Beam Therapeutics Inc. (NASDAQ:BEAM) Insider Sells $30,627.88 in Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) insider Christine Bellon sold 1,241 shares of the stock in a transaction dated 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 in the company, valued at $2,541,250.24. The trade was a 1.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Beam Therapeutics Stock Up 3.9 %

Shares of NASDAQ:BEAM traded up $0.98 during midday trading on Monday, reaching $26.36. 1,297,051 shares of the company traded hands, compared to its average volume of 1,127,084. The firm’s fifty day moving average price is $26.36 and its two-hundred day moving average price is $25.62. Beam Therapeutics Inc. has a 12 month low of $20.84 and a 12 month high of $49.50. The firm has a market capitalization of $2.18 billion, a price-to-earnings ratio of -14.98 and a beta of 1.92.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). The business had revenue of $14.30 million for the quarter, compared to the consensus estimate of $14.52 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business’s revenue was down 16.9% compared to the same quarter last year. During the same quarter last year, the business posted ($1.22) EPS. Analysts forecast that Beam Therapeutics Inc. will post -4.66 earnings per share for the current year.

Wall Street Analyst Weigh In

BEAM has been the subject of several research reports. Wedbush reiterated an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a research report on Monday, December 9th. HC Wainwright reiterated a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a report on Monday, December 9th. Cantor Fitzgerald raised Beam Therapeutics to a “hold” rating in a research report on Tuesday, December 10th. Stifel Nicolaus lifted their price objective on shares of Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Finally, Scotiabank started coverage on Beam Therapeutics in a research report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 price target for the company. Three analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.67.

Hedge Funds Weigh In On Beam Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Farallon Capital Management LLC lifted its holdings in shares of Beam Therapeutics by 75.4% during the 2nd quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock worth $185,404,000 after acquiring an additional 3,401,370 shares during the last quarter. ARCH Venture Management LLC purchased a new position in shares of Beam Therapeutics in the 2nd quarter worth about $127,530,000. State Street Corp increased its position in shares of Beam Therapeutics by 12.5% during the 3rd quarter. State Street Corp now owns 3,929,557 shares of the company’s stock valued at $96,274,000 after purchasing an additional 437,402 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Beam Therapeutics by 59.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock valued at $87,044,000 after buying an additional 1,328,414 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in Beam Therapeutics by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock worth $44,297,000 after buying an additional 78,102 shares during the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

About Beam Therapeutics

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.