Insider Selling: Beam Therapeutics Inc. (NASDAQ:BEAM) President Sells 7,434 Shares of Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) President Giuseppe Ciaramella sold 7,434 shares of the firm’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $136,413.90. Following the completion of the transaction, the president now owns 190,216 shares in the company, valued at approximately $3,490,463.60. This represents a 3.76 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Beam Therapeutics Price Performance

NASDAQ BEAM opened at $15.27 on Friday. The stock’s 50-day moving average is $25.86 and its 200-day moving average is $25.61. Beam Therapeutics Inc. has a one year low of $14.72 and a one year high of $35.25. The firm has a market cap of $1.52 billion, a P/E ratio of -8.68 and a beta of 2.02.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.25) by $0.16. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The firm had revenue of $30.00 million during the quarter, compared to analyst estimates of $16.47 million. During the same period in the prior year, the business earned $1.73 EPS. The company’s revenue for the quarter was down 90.5% compared to the same quarter last year. Equities analysts anticipate that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Analyst Ratings Changes

BEAM has been the topic of a number of research reports. Cantor Fitzgerald restated an “overweight” rating on shares of Beam Therapeutics in a research report on Wednesday, March 12th. Sanford C. Bernstein raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Wedbush reiterated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Monday, March 10th. Royal Bank of Canada increased their price target on Beam Therapeutics from $24.00 to $26.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 26th. Finally, Jones Trading raised Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research note on Monday, March 10th. Two investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $49.45.

Institutional Trading of Beam Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Polar Asset Management Partners Inc. grew its position in Beam Therapeutics by 901.2% in the fourth quarter. Polar Asset Management Partners Inc. now owns 208,255 shares of the company’s stock valued at $5,165,000 after purchasing an additional 187,455 shares in the last quarter. GF Fund Management CO. LTD. bought a new position in shares of Beam Therapeutics in the 4th quarter valued at about $43,000. Woodline Partners LP bought a new position in shares of Beam Therapeutics in the 4th quarter valued at about $6,997,000. Squarepoint Ops LLC bought a new stake in Beam Therapeutics during the fourth quarter worth about $3,851,000. Finally, Twinbeech Capital LP boosted its position in Beam Therapeutics by 119.3% during the fourth quarter. Twinbeech Capital LP now owns 127,664 shares of the company’s stock valued at $3,166,000 after purchasing an additional 69,456 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

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.