Beam Therapeutics (NASDAQ:BEAM) Stock Price Down 8% – What’s Next?

Beam Therapeutics Inc. (NASDAQ:BEAM) shares were down 8% during mid-day trading on Monday . The stock traded as low as $24.21 and last traded at $24.27. Approximately 62,979 shares were traded during trading, a decline of 95% from the average daily volume of 1,175,231 shares. The stock had previously closed at $26.39.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Wedbush reaffirmed an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research report on Monday, December 9th. Scotiabank started coverage on shares of Beam Therapeutics in a report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 price target for the company. Sanford C. Bernstein raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Leerink Partnrs upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Finally, Cantor Fitzgerald upgraded Beam Therapeutics to a “hold” rating in a research note on Tuesday, December 10th. Three analysts have rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Beam Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $47.67.

Beam Therapeutics Stock Down 6.9 %

The company’s 50-day moving average is $26.71 and its 200 day moving average is $25.69. The company has a market cap of $2.03 billion, a price-to-earnings ratio of -13.96 and a beta of 1.92.

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

Insider Activity

In other news, President Giuseppe Ciaramella sold 51,110 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $26.36, for a total value of $1,347,259.60. Following the transaction, the president now directly owns 109,150 shares of the company’s stock, valued at approximately $2,877,194. This trade represents a 31.89 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Christine Bellon sold 1,241 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total transaction of $30,627.88. Following the sale, the insider now directly owns 102,968 shares of the company’s stock, valued at approximately $2,541,250.24. This represents a 1.19 % decrease in their position. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. lifted its position in 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 buying an additional 36,226 shares in the last quarter. Bank of Montreal Can purchased a new position in shares of Beam Therapeutics during the 2nd quarter worth $3,683,000. Bellevue Group AG boosted its position in shares of Beam Therapeutics by 7.1% during 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 last quarter. Geode Capital Management LLC grew its holdings in shares of Beam Therapeutics by 4.5% in the third quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock valued at $44,297,000 after purchasing an additional 78,102 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in 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 purchasing an additional 1,328,414 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

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.