Beam Therapeutics (NASDAQ:BEAM) Trading Down 6.6%

Beam Therapeutics Inc. (NASDAQ:BEAM) shares dropped 6.6% during mid-day trading 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.

Analyst Upgrades and Downgrades

BEAM has been the topic of several research analyst reports. Barclays upped their target price on shares of Beam Therapeutics from $26.00 to $42.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 28th. TheStreet upgraded shares of Beam Therapeutics from a “d” rating to a “c-” rating in a research note on Monday, March 11th. JPMorgan Chase & Co. upgraded shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $38.00 to $40.00 in a research note on Monday, January 29th. Wedbush reiterated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research note on Tuesday. Finally, Royal Bank of Canada increased their price objective on shares of Beam Therapeutics from $27.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 28th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $41.00.

Beam Therapeutics Trading Down 1.0 %

The business’s 50 day simple moving average is $32.04 and its 200 day simple moving average is $28.04.

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

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, insider Fmr Llc sold 1,565 shares of the stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $30.76, for a total transaction of $48,139.40. Following the completion of the sale, 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 legal filing with the SEC, which is available at this link. In other Beam Therapeutics news, insider Fmr Llc sold 1,565 shares of the stock in a transaction that occurred on Tuesday, February 13th. The shares were sold at an average price of $30.76, for a total transaction of $48,139.40. Following the completion of the sale, 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 legal filing with the SEC, which is available at this link. Also, insider Amy Simon sold 7,157 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $32.13, for a total transaction of $229,954.41. Following the sale, the insider now directly owns 86,590 shares of the company’s stock, valued at $2,782,136.70. The disclosure for this sale can be found here. Insiders sold a total of 156,804 shares of company stock valued at $4,731,669 in the last three months. 4.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of BEAM. Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Beam Therapeutics by 43.6% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,358,091 shares of the company’s stock valued at $64,187,000 after purchasing an additional 715,911 shares in the last quarter. Nikko Asset Management Americas Inc. grew its holdings in shares of Beam Therapeutics by 43.6% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 2,358,091 shares of the company’s stock valued at $64,093,000 after purchasing an additional 715,911 shares in the last quarter. ARK Investment Management LLC grew its holdings in shares of Beam Therapeutics by 6.9% in the fourth quarter. ARK Investment Management LLC now owns 9,393,889 shares of the company’s stock valued at $255,702,000 after purchasing an additional 609,998 shares in the last quarter. Baillie Gifford & Co. grew its holdings in shares of Beam Therapeutics by 67.2% in the third quarter. Baillie Gifford & Co. now owns 875,747 shares of the company’s stock valued at $21,062,000 after purchasing an additional 352,014 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Beam Therapeutics by 5.1% in the fourth quarter. Vanguard Group Inc. now owns 7,164,876 shares of the company’s stock valued at $195,028,000 after purchasing an additional 349,906 shares in the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

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.