Beam Therapeutics (NASDAQ:BEAM) Shares Down 5.2% – Here’s What Happened

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

Analyst Ratings Changes

Several research firms have recently issued reports on BEAM. Wedbush reissued an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a research note on Tuesday, November 5th. Barclays dropped their price target on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 7th. JPMorgan Chase & Co. increased 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. HC Wainwright reiterated a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a report on Thursday, November 7th. Finally, Royal Bank of Canada dropped their target price on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. Four investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $44.91.

Beam Therapeutics Stock Performance

The stock’s 50-day moving average is $24.70 and its 200-day moving average is $25.11.

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

Insider Buying and Selling at Beam Therapeutics

In related news, President Giuseppe Ciaramella sold 51,110 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $26.27, for a total transaction of $1,342,659.70. Following the transaction, the president now owns 160,260 shares in the company, valued at $4,210,030.20. This represents a 24.18 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the completion of the sale, the chief executive officer now owns 938,659 shares of the company’s stock, valued at $23,091,011.40. The trade was a 6.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 162,894 shares of company stock valued at $4,181,745 in the last 90 days. 4.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Beam Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in BEAM. Franklin Resources Inc. bought a new position in shares of Beam Therapeutics in the 3rd quarter worth $400,000. Geode Capital Management LLC boosted its position in shares of Beam Therapeutics by 4.5% during the third quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock worth $44,297,000 after purchasing an additional 78,102 shares in the last quarter. XTX Topco Ltd grew its holdings in shares of Beam Therapeutics by 16.3% in the 3rd quarter. XTX Topco Ltd now owns 37,001 shares of the company’s stock valued at $907,000 after buying an additional 5,191 shares during the period. State Street Corp increased its position in shares of Beam Therapeutics by 12.5% in the 3rd quarter. State Street Corp now owns 3,929,557 shares of the company’s stock valued at $96,274,000 after buying an additional 437,402 shares in the last quarter. Finally, Stifel Financial Corp acquired a new stake in Beam Therapeutics during the 3rd quarter worth $262,000. 99.68% of the stock is owned by institutional investors and hedge funds.

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.