Beam Therapeutics (NASDAQ:BEAM) Trading Down 6.5%

Beam Therapeutics Inc. (NASDAQ:BEAM)’s share price fell 6.5% on Tuesday . The company traded as low as $28.54 and last traded at $28.75. 188,523 shares changed hands during trading, a decline of 81% from the average session volume of 978,000 shares. The stock had previously closed at $30.76.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Credit Suisse Group lifted their price target on shares of Beam Therapeutics from $46.00 to $47.00 and gave the company a “neutral” rating in a research note on Wednesday, August 9th. Barclays reduced their price objective on Beam Therapeutics from $41.00 to $35.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 8th. Citigroup lowered their target price on Beam Therapeutics from $60.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, August 9th. Cantor Fitzgerald lowered shares of Beam Therapeutics from an “overweight” rating to a “neutral” rating in a research note on Friday, October 20th. Finally, William Blair restated an “outperform” rating on shares of Beam Therapeutics in a report on Tuesday, October 31st. Six analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Beam Therapeutics presently has an average rating of “Hold” and a consensus price target of $48.80.

Beam Therapeutics Stock Performance

The stock’s 50 day moving average price is $22.74 and its 200-day moving average price is $27.54. The company has a market cap of $2.37 billion, a PE ratio of -6.95 and a beta of 1.59.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Wednesday, November 8th. The company reported ($1.22) EPS for the quarter, beating analysts’ consensus estimates of ($1.33) by $0.11. The company had revenue of $17.20 million during the quarter, compared to the consensus estimate of $17.09 million. Beam Therapeutics had a negative return on equity of 40.66% and a negative net margin of 384.62%. The firm’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.56) earnings per share. On average, analysts anticipate that Beam Therapeutics Inc. will post -4.85 EPS for the current year.

Insider Activity

In other Beam Therapeutics news, insider Amy Simon sold 3,448 shares of Beam Therapeutics stock in a transaction on Monday, October 30th. The stock was sold at an average price of $18.70, for a total value of $64,477.60. Following the completion of the sale, the insider now owns 65,469 shares of the company’s stock, valued at approximately $1,224,270.30. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Credit Suisse AG raised its holdings in Beam Therapeutics by 5.1% during the 1st quarter. Credit Suisse AG now owns 78,071 shares of the company’s stock valued at $2,391,000 after buying an additional 3,805 shares during the period. Bank of New York Mellon Corp increased its holdings in Beam Therapeutics by 1.1% during the second quarter. Bank of New York Mellon Corp now owns 481,856 shares of the company’s stock valued at $15,386,000 after buying an additional 5,463 shares during the period. Allspring Global Investments Holdings LLC boosted its position in Beam Therapeutics by 29.7% during the second quarter. Allspring Global Investments Holdings LLC now owns 2,506 shares of the company’s stock valued at $80,000 after purchasing an additional 574 shares in the last quarter. American International Group Inc. boosted its holdings in shares of Beam Therapeutics by 7.2% in the 2nd quarter. American International Group Inc. now owns 32,893 shares of the company’s stock valued at $1,050,000 after buying an additional 2,219 shares in the last quarter. Finally, Temasek Holdings Private Ltd grew its holdings in Beam Therapeutics by 42.3% in the first quarter. Temasek Holdings Private Ltd now owns 4,094,512 shares of the company’s stock worth $125,374,000 after purchasing an additional 1,216,215 shares during the last quarter. Hedge funds and other institutional investors own 80.64% 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 and BEAM-102 for the treatment of sickle cell disease beta thalassemia; BEAM-201, an allogeneic chimeric antigen receptor T cell for the treatment of refractory T-cell acute lymphoblastic leukemia/T cell lymphoblastic lymphoma; BEAM-301, a liver-targeting LNP formulation for the treatment of glycogen storage disease 1a; and BEAM-302, a liver-targeting LNP formulation to treat severe alpha-1 antitrypsin deficiency.