Beam Therapeutics (NASDAQ:BEAM) Stock Price Down 6.5%

Beam Therapeutics Inc. (NASDAQ:BEAM) dropped 6.5% during mid-day trading on Tuesday . The company traded as low as $28.54 and last traded at $28.75. Approximately 188,523 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 978,000 shares. The stock had previously closed at $30.76.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on BEAM shares. SVB Leerink lowered Beam Therapeutics from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $75.00 to $20.00 in a research note on Friday, October 20th. Credit Suisse Group increased their price objective on shares of Beam Therapeutics from $46.00 to $47.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 9th. Citigroup decreased their target price on Beam Therapeutics from $60.00 to $56.00 and set a “buy” rating for the company in a research report on Wednesday, August 9th. William Blair reissued an “outperform” rating on shares of Beam Therapeutics in a research note on Tuesday, October 31st. Finally, Barclays lowered their target price on Beam Therapeutics from $41.00 to $35.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 8th. Six investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $48.80.

Beam Therapeutics Stock Down 5.4 %

The business’s 50-day moving average price is $22.74 and its 200 day moving average price is $27.54. The company has a market capitalization of $2.37 billion, a P/E ratio of -6.95 and a beta of 1.59.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Wednesday, November 8th. The company reported ($1.22) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.33) by $0.11. Beam Therapeutics had a negative return on equity of 40.66% and a negative net margin of 384.62%. The firm had revenue of $17.20 million during the quarter, compared to the consensus estimate of $17.09 million. During the same quarter last year, the company posted ($1.56) EPS. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. Analysts anticipate that Beam Therapeutics Inc. will post -4.85 EPS for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In related news, insider Amy Simon sold 3,448 shares of the firm’s stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $18.70, for a total value of $64,477.60. Following the sale, the insider now directly owns 65,469 shares of the company’s stock, valued at $1,224,270.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 4.40% of the company’s stock.

Institutional Trading of Beam Therapeutics

Large investors have recently bought and sold shares of the company. State Street Corp increased its stake in shares of Beam Therapeutics by 68.4% during the second quarter. State Street Corp now owns 3,336,327 shares of the company’s stock valued at $129,149,000 after purchasing an additional 1,354,781 shares in the last quarter. Temasek Holdings Private Ltd raised its stake in Beam Therapeutics by 42.3% during the first quarter. Temasek Holdings Private Ltd now owns 4,094,512 shares of the company’s stock valued at $125,374,000 after buying an additional 1,216,215 shares during the last quarter. FMR LLC boosted its holdings in Beam Therapeutics by 22.6% in the first quarter. FMR LLC now owns 6,087,553 shares of the company’s stock worth $186,401,000 after acquiring an additional 1,121,564 shares in the last quarter. BlackRock Inc. grew its stake in shares of Beam Therapeutics by 20.0% in the second quarter. BlackRock Inc. now owns 6,350,776 shares of the company’s stock worth $202,780,000 after acquiring an additional 1,060,104 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in Beam Therapeutics by 17.7% during the 3rd quarter. Vanguard Group Inc. now owns 6,174,471 shares of the company’s stock valued at $294,153,000 after purchasing an additional 927,970 shares during the last quarter. 80.64% 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 and BEAM-102 for the treatment of sickle cell disease beta thalassemia; BEAM-201, an allogeneic chimeric antigen receptor T cell for the treatment of refractory T-cell acute lymphoblastic leukemia/T cell lymphoblastic lymphoma; BEAM-301, a liver-targeting LNP formulation for the treatment of glycogen storage disease 1a; and BEAM-302, a liver-targeting LNP formulation to treat severe alpha-1 antitrypsin deficiency.