Beam Therapeutics (NASDAQ:BEAM) Stock Price Down 6.3% – What’s Next?

Beam Therapeutics Inc. (NASDAQ:BEAM)’s stock price traded down 6.3% on Wednesday . The company traded as low as $28.02 and last traded at $28.31. 232,725 shares changed hands during trading, a decline of 81% from the average session volume of 1,220,431 shares. The stock had previously closed at $30.20.

Analyst Upgrades and Downgrades

BEAM has been the topic of a number of research reports. Leerink Partnrs upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 6th. HC Wainwright restated a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research report on Monday. Scotiabank started coverage on Beam Therapeutics in a research report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 target price on the stock. Royal Bank of Canada dropped their price target on 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. Finally, Wedbush reaffirmed an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research note on Monday. Four research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.40.

Beam Therapeutics Trading Down 3.3 %

The company has a 50-day moving average price of $24.99 and a two-hundred day moving average price of $25.21. The stock has a market cap of $2.42 billion, a P/E ratio of -15.82 and a beta of 1.90.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings data 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 net margin of 41.07% and a negative return on equity of 16.22%. The firm had revenue of $14.30 million for the quarter, compared to the consensus estimate of $14.52 million. During the same quarter last year, the firm earned ($1.22) EPS. The company’s revenue was down 16.9% on a year-over-year basis. As a group, equities analysts forecast that Beam Therapeutics Inc. will post -4.62 earnings per share for the current fiscal year.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction on Monday, September 30th. The stock was 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 $23,091,011.40. This represents a 6.01 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, President Giuseppe Ciaramella sold 51,110 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $26.27, for a total value of $1,342,659.70. Following the completion of the sale, the president now owns 160,260 shares in the company, valued at approximately $4,210,030.20. The trade was a 24.18 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 162,894 shares of company stock worth $4,181,745. Insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. Farallon Capital Management LLC grew its stake 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 worth $185,404,000 after purchasing an additional 3,401,370 shares in the last quarter. ARCH Venture Management LLC bought a new position in shares of Beam Therapeutics during the 2nd quarter worth $127,530,000. State Street Corp grew its position in shares of Beam Therapeutics by 12.5% during the 3rd quarter. State Street Corp now owns 3,929,557 shares of the company’s stock worth $96,274,000 after buying an additional 437,402 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased 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 buying an additional 1,328,414 shares during the period. Finally, Geode Capital Management LLC raised 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 acquiring an additional 78,102 shares in the last quarter. 99.68% of the stock is currently owned by 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.