Beam Therapeutics (NASDAQ:BEAM) Trading Down 2.6% – Time to Sell?

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) dropped 2.6% on Thursday . The company traded as low as $27.93 and last traded at $28.07. Approximately 24,646 shares were traded during trading, a decline of 98% from the average daily volume of 1,222,862 shares. The stock had previously closed at $28.81.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Scotiabank assumed coverage on Beam Therapeutics in a research note on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 price target on the stock. Stifel Nicolaus increased their price target on Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Leerink Partnrs upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. HC Wainwright restated a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research report on Monday, December 9th. Finally, Leerink Partners raised Beam Therapeutics from a “market perform” rating to an “outperform” rating and upped their target price for the company from $27.00 to $39.00 in a research report on Wednesday, November 6th. Three 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 a consensus price target of $47.67.

Beam Therapeutics Stock Up 0.8 %

The business’s fifty day moving average is $25.86 and its two-hundred day moving average is $25.53. The stock has a market capitalization of $2.40 billion, a PE ratio of -16.49 and a beta of 1.90.

Beam Therapeutics (NASDAQ:BEAM) last issued 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). The firm had revenue of $14.30 million for the quarter, compared to the consensus estimate of $14.52 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The company’s revenue for the quarter was down 16.9% on a year-over-year basis. During the same period last year, the firm earned ($1.22) earnings per share. Sell-side analysts expect that Beam Therapeutics Inc. will post -4.66 EPS for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the stock in a transaction 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 transaction, the chief executive officer now directly owns 938,659 shares of the company’s stock, 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 SEC, which is accessible through this hyperlink. Also, President Giuseppe Ciaramella sold 51,110 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $26.27, for a total value of $1,342,659.70. Following the transaction, the president now owns 160,260 shares of the company’s stock, valued at approximately $4,210,030.20. This represents a 24.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 162,894 shares of company stock valued at $4,181,745. 4.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in BEAM. Fairfield Financial Advisors LTD purchased a new stake in shares of Beam Therapeutics in the second quarter valued at about $26,000. National Bank of Canada FI boosted its holdings in shares of Beam Therapeutics by 200.0% in the 2nd 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 last quarter. Blue Trust Inc. boosted its holdings in Beam Therapeutics by 84.0% in the 3rd quarter. Blue Trust Inc. now owns 3,135 shares of the company’s stock worth $73,000 after acquiring an additional 1,431 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Beam Therapeutics by 21.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock worth $75,000 after buying an additional 524 shares during the period. Finally, Quarry LP increased its position in shares of Beam Therapeutics by 350.0% during the second quarter. Quarry LP now owns 3,600 shares of the company’s stock worth $84,000 after acquiring an additional 2,800 shares during the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Company Profile

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.