Beam Therapeutics (NASDAQ:BEAM) Trading Down 3.3% on Insider Selling

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) were down 3.3% during trading on Friday after an insider sold shares in the company. The stock traded as low as $23.17 and last traded at $23.20. Approximately 171,266 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 1,372,637 shares. The stock had previously closed at $23.98.

Specifically, insider Amy Simon sold 7,157 shares of Beam Therapeutics stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $32.13, for a total transaction of $229,954.41. Following the completion of the sale, the insider now directly owns 86,590 shares in the company, valued at $2,782,136.70. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Beam Therapeutics news, insider Amy Simon sold 7,157 shares of Beam Therapeutics stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $32.13, for a total transaction of $229,954.41. Following the completion of the sale, the insider now directly owns 86,590 shares in the company, valued at $2,782,136.70. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO John M. Evans sold 18,102 shares of Beam Therapeutics stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $32.13, for a total transaction of $581,617.26. Following the sale, the chief executive officer now owns 1,058,343 shares of the company’s stock, valued at $34,004,560.59. The disclosure for this sale can be found here. Insiders sold a total of 95,239 shares of company stock worth $2,602,129 over the last three months. 4.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on BEAM. BMO Capital Markets reaffirmed an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a research note on Wednesday, March 27th. Barclays decreased their target price on shares of Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 8th. Wedbush reissued an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research report on Tuesday, May 7th. Finally, TheStreet raised shares of Beam Therapeutics from a “d” rating to a “c-” rating in a research report on Monday, March 11th. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $40.18.

Beam Therapeutics Trading Down 2.3 %

The stock has a market cap of $1.93 billion, a P/E ratio of -13.16 and a beta of 1.89. The stock’s fifty day moving average price is $23.65 and its 200 day moving average price is $27.89.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, May 7th. The company reported ($1.21) EPS for the quarter, beating analysts’ consensus estimates of ($1.42) by $0.21. Beam Therapeutics had a negative net margin of 37.33% and a negative return on equity of 15.46%. The firm had revenue of $7.40 million for the quarter, compared to analysts’ expectations of $17.09 million. During the same quarter in the previous year, the business posted ($1.33) EPS. The company’s quarterly revenue was down 69.4% on a year-over-year basis. As a group, sell-side analysts forecast that Beam Therapeutics Inc. will post -4.68 earnings per share for the current year.

Hedge Funds Weigh In On Beam Therapeutics

A number of hedge funds have recently bought and sold shares of BEAM. Riverview Trust Co bought a new position in Beam Therapeutics in the 1st quarter worth about $26,000. First Horizon Advisors Inc. boosted its stake in Beam Therapeutics by 125.9% in the 4th quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock worth $27,000 after purchasing an additional 554 shares in the last quarter. National Bank of Canada FI boosted its stake in Beam Therapeutics by 200.0% in the 4th quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $41,000 after purchasing an additional 1,000 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Beam Therapeutics by 144.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock worth $43,000 after purchasing an additional 923 shares in the last quarter. Finally, Reynders McVeigh Capital Management LLC bought a new position in Beam Therapeutics in the 1st quarter worth about $201,000. 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.