Beam Therapeutics (NASDAQ:BEAM) Stock Price Down 5.9% – Here’s Why

Beam Therapeutics Inc. (NASDAQ:BEAM)’s stock price fell 5.9% during mid-day trading on Wednesday . The company traded as low as $28.08 and last traded at $28.07. 562,773 shares changed hands during mid-day trading, a decline of 56% from the average session volume of 1,278,666 shares. The stock had previously closed at $29.84.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. HC Wainwright restated a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research report on Monday, February 3rd. Sanford C. Bernstein upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $27.00 to $39.00 in a research report on Wednesday, November 6th. 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, Cantor Fitzgerald upgraded shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research report on Wednesday, January 29th. Two research analysts have rated the stock with a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Beam Therapeutics currently has an average rating of “Buy” and an average price target of $47.89.

Beam Therapeutics Price Performance

The company has a market capitalization of $2.31 billion, a price-to-earnings ratio of -15.84 and a beta of 1.92. The firm has a 50-day moving average price of $27.19 and a two-hundred day moving average price of $25.89.

Beam Therapeutics (NASDAQ:BEAM) last issued 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. The business had revenue of $30.00 million for the quarter, compared to the consensus estimate of $16.47 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The firm’s revenue for the quarter was down 90.5% on a year-over-year basis. During the same period in the previous year, the company earned $1.73 earnings per share. On average, equities analysts predict that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Insider Buying and Selling at Beam Therapeutics

In related news, insider Christine Bellon sold 1,241 shares of the stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total transaction of $30,627.88. Following the sale, the insider now owns 102,968 shares of the company’s stock, valued at $2,541,250.24. This represents a 1.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO John M. Evans sold 30,000 shares of the company’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $26.75, for a total value of $802,500.00. Following the sale, the chief executive officer now owns 908,659 shares of the company’s stock, valued at approximately $24,306,628.25. The trade was a 3.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

A number of large investors have recently bought and sold shares of the company. Horizon Kinetics Asset Management LLC raised its position in Beam Therapeutics by 4.4% during the fourth quarter. Horizon Kinetics Asset Management LLC now owns 9,597 shares of the company’s stock valued at $238,000 after purchasing an additional 403 shares in the last quarter. Summit Investment Advisors Inc. raised its stake in Beam Therapeutics by 6.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 7,999 shares of the company’s stock worth $198,000 after acquiring an additional 496 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Beam Therapeutics by 2.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,396 shares of the company’s stock worth $524,000 after acquiring an additional 516 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Beam Therapeutics by 21.3% in the 3rd 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 in the last quarter. Finally, Martingale Asset Management L P grew its holdings in shares of Beam Therapeutics by 8.6% during the 4th quarter. Martingale Asset Management L P now owns 11,438 shares of the company’s stock valued at $284,000 after purchasing an additional 909 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

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.