Insider Selling: Beam Therapeutics Inc. (NASDAQ:BEAM) CEO Sells $562,666.05 in Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) CEO John M. Evans sold 30,663 shares of the company’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $562,666.05. Following the completion of the transaction, the chief executive officer now directly owns 986,249 shares of the company’s stock, valued at approximately $18,097,669.15. This represents a 3.02 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Beam Therapeutics Stock Performance

Shares of NASDAQ BEAM opened at $15.27 on Friday. Beam Therapeutics Inc. has a fifty-two week low of $14.72 and a fifty-two week high of $35.25. The stock has a market cap of $1.52 billion, a PE ratio of -8.68 and a beta of 2.02. The stock has a fifty day moving average of $25.86 and a 200-day moving average of $25.61.

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

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Jones Trading upgraded Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research note on Monday, March 10th. Wedbush restated an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a research report on Monday, March 10th. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research report on Monday, March 10th. Scotiabank raised shares of Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 target price for the company in a research report on Monday, March 10th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Beam Therapeutics in a report on Wednesday, March 12th. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $49.45.

Institutional Trading of Beam Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the company. ARK Investment Management LLC increased its holdings in shares of Beam Therapeutics by 8.2% in 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. Casdin Capital LLC increased its stake in Beam Therapeutics by 61.3% in the 4th quarter. Casdin Capital LLC now owns 1,250,000 shares of the company’s stock worth $31,000,000 after acquiring an additional 475,000 shares during the last quarter. State Street Corp raised its holdings in shares of Beam Therapeutics by 12.5% in the 3rd quarter. State Street Corp now owns 3,929,557 shares of the company’s stock valued at $96,274,000 after acquiring an additional 437,402 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Beam Therapeutics by 11.4% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock valued at $98,149,000 after acquiring an additional 404,782 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. grew its holdings in shares of Beam Therapeutics by 11.4% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company’s stock worth $98,109,000 after purchasing an additional 404,782 shares in the last quarter. 99.68% of the stock is currently owned by hedge funds and other 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.