Beam Therapeutics (NASDAQ:BEAM) Shares Down 6.6%

Beam Therapeutics Inc. (NASDAQ:BEAM) dropped 6.6% on Thursday . The stock traded as low as $20.84 and last traded at $21.23. Approximately 468,916 shares were traded during trading, a decline of 67% from the average daily volume of 1,435,909 shares. The stock had previously closed at $22.74.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on BEAM shares. TheStreet upgraded Beam Therapeutics from a “d” rating to a “c-” rating in a research note on Monday, March 11th. Barclays boosted their price target on shares of Beam Therapeutics from $26.00 to $42.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 28th. BMO Capital Markets restated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a report on Wednesday, March 27th. Wedbush reiterated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research note on Tuesday. Finally, JPMorgan Chase & Co. raised Beam Therapeutics from a “neutral” rating to an “overweight” rating and increased their target price for the company from $38.00 to $40.00 in a report on Monday, January 29th. Eight research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $41.00.

Beam Therapeutics Trading Down 5.0 %

The company has a fifty day moving average price of $32.50 and a two-hundred day moving average price of $28.09. The firm has a market capitalization of $1.78 billion, a PE ratio of -11.41 and a beta of 1.77.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings data on Tuesday, February 27th. The company reported $1.73 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.69) by $2.42. The company had revenue of $316.20 million during the quarter, compared to analysts’ expectations of $34.16 million. Beam Therapeutics had a negative return on equity of 15.90% and a negative net margin of 35.09%. The firm’s revenue for the quarter was up 1481.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.54) earnings per share. As a group, equities research analysts predict that Beam Therapeutics Inc. will post -5.53 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $25.33, for a total transaction of $1,519,800.00. Following the transaction, the chief executive officer now owns 1,058,262 shares of the company’s stock, valued at $26,805,776.46. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Beam Therapeutics news, insider Fmr Llc sold 1,565 shares of the business’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $30.76, for a total value of $48,139.40. Following the transaction, the insider now directly owns 2,771,913 shares of the company’s stock, valued at approximately $85,264,043.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $25.33, for a total transaction of $1,519,800.00. Following the transaction, the chief executive officer now owns 1,058,262 shares of the company’s stock, valued at approximately $26,805,776.46. The disclosure for this sale can be found here. In the last three months, insiders have sold 156,804 shares of company stock valued at $4,731,669. Insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new stake in Beam Therapeutics in the 3rd quarter valued at approximately $363,000. Harbor Capital Advisors Inc. lifted its holdings in shares of Beam Therapeutics by 18.4% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 30,913 shares of the company’s stock valued at $743,000 after buying an additional 4,794 shares during the period. Commonwealth Equity Services LLC boosted its stake in shares of Beam Therapeutics by 11.7% in the third quarter. Commonwealth Equity Services LLC now owns 9,812 shares of the company’s stock valued at $236,000 after buying an additional 1,030 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Beam Therapeutics by 2.5% during the third quarter. Bank of New York Mellon Corp now owns 493,916 shares of the company’s stock worth $11,879,000 after acquiring an additional 12,060 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Beam Therapeutics by 15.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,907 shares of the company’s stock worth $286,000 after acquiring an additional 1,549 shares in the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

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.