Insider Selling: Beam Therapeutics (NASDAQ:BEAM) Insider Sells $164,686.00 in Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) insider Amy Simon sold 6,700 shares of the stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $24.58, for a total value of $164,686.00. Following the completion of the transaction, the insider owned 102,735 shares in the company, valued at approximately $2,525,226.30. The trade was a 6.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Beam Therapeutics Stock Performance

BEAM opened at $25.44 on Thursday. Beam Therapeutics Inc. has a one year low of $13.54 and a one year high of $36.44. The company has a market cap of $2.59 billion, a P/E ratio of -25.19 and a beta of 2.18. The business’s 50-day simple moving average is $26.32 and its 200-day simple moving average is $26.42.

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

Analyst Upgrades and Downgrades

BEAM has been the topic of a number of recent analyst reports. Wedbush increased their price objective on Beam Therapeutics from $57.00 to $65.00 and gave the company an “outperform” rating in a report on Wednesday, February 25th. Citigroup raised their price target on Beam Therapeutics from $64.00 to $68.00 and gave the stock a “buy” rating in a research note on Thursday, March 26th. Canaccord Genuity Group started coverage on Beam Therapeutics in a research note on Friday, February 20th. They set a “buy” rating and a $74.00 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Wednesday, January 21st. Finally, Royal Bank Of Canada raised their price target on Beam Therapeutics from $22.00 to $26.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 25th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $49.36.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in BEAM. Bank Julius Baer & Co. Ltd Zurich purchased a new position in Beam Therapeutics during the 4th quarter worth approximately $47,000. Larson Financial Group LLC grew its stake in Beam Therapeutics by 4,370.5% during the 3rd quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock worth $48,000 after buying an additional 1,923 shares during the last quarter. Van ECK Associates Corp grew its stake in Beam Therapeutics by 48.7% during the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock worth $52,000 after buying an additional 707 shares during the last quarter. Kestra Advisory Services LLC purchased a new position in Beam Therapeutics during the 4th quarter worth approximately $59,000. Finally, Daiwa Securities Group Inc. grew its stake in Beam Therapeutics by 1,248.8% during the 2nd quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company’s stock worth $65,000 after buying an additional 3,534 shares during the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

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.