Beam Therapeutics (NASDAQ:BEAM) Stock Price Down 4.8% – Time to Sell?

Beam Therapeutics Inc. (NASDAQ:BEAM) shares traded down 4.8% on Tuesday . The stock traded as low as $25.38 and last traded at $25.38. 107,412 shares changed hands during trading, a decline of 91% from the average session volume of 1,230,457 shares. The stock had previously closed at $26.65.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Leerink Partnrs raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Scotiabank initiated coverage on Beam Therapeutics in a research report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 target price on the stock. Stifel Nicolaus raised their target price on Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. HC Wainwright restated a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a research report on Thursday, November 7th. Finally, Barclays dropped their target price on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 7th. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Beam Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $44.91.

Beam Therapeutics Trading Down 2.9 %

The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of -15.14 and a beta of 1.86. The company has a fifty day moving average of $24.53 and a 200-day moving average of $24.98.

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 analysts’ consensus estimates of ($1.16) by ($0.01). Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The business had revenue of $14.30 million during the quarter, compared to analysts’ expectations of $14.52 million. During the same period last year, the business earned ($1.22) earnings per share. The company’s revenue for the quarter was down 16.9% compared to the same quarter last year. As a group, equities research analysts expect that Beam Therapeutics Inc. will post -4.66 EPS for the current year.

Insiders Place Their Bets

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

Institutional Trading of Beam Therapeutics

Several institutional investors have recently made changes to their positions in the company. Arizona State Retirement System raised its position in shares of Beam Therapeutics by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 19,431 shares of the company’s stock valued at $455,000 after buying an additional 392 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Beam Therapeutics by 2.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,396 shares of the company’s stock valued at $524,000 after purchasing an additional 516 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in 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 purchasing an additional 524 shares during the period. GAMMA Investing LLC raised its position in Beam Therapeutics by 13.3% in the third quarter. GAMMA Investing LLC now owns 4,620 shares of the company’s stock valued at $113,000 after purchasing an additional 544 shares during the period. Finally, Green Alpha Advisors LLC raised its position in Beam Therapeutics by 5.9% in the third quarter. Green Alpha Advisors LLC now owns 12,475 shares of the company’s stock valued at $306,000 after purchasing an additional 698 shares during the period. Hedge funds and other 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.