Beam Therapeutics (NASDAQ:BEAM) Sets New 52-Week Low – Time to Sell?

Beam Therapeutics Inc. (NASDAQ:BEAM)’s stock price hit a new 52-week low on Tuesday . The company traded as low as $18.30 and last traded at $19.53, with a volume of 5741350 shares. The stock had previously closed at $22.21.

Analyst Ratings Changes

Several research firms have recently commented on BEAM. Scotiabank raised shares of Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 price target for the company in a report on Monday, March 10th. Bank of America upgraded Beam Therapeutics from a “neutral” rating to a “buy” rating and set a $42.00 target price for the company in a research note on Friday, March 28th. Wedbush reiterated an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a research report on Monday, March 10th. HC Wainwright restated a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research report on Monday, March 10th. Finally, Jones Trading raised Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a research report on Monday, March 10th. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Beam Therapeutics has a consensus rating of “Buy” and a consensus target price of $49.45.

Beam Therapeutics Price Performance

The business has a fifty day moving average price of $26.27 and a 200 day moving average price of $25.75. The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of -10.50 and a beta of 1.91.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, February 25th. The company reported ($1.09) EPS for the quarter, beating the consensus estimate of ($1.25) by $0.16. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The firm had revenue of $30.00 million for the quarter, compared to analysts’ expectations of $16.47 million. Beam Therapeutics’s quarterly revenue was down 90.5% on a year-over-year basis. During the same quarter last year, the company earned $1.73 EPS. Research analysts anticipate that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $26.75, for a total value of $802,500.00. Following the completion of the sale, the chief executive officer now directly owns 908,659 shares in the company, valued at $24,306,628.25. This represents a 3.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 4.20% of the company’s stock.

Institutional Trading of Beam Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of BEAM. Wealthfront Advisers LLC acquired a new position in Beam Therapeutics in the fourth quarter worth approximately $41,000. GF Fund Management CO. LTD. acquired a new stake in Beam Therapeutics during the fourth quarter valued at $43,000. Sterling Capital Management LLC grew its stake in Beam Therapeutics by 816.0% in the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock valued at $60,000 after purchasing an additional 2,146 shares in the last quarter. KBC Group NV increased its position in Beam Therapeutics by 103.2% in the 4th quarter. KBC Group NV now owns 4,143 shares of the company’s stock worth $103,000 after purchasing an additional 2,104 shares during the last quarter. Finally, Blue Trust Inc. raised its stake in shares of Beam Therapeutics by 36.3% during the 4th quarter. Blue Trust Inc. now owns 4,274 shares of the company’s stock worth $105,000 after purchasing an additional 1,139 shares in the last quarter. 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.