Insider Selling: 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 value of $30,627.88. Following the transaction, the insider now directly owns 102,968 shares in the company, valued at approximately $2,541,250.24. The trade was a 1.19 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Beam Therapeutics Price Performance

NASDAQ BEAM opened at $26.80 on Thursday. The firm’s fifty day moving average price is $26.46 and its 200 day moving average price is $25.65. Beam Therapeutics Inc. has a 12 month low of $20.84 and a 12 month high of $49.50. The company has a market capitalization of $2.22 billion, a price-to-earnings ratio of -15.23 and a beta of 1.92.

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

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. HC Wainwright reissued a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research note on Monday, December 9th. Scotiabank started coverage on shares of 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. Stifel Nicolaus upped their price objective on Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. Wedbush reiterated an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a report on Monday, December 9th. Finally, Cantor Fitzgerald raised Beam Therapeutics to a “hold” rating in a research note on Tuesday, December 10th. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Beam Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $47.67.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its position in shares of Beam Therapeutics by 6.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock worth $15,423,000 after acquiring an additional 36,226 shares during the last quarter. Bank of Montreal Can acquired a new position in Beam Therapeutics in the second quarter valued at $3,683,000. Bellevue Group AG raised its holdings in shares of Beam Therapeutics by 7.1% in the third quarter. Bellevue Group AG now owns 1,518,121 shares of the company’s stock valued at $37,194,000 after buying an additional 100,000 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Beam Therapeutics by 4.5% during the third 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 period. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Beam Therapeutics by 59.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock worth $87,044,000 after buying an additional 1,328,414 shares during the last quarter. Institutional investors and hedge funds 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.