John M. Evans Sells 30,000 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) CEO John M. Evans sold 30,000 shares of the stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $26.75, for a total value of $802,500.00. Following the completion of the transaction, the chief executive officer now owns 908,659 shares in the company, valued at approximately $24,306,628.25. The trade was a 3.20 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link.

Beam Therapeutics Stock Up 8.0 %

Shares of NASDAQ BEAM opened at $27.82 on Thursday. The company has a market capitalization of $2.30 billion, a PE ratio of -15.81 and a beta of 1.92. The stock’s 50 day moving average price is $26.49 and its 200-day moving average price is $25.77. Beam Therapeutics Inc. has a twelve month low of $20.84 and a twelve month high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($1.17) EPS for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company had revenue of $14.30 million during the quarter, compared to the consensus estimate of $14.52 million. During the same period last year, the firm posted ($1.22) EPS. The company’s revenue for the quarter was down 16.9% compared to the same quarter last year. As a group, research analysts expect that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on BEAM shares. Leerink Partners upgraded Beam Therapeutics from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $27.00 to $39.00 in a report on Wednesday, November 6th. Leerink Partnrs raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Wedbush reissued an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Monday, January 13th. Royal Bank of Canada dropped their price target on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. Finally, Cantor Fitzgerald raised Beam Therapeutics from a “neutral” rating to an “overweight” rating in a report on Wednesday, January 29th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $47.67.

Institutional Trading of Beam Therapeutics

Several hedge funds have recently made changes to their positions in BEAM. Proficio Capital Partners LLC purchased a new stake in Beam Therapeutics in the 4th quarter worth about $406,000. ARK Investment Management LLC boosted its position in Beam Therapeutics by 8.2% during the fourth quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company’s stock worth $175,287,000 after purchasing an additional 536,930 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Beam Therapeutics by 21.7% in the fourth quarter. Bank of New York Mellon Corp now owns 276,917 shares of the company’s stock worth $6,868,000 after purchasing an additional 49,372 shares in the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in shares of Beam Therapeutics in the fourth quarter valued at approximately $330,000. Finally, Peregrine Investment Management Inc. purchased a new stake in shares of Beam Therapeutics during the 4th quarter valued at approximately $3,932,000. 99.68% of the stock is currently 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.