Beam Therapeutics (NASDAQ:BEAM) Stock Price Down 10.4% – Time to Sell?

Beam Therapeutics Inc. (NASDAQ:BEAM)’s share price traded down 10.4% on Tuesday. The stock traded as low as $24.33 and last traded at $24.2040. Approximately 702,542 shares changed hands during trading, a decline of 65% from the average session volume of 2,025,225 shares. The stock had previously closed at $27.02.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on BEAM shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Thursday, October 15th. Canaccord Genuity Group reduced their price target on Beam Therapeutics from $79.00 to $78.00 and set a “buy” rating for the company in a report on Wednesday, November 4th. HC Wainwright reissued a “buy” rating on shares of Beam Therapeutics in a report on Tuesday, October 27th. Wall Street Zen lowered Beam Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Saturday, October 31st. Finally, Guggenheim dropped their price objective on Beam Therapeutics from $55.00 to $51.00 and set a “buy” rating on the stock in a report on Thursday, November 5th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.64.

Beam Therapeutics Stock Up 2.6%

The company’s fifty day simple moving average is $25.38 and its two-hundred day simple moving average is $27.93. The company has a current ratio of 13.01, a quick ratio of 13.00 and a debt-to-equity ratio of 0.11.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, November 3rd. The company reported ($1.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.17) by ($0.11). The company had revenue of $0.31 million during the quarter, compared to analyst estimates of $8.75 million. Beam Therapeutics had a negative net margin of 73.04% and a negative return on equity of 32.76%. The business’s revenue for the quarter was down 96.8% compared to the same quarter last year. During the same quarter last year, the company posted ($1.10) EPS. Equities analysts forecast that Beam Therapeutics Inc. will post -4.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO John Evans sold 25,000 shares of Beam Therapeutics stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $23.57, for a total value of $589,250.00. Following the completion of the transaction, the chief executive officer owned 1,047,205 shares in the company, valued at approximately $24,682,621.85. This trade represents a 2.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Beam Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the company. Versant Capital Management Inc raised its holdings in shares of Beam Therapeutics by 123.6% during the third quarter. Versant Capital Management Inc now owns 1,239 shares of the company’s stock worth $30,000 after purchasing an additional 685 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Beam Therapeutics during the 2nd quarter worth approximately $43,000. Global Retirement Partners LLC lifted its holdings in shares of Beam Therapeutics by 297.3% in the 3rd quarter. Global Retirement Partners LLC now owns 1,490 shares of the company’s stock worth $36,000 after purchasing an additional 1,115 shares during the last quarter. Hollencrest Capital Management bought a new stake in shares of Beam Therapeutics in the 1st quarter worth approximately $43,000. Finally, Fulcrum Asset Management LLP bought a new stake in shares of Beam Therapeutics in the 3rd quarter worth approximately $51,000. 99.68% of the stock is owned by institutional investors and hedge funds.

About Beam Therapeutics

Beam Therapeutics is a biotechnology company developing genetic medicines using base editing, a form of gene editing designed to make precise changes to DNA. Its platform includes base-editing technologies and delivery systems intended to address diseases by altering the genetic instructions involved in their development. The company’s research and development programs include potential treatments for genetic diseases, including sickle cell disease. Its work spans medicines made by editing a patient’s cells outside the body as well as approaches intended to deliver gene editing directly to cells in the body.