Beam Therapeutics Inc. (NASDAQ:BEAM) President Sells $1,347,259.60 in Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $26.36, for a total value of $1,347,259.60. Following the transaction, the president now owns 109,150 shares of the company’s stock, valued at $2,877,194. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Giuseppe Ciaramella also recently made the following trade(s):

• On Monday, October 14th, Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock. The stock was sold at an average price of $26.27, for a total value of $1,342,659.70.

Beam Therapeutics Stock Performance

Shares of BEAM traded up $0.90 during trading hours on Friday, hitting $27.00. The stock had a trading volume of 627,752 shares, compared to its average volume of 1,228,301. The firm has a market cap of $2.23 billion, a P/E ratio of -14.42 and a beta of 1.86. The company’s fifty day simple moving average is $24.22 and its 200 day simple moving average is $24.65. Beam Therapeutics Inc. has a 12-month low of $18.85 and a 12-month high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) EPS for the quarter, missing the consensus estimate of ($1.16) by ($0.01). Beam Therapeutics had a negative net margin of 40.56% and a negative return on equity of 16.22%. The company had revenue of $14.30 million during the quarter, compared to analysts’ expectations of $14.52 million. During the same period last year, the business earned ($1.22) earnings per share. The company’s revenue for the quarter was down 16.9% compared to the same quarter last year. As a group, sell-side analysts predict that Beam Therapeutics Inc. will post -4.6 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently issued reports on BEAM. Leerink Partners upgraded Beam Therapeutics from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $27.00 to $39.00 in a research report on Wednesday. Leerink Partnrs upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday. Barclays cut their price target on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a report on Wednesday, August 7th. Stifel Nicolaus boosted their price target on Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Finally, Royal Bank of Canada cut their price target on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a report on Wednesday. Four analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $44.91.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BEAM. ARCH Venture Management LLC purchased a new position in Beam Therapeutics in the second quarter valued at about $127,530,000. Farallon Capital Management LLC raised its position in Beam Therapeutics by 75.4% in the second quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock valued at $185,404,000 after purchasing an additional 3,401,370 shares during the period. Darwin Global Management Ltd. purchased a new position in Beam Therapeutics in the first quarter valued at about $70,032,000. Sumitomo Mitsui Trust Group Inc. grew its stake 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 valued at $87,044,000 after acquiring an additional 1,328,414 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Beam Therapeutics by 3,137.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,246,189 shares of the company’s stock valued at $41,175,000 after acquiring an additional 1,207,699 shares in the last quarter. 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.