Beam Therapeutics (NASDAQ:BEAM) Stock Price Down 6.2% – Time to Sell?

Beam Therapeutics Inc. (NASDAQ:BEAM) traded down 6.2% during trading on Thursday . The company traded as low as $27.36 and last traded at $27.2560. Approximately 367,105 shares were traded during trading, a decline of 82% from the average session volume of 2,074,887 shares. The stock had previously closed at $29.07.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on BEAM shares. Wall Street Zen cut Beam Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Sunday. Tudor Pickering set a $39.00 price target on shares of Beam Therapeutics in a research report on Wednesday, May 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a report on Friday, July 17th. HC Wainwright reaffirmed a “buy” rating on shares of Beam Therapeutics in a research report on Monday, August 10th. Finally, Bank of America reiterated a “buy” rating and issued a $47.00 price objective on shares of Beam Therapeutics in a research note on Wednesday, July 8th. Ten equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $49.00.

Beam Therapeutics Trading Down 1.7%

The firm has a market capitalization of $2.95 billion, a PE ratio of -33.21 and a beta of 2.23. The company has a debt-to-equity ratio of 0.09, a current ratio of 14.57 and a quick ratio of 14.57. The company has a fifty day moving average of $30.12 and a 200-day moving average of $28.74.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, August 4th. The company reported ($1.18) EPS for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.07). Beam Therapeutics had a negative net margin of 54.75% and a negative return on equity of 30.71%. The firm had revenue of $0.49 million during the quarter, compared to analysts’ expectations of $16.37 million. During the same quarter last year, the firm earned ($1.00) EPS. The business’s revenue for the quarter was down 94.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Beam Therapeutics Inc. will post -4.49 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Amy Simon sold 16,667 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $25.74, for a total value of $429,008.58. Following the completion of the sale, the insider owned 85,696 shares of the company’s stock, valued at approximately $2,205,815.04. The trade was a 16.28% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Fmr Llc sold 251,488 shares of the stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $35.26, for a total value of $8,867,466.88. Following the completion of the transaction, the insider owned 854,583 shares in the company, valued at $30,132,596.58. This represents a 22.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 301,527 shares of company stock valued at $10,468,500. 3.80% of the stock is owned by corporate insiders.

Institutional Trading of Beam Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp grew its position in Beam Therapeutics by 55,780.0% in the first quarter. Jones Financial Companies Lllp now owns 33,528 shares of the company’s stock worth $655,000 after acquiring an additional 33,468 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Beam Therapeutics by 10.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 438,529 shares of the company’s stock valued at $8,564,000 after purchasing an additional 42,609 shares in the last quarter. Prudential Financial Inc. acquired a new stake in shares of Beam Therapeutics in the 2nd quarter valued at $201,000. New York State Common Retirement Fund lifted its stake in shares of Beam Therapeutics by 17.7% in the 2nd quarter. New York State Common Retirement Fund now owns 30,629 shares of the company’s stock valued at $521,000 after purchasing an additional 4,600 shares during the last quarter. Finally, Invesco Ltd. lifted its stake in shares of Beam Therapeutics by 46.0% in the 2nd quarter. Invesco Ltd. now owns 128,874 shares of the company’s stock valued at $2,192,000 after purchasing an additional 40,583 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Beam Therapeutics Company Profile

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.