Beam Therapeutics (NASDAQ:BEAM) Stock Price Down 7.2% – Should You Sell?

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) fell 7.2% during trading on Thursday . The stock traded as low as $25.47 and last traded at $25.44. 387,371 shares changed hands during trading, a decline of 68% from the average session volume of 1,200,693 shares. The stock had previously closed at $27.42.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. HC Wainwright reiterated a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research report on Monday, March 10th. Scotiabank raised Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 target price for the company in a report on Monday, March 10th. Guggenheim reissued a “buy” rating and issued a $78.00 price target on shares of Beam Therapeutics in a research note on Thursday, February 27th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Beam Therapeutics in a research note on Wednesday. Finally, Sanford C. Bernstein raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Two investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $50.82.

Beam Therapeutics Stock Performance

The company has a 50-day moving average price of $27.09 and a 200-day moving average price of $26.01. The firm has a market capitalization of $2.42 billion, a P/E ratio of -13.77 and a beta of 1.91.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, February 25th. The company reported ($1.09) EPS for the quarter, beating the consensus estimate of ($1.25) by $0.16. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The firm had revenue of $30.00 million during the quarter, compared to the consensus estimate of $16.47 million. During the same quarter in the prior year, the firm earned $1.73 earnings per share. The business’s quarterly revenue was down 90.5% on a year-over-year basis. Equities analysts predict that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $26.75, for a total transaction of $802,500.00. Following the transaction, the chief executive officer now owns 908,659 shares of the company’s stock, valued at $24,306,628.25. The trade was a 3.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Christine Bellon sold 1,241 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total value of $30,627.88. Following the completion of the sale, the insider now owns 102,968 shares in the company, valued at approximately $2,541,250.24. This trade represents a 1.19 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is owned by insiders.

Institutional Trading of Beam Therapeutics

Several institutional investors have recently added to or reduced their stakes in the company. Wealthfront Advisers LLC acquired a new stake in Beam Therapeutics in the 4th quarter worth about $41,000. GF Fund Management CO. LTD. acquired a new stake in shares of Beam Therapeutics in the fourth quarter valued at approximately $43,000. Sterling Capital Management LLC boosted its stake in shares of Beam Therapeutics by 816.0% in the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock valued at $60,000 after buying an additional 2,146 shares during the period. KBC Group NV grew its position in Beam Therapeutics by 103.2% during the fourth quarter. KBC Group NV now owns 4,143 shares of the company’s stock worth $103,000 after buying an additional 2,104 shares in the last quarter. Finally, Blue Trust Inc. grew its position in Beam Therapeutics by 36.3% during the fourth quarter. Blue Trust Inc. now owns 4,274 shares of the company’s stock worth $105,000 after buying an additional 1,139 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.