Beam Therapeutics (NASDAQ:BEAM) Stock Price Down 8.5% – Here’s Why

Beam Therapeutics Inc. (NASDAQ:BEAM)’s share price dropped 8.5% during mid-day trading on Tuesday . The stock traded as low as $27.78 and last traded at $27.78. Approximately 896,197 shares were traded during trading, a decline of 27% from the average daily volume of 1,232,549 shares. The stock had previously closed at $30.35.

Wall Street Analyst Weigh In

BEAM has been the topic of a number of recent research reports. HC Wainwright restated a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a report on Thursday, November 7th. Barclays reduced their price objective on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 7th. Scotiabank began coverage on Beam Therapeutics in a research report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 price target on the stock. Leerink Partnrs upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Finally, Wedbush reissued an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a report on Tuesday, November 5th. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $44.91.

Beam Therapeutics Stock Performance

The firm has a market capitalization of $2.18 billion, a P/E ratio of -15.17 and a beta of 1.86. The firm’s 50-day moving average is $24.44 and its 200 day moving average is $24.82.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.01). Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The firm had revenue of $14.30 million during the quarter, compared to the consensus estimate of $14.52 million. During the same period in the prior year, the business posted ($1.22) earnings per share. Beam Therapeutics’s quarterly revenue was down 16.9% compared to the same quarter last year. As a group, research analysts expect that Beam Therapeutics Inc. will post -4.66 EPS for the current fiscal year.

Insider Activity

In other news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $24.60, for a total value of $1,476,000.00. Following the transaction, the chief executive officer now owns 938,659 shares in the company, valued at $23,091,011.40. This trade represents a 6.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Giuseppe Ciaramella sold 51,110 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $26.36, for a total value of $1,347,259.60. Following the completion of the transaction, the president now directly owns 109,150 shares of the company’s stock, valued at approximately $2,877,194. This represents a 31.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 162,894 shares of company stock worth $4,181,745. 4.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Beam Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fairfield Financial Advisors LTD bought a new position in Beam Therapeutics in the 2nd quarter worth about $26,000. Blue Trust Inc. grew its stake in shares of Beam Therapeutics by 2,648.4% during the second quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock valued at $40,000 after buying an additional 1,642 shares during the last quarter. National Bank of Canada FI boosted its stake in shares of Beam Therapeutics by 200.0% during the second quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock valued at $69,000 after purchasing an additional 2,000 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Beam Therapeutics by 21.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock valued at $75,000 after acquiring an additional 524 shares during the period. Finally, Quarry LP raised its position in Beam Therapeutics by 350.0% during the 2nd quarter. Quarry LP now owns 3,600 shares of the company’s stock valued at $84,000 after purchasing an additional 2,800 shares during the last quarter. Institutional investors own 99.68% of the company’s stock.

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.