Insider Selling: Beam Therapeutics Inc. (NASDAQ:BEAM) CEO Sells $1,476,000.00 in Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 938,659 shares in the company, valued at $23,091,011.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Beam Therapeutics Stock Performance

Shares of NASDAQ BEAM opened at $23.41 on Friday. Beam Therapeutics Inc. has a fifty-two week low of $16.95 and a fifty-two week high of $49.50. The company has a market cap of $1.93 billion, a price-to-earnings ratio of -13.15 and a beta of 1.86. The business’s 50 day moving average price is $25.46 and its 200-day moving average price is $25.67.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, August 6th. The company reported ($1.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.13) by $0.02. The business had revenue of $11.80 million for the quarter, compared to analyst estimates of $14.18 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. The business’s revenue was down 41.3% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.08) earnings per share. Sell-side analysts predict that Beam Therapeutics Inc. will post -4.6 earnings per share for the current year.

Institutional Investors Weigh In On Beam Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. UBS Group AG raised its stake in shares of Beam Therapeutics by 118.2% during the fourth quarter. UBS Group AG now owns 260,500 shares of the company’s stock valued at $7,091,000 after acquiring an additional 141,102 shares in the last quarter. Brandywine Managers LLC purchased a new stake in shares of Beam Therapeutics in the 4th quarter worth $220,000. Vanguard Group Inc. grew its position in shares of Beam Therapeutics by 5.1% during the 4th quarter. Vanguard Group Inc. now owns 7,164,876 shares of the company’s stock worth $195,028,000 after buying an additional 349,906 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Beam Therapeutics by 144.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock valued at $43,000 after buying an additional 923 shares during the period. Finally, Riverview Trust Co bought a new stake in shares of Beam Therapeutics in the first quarter valued at about $26,000. Institutional investors own 99.68% of the company’s stock.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Barclays reduced their price objective on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 7th. Royal Bank of Canada restated a “sector perform” rating and issued a $27.00 price target on shares of Beam Therapeutics in a research report on Thursday, September 19th. Wedbush reiterated an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research report on Tuesday, August 6th. HC Wainwright restated a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a report on Thursday, August 22nd. Finally, JPMorgan Chase & Co. increased their price target 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. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Beam Therapeutics currently has a consensus rating of “Hold” and a consensus price target of $44.18.

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.