Beam Therapeutics (NASDAQ:BEAM) Trading Down 7.4%

Beam Therapeutics Inc. (NASDAQ:BEAM – Get Rating) was down 7.4% during trading on Friday . The stock traded as low as $32.81 and last traded at $32.90. Approximately 525,571 shares traded hands during mid-day trading, a decline of 41% from the average daily volume of 897,997 shares. The stock had previously closed at $35.51.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on BEAM shares. BMO Capital Markets raised shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $61.00 to $66.00 in a research note on Tuesday, December 20th. SVB Leerink decreased their target price on shares of Beam Therapeutics from $81.00 to $77.00 and set an “outperform” rating on the stock in a research note on Monday, January 23rd. Wells Fargo & Company decreased their target price on shares of Beam Therapeutics from $125.00 to $105.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 1st. Citigroup started coverage on shares of Beam Therapeutics in a research note on Tuesday, December 13th. They issued a “buy” rating and a $62.00 target price on the stock. Finally, Cantor Fitzgerald started coverage on shares of Beam Therapeutics in a research note on Tuesday, January 31st. They issued an “overweight” rating and a $62.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Beam Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $76.33.

Beam Therapeutics Stock Down 6.4 %

The firm has a market cap of $2.41 billion, a P/E ratio of -8.04 and a beta of 1.70. The firm’s fifty day moving average is $41.29 and its two-hundred day moving average is $44.69.

Beam Therapeutics (NASDAQ:BEAM – Get Rating) last announced its earnings results on Tuesday, February 28th. The company reported ($0.54) EPS for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.80. Beam Therapeutics had a negative net margin of 474.54% and a negative return on equity of 37.58%. The firm had revenue of $20.04 million for the quarter, compared to analysts’ expectations of $12.73 million. During the same quarter in the previous year, the business posted ($0.95) EPS. The company’s quarterly revenue was down 60.8% on a year-over-year basis. As a group, sell-side analysts forecast that Beam Therapeutics Inc. will post -5.54 EPS for the current year.

Insider Activity

In other news, CFO Terry-Ann Burrell sold 47,195 shares of the business’s stock in a transaction on Wednesday, January 18th. The shares were sold at an average price of $45.14, for a total transaction of $2,130,382.30. Following the sale, the chief financial officer now owns 31,277 shares in the company, valued at approximately $1,411,843.78. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In the last 90 days, insiders have sold 63,107 shares of company stock worth $2,846,747. Corporate insiders own 4.00% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

A number of hedge funds have recently bought and sold shares of BEAM. Envestnet Asset Management Inc. bought a new position in Beam Therapeutics in the 1st quarter worth about $204,000. Raymond James & Associates boosted its stake in Beam Therapeutics by 43.6% in the 1st quarter. Raymond James & Associates now owns 4,163 shares of the company’s stock worth $239,000 after purchasing an additional 1,263 shares in the last quarter. US Bancorp DE boosted its stake in Beam Therapeutics by 5.6% in the 1st quarter. US Bancorp DE now owns 10,802 shares of the company’s stock worth $619,000 after purchasing an additional 571 shares in the last quarter. HighTower Advisors LLC boosted its stake in Beam Therapeutics by 15.3% in the 1st quarter. HighTower Advisors LLC now owns 4,352 shares of the company’s stock worth $251,000 after purchasing an additional 576 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its stake in Beam Therapeutics by 56.8% in the 1st quarter. MetLife Investment Management LLC now owns 27,129 shares of the company’s stock worth $1,554,000 after purchasing an additional 9,829 shares in the last quarter. Institutional investors own 76.70% of the company’s stock.

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.