Insider Selling: Beam Therapeutics Inc. (NASDAQ:BEAM) President Sells 51,110 Shares of Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) President Giuseppe Ciaramella sold 51,110 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $26.36, for a total value of $1,347,259.60. Following the sale, the president now directly owns 109,150 shares of the company’s stock, valued at $2,877,194. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Giuseppe Ciaramella also recently made the following trade(s):

• On Monday, October 14th, Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock. The stock was sold at an average price of $26.27, for a total value of $1,342,659.70.

Beam Therapeutics Price Performance

BEAM opened at $27.06 on Friday. Beam Therapeutics Inc. has a 1 year low of $18.85 and a 1 year high of $49.50. The company has a market capitalization of $2.24 billion, a price-to-earnings ratio of -15.38 and a beta of 1.86. The firm’s fifty day moving average price is $24.23 and its two-hundred day moving average price is $24.67.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly 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). The firm had revenue of $14.30 million for the quarter, compared to the consensus estimate of $14.52 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The firm’s revenue for the quarter was down 16.9% on a year-over-year basis. During the same period in the previous year, the business earned ($1.22) earnings per share. As a group, equities analysts anticipate that Beam Therapeutics Inc. will post -4.64 EPS for the current year.

Wall Street Analyst Weigh In

BEAM has been the topic of a number of research reports. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and boosted their target price for the company from $27.00 to $39.00 in a research report on Wednesday. JPMorgan Chase & Co. upped 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. Leerink Partnrs upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday. Royal Bank of Canada dropped their price target on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a research note on Wednesday. Finally, Scotiabank started coverage on Beam Therapeutics in a research note on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 price objective for the company. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $44.91.

Hedge Funds Weigh In On Beam Therapeutics

Institutional investors have recently modified their holdings of the business. Russell Investments Group Ltd. grew its stake in Beam Therapeutics by 4.4% in the 1st quarter. Russell Investments Group Ltd. now owns 143,828 shares of the company’s stock valued at $4,752,000 after purchasing an additional 6,102 shares during the period. Bank of Montreal Can purchased a new position in shares of Beam Therapeutics in the 2nd quarter worth about $3,683,000. Vanguard Group Inc. grew its position in Beam Therapeutics by 5.8% during the first quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company’s stock valued at $250,402,000 after buying an additional 413,892 shares during the period. Bellevue Group AG increased its holdings in Beam Therapeutics by 71.7% during the first quarter. Bellevue Group AG now owns 1,193,121 shares of the company’s stock worth $39,421,000 after buying an additional 498,300 shares during the last quarter. Finally, Swiss National Bank raised its position in Beam Therapeutics by 3.1% in the first quarter. Swiss National Bank now owns 136,700 shares of the company’s stock worth $4,517,000 after acquiring an additional 4,100 shares during the period. 99.68% of the stock is owned by institutional investors.

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.