John Evans Sells 25,000 Shares of Beam Therapeutics (NASDAQ:BEAM) Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) CEO John Evans sold 25,000 shares of the stock in a transaction on Monday, March 30th. The shares were sold at an average price of $22.37, for a total value of $559,250.00. Following the completion of the sale, the chief executive officer directly owned 986,667 shares of the company’s stock, valued at $22,071,740.79. The trade was a 2.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link.

Beam Therapeutics Stock Up 2.2%

NASDAQ:BEAM traded up $0.54 during trading hours on Thursday, hitting $24.76. 412,349 shares of the company traded hands, compared to its average volume of 1,973,888. The company has a market cap of $2.52 billion, a PE ratio of -24.56 and a beta of 2.12. The firm’s 50-day simple moving average is $26.98 and its 200-day simple moving average is $26.37. Beam Therapeutics Inc. has a one year low of $13.52 and a one year high of $36.44.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Tuesday, February 24th. The company reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.13) by $3.46. The firm had revenue of $114.11 million during the quarter, compared to analyst estimates of $13.22 million. Beam Therapeutics had a negative net margin of 57.24% and a negative return on equity of 30.65%. The business’s revenue was up 280.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($1.09) EPS. As a group, equities research analysts expect that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on BEAM shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Wednesday, January 21st. Citigroup upped their target price on Beam Therapeutics from $64.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, March 26th. Wedbush increased their price target on Beam Therapeutics from $57.00 to $65.00 and gave the company an “outperform” rating in a research report on Wednesday, February 25th. UBS Group started coverage on Beam Therapeutics in a research report on Wednesday, January 7th. They issued a “neutral” rating and a $28.00 price objective on the stock. Finally, Canaccord Genuity Group began coverage on Beam Therapeutics in a research note on Friday, February 20th. They issued a “buy” rating and a $74.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $49.36.

Institutional Investors Weigh In On Beam Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the company. Bank Julius Baer & Co. Ltd Zurich bought a new position in shares of Beam Therapeutics in the fourth quarter valued at approximately $47,000. Larson Financial Group LLC lifted its stake in Beam Therapeutics by 4,370.5% in the 3rd quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock worth $48,000 after purchasing an additional 1,923 shares in the last quarter. Van ECK Associates Corp lifted its stake in Beam Therapeutics by 48.7% in the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock worth $52,000 after purchasing an additional 707 shares in the last quarter. Kestra Advisory Services LLC bought a new position in Beam Therapeutics in the 4th quarter valued at $59,000. Finally, Daiwa Securities Group Inc. grew its position in shares of Beam Therapeutics by 1,248.8% during the 2nd quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company’s stock valued at $65,000 after purchasing an additional 3,534 shares in the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

About Beam Therapeutics

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.