Fmr Llc Sells 251,488 Shares of Beam Therapeutics (NASDAQ:BEAM) Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) insider Fmr Llc sold 251,488 shares of the business’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $35.26, for a total value of $8,867,466.88. Following the transaction, the insider owned 854,583 shares in the company, valued at $30,132,596.58. This represents a 22.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Fmr Llc also recently made the following trade(s):

• On Thursday, June 25th, Fmr Llc sold 33,372 shares of Beam Therapeutics stock. The stock was sold at an average price of $35.12, for a total value of $1,172,024.64.

Beam Therapeutics Price Performance

Shares of NASDAQ:BEAM opened at $34.32 on Wednesday. The firm has a market capitalization of $3.53 billion, a PE ratio of -50.47 and a beta of 2.25. The company has a current ratio of 16.99, a quick ratio of 16.99 and a debt-to-equity ratio of 0.09. Beam Therapeutics Inc. has a 1-year low of $15.60 and a 1-year high of $36.88. The business’s 50 day moving average is $30.88 and its 200-day moving average is $28.78.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Thursday, May 7th. The company reported ($0.91) EPS for the quarter, beating analysts’ consensus estimates of ($1.03) by $0.12. The business had revenue of $31.74 million during the quarter, compared to analyst estimates of $10.98 million. Beam Therapeutics had a negative return on equity of 29.00% and a negative net margin of 39.66%.Beam Therapeutics’s revenue was up 323.2% on a year-over-year basis. During the same period in the prior year, the company posted ($1.23) earnings per share. Sell-side analysts predict that Beam Therapeutics Inc. will post -4.16 earnings per share for the current year.

Institutional Investors Weigh In On Beam Therapeutics

A number of large investors have recently bought and sold shares of the business. SG Americas Securities LLC lifted its position in Beam Therapeutics by 139.4% during the 4th quarter. SG Americas Securities LLC now owns 103,469 shares of the company’s stock worth $2,868,000 after buying an additional 60,249 shares in the last quarter. Farallon Capital Management LLC raised its stake in shares of Beam Therapeutics by 0.5% in the third quarter. Farallon Capital Management LLC now owns 10,063,111 shares of the company’s stock worth $244,232,000 after acquiring an additional 50,000 shares during the last quarter. Concurrent Investment Advisors LLC acquired a new position in shares of Beam Therapeutics during the fourth quarter worth approximately $2,130,000. Contrarius Group Holdings Ltd acquired a new position in shares of Beam Therapeutics during the third quarter worth approximately $37,212,000. Finally, Casdin Capital LLC grew its stake in shares of Beam Therapeutics by 10.3% during the third quarter. Casdin Capital LLC now owns 1,600,000 shares of the company’s stock valued at $38,832,000 after purchasing an additional 150,000 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

BEAM has been the subject of a number of analyst reports. Tudor Pickering set a $39.00 price objective on shares of Beam Therapeutics in a report on Wednesday, May 13th. Sanford C. Bernstein dropped their price target on shares of Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Monday, April 20th. HC Wainwright reaffirmed a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a report on Thursday, May 21st. Finally, Citigroup lifted their price objective on Beam Therapeutics from $64.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, March 26th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Beam Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $46.83.

Beam Therapeutics Company Profile

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.