Beam Therapeutics (NASDAQ:BEAM) Shares Gap Down Following Insider Selling

Beam Therapeutics Inc. (NASDAQ:BEAMGet Rating) gapped down before the market opened on Monday after an insider sold shares in the company. The stock had previously closed at $62.98, but opened at $53.50. Beam Therapeutics shares last traded at $59.38, with a volume of 10,409 shares changing hands.

Specifically, CEO John M. Evans sold 30,000 shares of Beam Therapeutics stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of $65.75, for a total value of $1,972,500.00. Following the completion of the transaction, the chief executive officer now owns 1,088,520 shares of the company’s stock, valued at approximately $71,570,190. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 4.00% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on BEAM. BMO Capital Markets boosted their target price on shares of Beam Therapeutics from $41.00 to $61.00 in a research report on Monday, July 18th. Wedbush restated an “outperform” rating and issued a $100.00 price target on shares of Beam Therapeutics in a research report on Monday. Finally, Credit Suisse Group started coverage on shares of Beam Therapeutics in a research report on Thursday, April 28th. They issued a “neutral” rating and a $62.00 price target for the company. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $106.29.

Beam Therapeutics Price Performance

The firm has a market cap of $4.13 billion, a PE ratio of -16.30 and a beta of 1.76. The business’s fifty day moving average is $45.41 and its 200-day moving average is $51.96.

Beam Therapeutics (NASDAQ:BEAMGet Rating) last issued its earnings results on Monday, May 9th. The company reported ($1.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.10) by $0.09. Beam Therapeutics had a negative net margin of 395.37% and a negative return on equity of 28.02%. The firm had revenue of $8.40 million during the quarter, compared to analyst estimates of $44.15 million. During the same quarter last year, the business earned ($3.35) earnings per share. The company’s quarterly revenue was up 139900.0% on a year-over-year basis. Analysts forecast that Beam Therapeutics Inc. will post -4.26 EPS for the current year.

Institutional Investors Weigh In On Beam Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. TFC Financial Management raised its stake in shares of Beam Therapeutics by 111.1% during the fourth quarter. TFC Financial Management now owns 570 shares of the company’s stock worth $45,000 after acquiring an additional 300 shares in the last quarter. Cutler Group LP raised its stake in shares of Beam Therapeutics by 825.0% during the first quarter. Cutler Group LP now owns 925 shares of the company’s stock worth $53,000 after acquiring an additional 825 shares in the last quarter. Kessler Investment Group LLC purchased a new position in shares of Beam Therapeutics during the first quarter worth approximately $58,000. Compagnie Lombard Odier SCmA purchased a new position in shares of Beam Therapeutics during the first quarter worth approximately $62,000. Finally, Canada Pension Plan Investment Board purchased a new position in shares of Beam Therapeutics during the first quarter worth approximately $86,000. 68.80% of the stock is owned by hedge funds and other institutional investors.

Beam Therapeutics Company Profile

(Get Rating)

Beam Therapeutics Inc, a biotechnology company, develops precision genetic medicines for patients suffering from serious diseases in the United States. The company is developing BEAM-101 for the treatment of sickle cell disease and beta thalassemia; BEAM-102 for the treatment of sickle cell disease; and BEAM-201, an allogeneic chimeric antigen receptor T cell for the treatment of relapsed/refractory T-cell acute lymphoblastic leukemia; and BEAM-301, a liver-targeted development candidate for the treatment of patients with Glycogen Storage Disease Type Ia.

Further Reading

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