecast that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Christine Bellon sold 1,241 shares of Beam Therapeutics stock in a transaction that occurred on 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 in the company, valued at approximately $2,541,250.24. This trade represents a 1.19 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John M. Evans sold 30,000 shares of the business’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $26.75, for a total transaction of $802,500.00. Following the sale, the chief executive officer now owns 908,659 shares of the company’s stock, valued at approximately $24,306,628.25. The trade was a 3.20 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Horizon Kinetics Asset Management LLC boosted its position in Beam Therapeutics by 4.4% during the 4th quarter. Horizon Kinetics Asset Management LLC now owns 9,597 shares of the company’s stock worth $238,000 after acquiring an additional 403 shares during the period. Summit Investment Advisors Inc. lifted its holdings in Beam Therapeutics by 6.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 7,999 shares of the company’s stock worth $198,000 after purchasing an additional 496 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Beam Therapeutics by 2.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,396 shares of the company’s stock valued at $524,000 after buying an additional 516 shares in the last quarter. Martingale Asset Management L P increased its stake in Beam Therapeutics by 8.6% during the 4th quarter. Martingale Asset Management L P now owns 11,438 shares of the company’s stock valued at $284,000 after buying an additional 909 shares during the period. Finally, Swiss National Bank raised its position in shares of Beam Therapeutics by 0.8% during the 4th quarter. Swiss National Bank now owns 137,800 shares of the company’s stock worth $3,417,000 after buying an additional 1,100 shares in the last quarter. 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.