Beam Therapeutics (NASDAQ:BEAM) Trading Down 6.6%

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) were down 6.6% on Thursday . The stock traded as low as $20.84 and last traded at $21.23. Approximately 468,916 shares changed hands during trading, a decline of 67% from the average daily volume of 1,435,909 shares. The stock had previously closed at $22.74.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on BEAM shares. JPMorgan Chase & Co. raised Beam Therapeutics from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $38.00 to $40.00 in a research note on Monday, January 29th. Barclays upped their target price on Beam Therapeutics from $26.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 28th. TheStreet raised Beam Therapeutics from a “d” rating to a “c-” rating in a research note on Monday, March 11th. BMO Capital Markets reaffirmed an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research note on Wednesday, March 27th. Finally, Royal Bank of Canada upped their target price 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. Eight investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $41.00.

Beam Therapeutics Stock Performance

The company has a 50-day moving average of $32.04 and a 200 day moving average of $28.04.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $1.73 EPS for the quarter, topping the consensus estimate of ($0.69) by $2.42. The firm had revenue of $316.20 million during the quarter, compared to analysts’ expectations of $34.16 million. Beam Therapeutics had a negative return on equity of 15.90% and a negative net margin of 35.09%. The firm’s revenue for the quarter was up 1481.0% on a year-over-year basis. During the same period in the previous year, the business earned ($0.54) earnings per share. As a group, analysts predict that Beam Therapeutics Inc. will post -5.53 EPS for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $25.33, for a total value of $1,519,800.00. Following the completion of the sale, the chief executive officer now directly owns 1,058,262 shares in the company, valued at approximately $26,805,776.46. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Beam Therapeutics news, insider Fmr Llc sold 1,565 shares of the company’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $30.76, for a total value of $48,139.40. Following the completion of the sale, the insider now directly owns 2,771,913 shares in the company, valued at approximately $85,264,043.88. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $25.33, for a total value of $1,519,800.00. Following the completion of the sale, the chief executive officer now owns 1,058,262 shares of the company’s stock, valued at $26,805,776.46. The disclosure for this sale can be found here. Insiders sold a total of 156,804 shares of company stock worth $4,731,669 in the last three months. 4.40% of the stock is owned by corporate insiders.

Institutional Trading of Beam Therapeutics

Several large investors have recently added to or reduced their stakes in BEAM. Riverview Trust Co purchased a new position in shares of Beam Therapeutics during the 1st quarter worth $26,000. Allworth Financial LP grew its holdings in shares of Beam Therapeutics by 163.7% during the 3rd quarter. Allworth Financial LP now owns 1,105 shares of the company’s stock worth $27,000 after purchasing an additional 686 shares during the period. First Horizon Advisors Inc. grew its holdings in shares of Beam Therapeutics by 125.9% during the 4th quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock worth $27,000 after purchasing an additional 554 shares during the period. National Bank of Canada FI grew its holdings in shares of Beam Therapeutics by 200.0% during the 4th quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $41,000 after purchasing an additional 1,000 shares during the period. Finally, PNC Financial Services Group Inc. grew its holdings in shares of Beam Therapeutics by 144.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock worth $43,000 after purchasing an additional 923 shares during the period. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

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.