Beam Therapeutics (NASDAQ:BEAM) Shares Down 5.2% – What’s Next?

Beam Therapeutics Inc. (NASDAQ:BEAM)’s share price fell 5.2% on Tuesday . The company traded as low as $26.35 and last traded at $26.83. 66,488 shares changed hands during mid-day trading, a decline of 95% from the average session volume of 1,221,825 shares. The stock had previously closed at $28.30.

Wall Street Analysts Forecast Growth

A number of 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 report on Thursday, November 7th. 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. Leerink Partnrs upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Royal Bank of Canada dropped their price target 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. Finally, JPMorgan Chase & Co. upped their price objective on shares of Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Four analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $44.91.

Beam Therapeutics Stock Performance

The firm has a 50 day moving average price of $24.70 and a two-hundred day moving average price of $25.11.

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

Insider Buying and Selling at Beam Therapeutics

In other news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $24.60, for a total value of $1,476,000.00. Following the transaction, the chief executive officer now owns 938,659 shares of the company’s stock, valued at approximately $23,091,011.40. The trade was a 6.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Giuseppe Ciaramella sold 51,110 shares of the firm’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $26.36, for a total transaction of $1,347,259.60. Following the transaction, the president now directly owns 109,150 shares of the company’s stock, valued at $2,877,194. The trade was a 31.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 162,894 shares of company stock worth $4,181,745. 4.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Beam Therapeutics

Several institutional investors have recently bought and sold shares of the business. Bank of Montreal Can acquired a new stake in shares of Beam Therapeutics during the second quarter worth $3,683,000. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Beam Therapeutics by 59.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock valued at $87,044,000 after acquiring an additional 1,328,414 shares during the period. International Assets Investment Management LLC purchased a new position in Beam Therapeutics during the third quarter worth approximately $15,760,000. Algert Global LLC raised its stake in shares of Beam Therapeutics by 282.0% during the 3rd quarter. Algert Global LLC now owns 43,523 shares of the company’s stock worth $1,066,000 after buying an additional 32,130 shares during the period. Finally, Bellevue Group AG grew its stake in Beam Therapeutics by 7.1% in the 3rd quarter. Bellevue Group AG now owns 1,518,121 shares of the company’s stock valued at $37,194,000 after acquiring an additional 100,000 shares during the period. 99.68% of the stock is owned by hedge funds and other institutional investors.

About Beam Therapeutics

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.