Beam Therapeutics (NASDAQ:BEAM) Shares Down 6.9% – Here’s Why

Beam Therapeutics Inc. (NASDAQ:BEAM) shares fell 6.9% on Friday . The stock traded as low as $32.64 and last traded at $33.3530. Approximately 380,978 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 2,113,020 shares. The stock had previously closed at $35.82.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. HC Wainwright reaffirmed a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research report on Tuesday. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Monday, April 20th. Citigroup increased their target price on Beam Therapeutics from $64.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, March 26th. Bank of America reaffirmed a “buy” rating and set a $47.00 target price on shares of Beam Therapeutics in a report on Wednesday. Finally, Tudor Pickering set a $39.00 price target on Beam Therapeutics in a report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $46.85.

Beam Therapeutics Trading Down 8.6%

The firm’s fifty day moving average price is $31.65 and its 200-day moving average price is $29.22. The company has a market cap of $3.37 billion, a price-to-earnings ratio of -47.85 and a beta of 2.18. The company has a debt-to-equity ratio of 0.09, a current ratio of 16.99 and a quick ratio of 16.99.

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

Insider Buying and Selling

In related news, insider Fmr Llc sold 251,488 shares of the firm’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $35.26, for a total value of $8,867,466.88. Following the sale, the insider directly owned 854,583 shares in the company, valued at $30,132,596.58. This trade represents a 22.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Beam Therapeutics

Institutional investors have recently bought and sold shares of the stock. Jones Financial Companies Lllp boosted its holdings in shares of Beam Therapeutics by 55,780.0% in the first quarter. Jones Financial Companies Lllp now owns 33,528 shares of the company’s stock valued at $655,000 after acquiring an additional 33,468 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Beam Therapeutics by 10.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 438,529 shares of the company’s stock worth $8,564,000 after buying an additional 42,609 shares in the last quarter. Prudential Financial Inc. bought a new position in Beam Therapeutics during the second quarter valued at about $201,000. New York State Common Retirement Fund raised its position in Beam Therapeutics by 17.7% in the second quarter. New York State Common Retirement Fund now owns 30,629 shares of the company’s stock worth $521,000 after acquiring an additional 4,600 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in Beam Therapeutics by 46.0% in the 2nd quarter. Invesco Ltd. now owns 128,874 shares of the company’s stock valued at $2,192,000 after acquiring an additional 40,583 shares during the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

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.