Beam Therapeutics (NASDAQ:BEAM) Stock Price Down 4.7%

Beam Therapeutics Inc. (NASDAQ:BEAM)’s stock price fell 4.7% during mid-day trading on Thursday . The company traded as low as $23.57 and last traded at $23.72. 124,474 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 1,382,400 shares. The stock had previously closed at $24.88.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on BEAM shares. Royal Bank of Canada upped their price objective on Beam Therapeutics from $27.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 28th. JPMorgan Chase & Co. raised Beam Therapeutics from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $38.00 to $40.00 in a research report on Monday, January 29th. TheStreet upgraded Beam Therapeutics from a “d” rating to a “c-” rating in a research note on Monday, March 11th. Barclays dropped their price target on Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 8th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research report on Wednesday, March 27th. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $40.18.

Beam Therapeutics Price Performance

The stock has a 50-day moving average of $26.61 and a 200 day moving average of $28.38.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings data on Tuesday, May 7th. The company reported ($1.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.42) by $0.21. Beam Therapeutics had a negative net margin of 37.33% and a negative return on equity of 15.46%. The firm had revenue of $7.40 million for the quarter, compared to analyst estimates of $17.09 million. During the same quarter in the prior year, the business earned ($1.33) earnings per share. The business’s quarterly revenue was down 69.4% compared to the same quarter last year. As a group, equities analysts expect that Beam Therapeutics Inc. will post -4.68 EPS for the current year.

Insider Activity at Beam Therapeutics

In related news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction on Thursday, March 28th. The shares were sold at an average price of $33.86, for a total value of $2,031,600.00. Following the completion of the transaction, the chief executive officer now directly owns 998,262 shares in the company, valued at approximately $33,801,151.32. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $33.86, for a total value of $2,031,600.00. Following the completion of the transaction, the chief executive officer now owns 998,262 shares in the company, valued at approximately $33,801,151.32. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO John M. Evans sold 18,102 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $32.13, for a total value of $581,617.26. Following the transaction, the chief executive officer now owns 1,058,343 shares in the company, valued at approximately $34,004,560.59. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 95,239 shares of company stock worth $3,163,729. 4.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Beam Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. ARK Investment Management LLC grew its position in shares of Beam Therapeutics by 6.9% in the fourth quarter. ARK Investment Management LLC now owns 9,393,889 shares of the company’s stock valued at $255,702,000 after purchasing an additional 609,998 shares during the period. Vestmark Advisory Solutions Inc. acquired a new position in shares of Beam Therapeutics during the fourth quarter valued at approximately $2,673,000. Swiss National Bank lifted its position in shares of Beam Therapeutics by 12.9% in the third quarter. Swiss National Bank now owns 142,400 shares of the company’s stock valued at $3,425,000 after acquiring an additional 16,300 shares in the last quarter. Citigroup Inc. increased its position in shares of Beam Therapeutics by 21.5% during the third quarter. Citigroup Inc. now owns 197,597 shares of the company’s stock worth $4,752,000 after purchasing an additional 34,943 shares in the last quarter. Finally, International Assets Investment Management LLC purchased a new stake in shares of Beam Therapeutics during the fourth quarter worth approximately $1,852,000. Hedge funds and other institutional investors own 99.68% 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 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.