Beam Therapeutics (NASDAQ:BEAM) Stock Price Down 4.8% – Time to Sell?

Beam Therapeutics Inc. (NASDAQ:BEAM) shares were down 4.8% during trading on Tuesday . The company traded as low as $25.38 and last traded at $25.38. Approximately 107,412 shares changed hands during trading, a decline of 91% from the average daily volume of 1,230,457 shares. The stock had previously closed at $26.65.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on BEAM shares. JPMorgan Chase & Co. upped their target price on Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Royal Bank of Canada cut their target price on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 6th. Stifel Nicolaus increased their price objective on Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Wedbush reissued an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research note on Tuesday, November 5th. Finally, Scotiabank began coverage on Beam Therapeutics in a research note on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 price objective on the stock. Four 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. According to data from MarketBeat, Beam Therapeutics has an average rating of “Moderate Buy” and an average price target of $44.91.

Beam Therapeutics Trading Down 2.9 %

The firm has a market cap of $2.14 billion, a P/E ratio of -15.14 and a beta of 1.86. The firm has a 50-day simple moving average of $24.53 and a 200-day simple moving average of $24.98.

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

Insider Activity

In other news, President Giuseppe Ciaramella sold 51,110 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $26.27, for a total transaction of $1,342,659.70. Following the completion of the sale, the president now owns 160,260 shares in the company, valued at approximately $4,210,030.20. This represents a 24.18 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $24.60, for a total value of $1,476,000.00. Following the completion of the transaction, the chief executive officer now owns 938,659 shares of the company’s stock, valued at $23,091,011.40. This trade represents a 6.01 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 162,894 shares of company stock worth $4,181,745. Insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Arizona State Retirement System grew its position in Beam Therapeutics by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 19,431 shares of the company’s stock worth $455,000 after purchasing an additional 392 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Beam Therapeutics by 2.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,396 shares of the company’s stock worth $524,000 after purchasing an additional 516 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in Beam Therapeutics by 21.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock worth $75,000 after purchasing an additional 524 shares during the period. GAMMA Investing LLC grew its position in Beam Therapeutics by 13.3% during the 3rd quarter. GAMMA Investing LLC now owns 4,620 shares of the company’s stock worth $113,000 after purchasing an additional 544 shares during the period. Finally, Green Alpha Advisors LLC grew its position in Beam Therapeutics by 5.9% during the 3rd quarter. Green Alpha Advisors LLC now owns 12,475 shares of the company’s stock worth $306,000 after purchasing an additional 698 shares during the period. 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.