Christine Bellon Sells 1,241 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) insider Christine Bellon sold 1,241 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total value of $30,627.88. Following the completion of the sale, the insider now directly owns 102,968 shares of the company’s stock, valued at approximately $2,541,250.24. This trade represents a 1.19 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Beam Therapeutics Price Performance

NASDAQ BEAM traded up $0.98 during trading hours on Monday, reaching $26.36. 1,297,051 shares of the company’s stock traded hands, compared to its average volume of 1,127,084. Beam Therapeutics Inc. has a 52-week low of $20.84 and a 52-week high of $49.50. The firm has a 50-day simple moving average of $26.36 and a 200 day simple moving average of $25.62. The firm has a market cap of $2.18 billion, a PE ratio of -14.98 and a beta of 1.92.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on BEAM shares. HC Wainwright restated a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a report on Monday, December 9th. Royal Bank of Canada lowered their price objective on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 6th. Cantor Fitzgerald raised Beam Therapeutics to a “hold” rating in a research note on Tuesday, December 10th. Stifel Nicolaus upped their price target on Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Finally, Wedbush reiterated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research report on Monday, December 9th. Three investment 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’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $47.67.

Hedge Funds Weigh In On Beam Therapeutics

Several large investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. grew its position in Beam Therapeutics by 6.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock valued at $15,423,000 after purchasing an additional 36,226 shares during the last quarter. Bank of Montreal Can bought a new stake in shares of Beam Therapeutics during the second quarter valued at approximately $3,683,000. Bellevue Group AG raised its holdings in Beam Therapeutics by 7.1% in the 3rd quarter. Bellevue Group AG now owns 1,518,121 shares of the company’s stock worth $37,194,000 after acquiring an additional 100,000 shares during the last quarter. Geode Capital Management LLC lifted its position in Beam Therapeutics by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock valued at $44,297,000 after acquiring an additional 78,102 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in 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 purchasing an additional 1,328,414 shares during the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

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.