Beam Therapeutics (NASDAQ:BEAM) Trading Down 6.2% – Time to Sell?

Beam Therapeutics Inc. (NASDAQ:BEAM)’s share price fell 6.2% during mid-day trading on Thursday . The stock traded as low as $27.36 and last traded at $27.2560. Approximately 367,105 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 2,074,887 shares. The stock had previously closed at $29.07.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on BEAM. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Friday, July 17th. Sanford C. Bernstein decreased their price objective on Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Wall Street Zen cut Beam Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Sunday, August 16th. Tudor Pickering set a $39.00 target price on shares of Beam Therapeutics in a report on Wednesday, May 13th. Finally, Bank of America restated a “buy” rating and set a $47.00 target price on shares of Beam Therapeutics in a report on Wednesday, July 8th. Ten investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $49.00.

Beam Therapeutics Stock Performance

The stock has a fifty day simple moving average of $30.11 and a 200-day simple moving average of $28.75. The stock has a market cap of $3.07 billion, a P/E ratio of -34.60 and a beta of 2.23. The company has a debt-to-equity ratio of 0.09, a quick ratio of 14.57 and a current ratio of 14.57.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.11) by ($0.07). The firm had revenue of $0.49 million during the quarter, compared to analyst estimates of $16.37 million. Beam Therapeutics had a negative net margin of 54.75% and a negative return on equity of 30.71%. The business’s revenue for the quarter was down 94.2% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.00) EPS. On average, equities analysts expect that Beam Therapeutics Inc. will post -4.49 earnings per share for the current year.

Insider Transactions at Beam Therapeutics

In related news, insider Amy Simon sold 16,667 shares of Beam Therapeutics stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $25.74, for a total value of $429,008.58. Following the sale, the insider owned 85,696 shares of the company’s stock, valued at approximately $2,205,815.04. This trade represents a 16.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Fmr Llc sold 251,488 shares of the business’s stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $35.26, for a total value of $8,867,466.88. Following the completion of the sale, the insider owned 854,583 shares in the company, valued at $30,132,596.58. The trade was a 22.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 301,527 shares of company stock valued at $10,468,500. 3.80% of the stock is owned by corporate insiders.

Institutional Trading of Beam Therapeutics

A number of institutional investors have recently made changes to their positions in BEAM. CWM LLC grew its position in Beam Therapeutics by 15.4% in the fourth quarter. CWM LLC now owns 2,466 shares of the company’s stock valued at $68,000 after purchasing an additional 329 shares in the last quarter. Wealth Effects LLC lifted its position in Beam Therapeutics by 5.2% during the 1st quarter. Wealth Effects LLC now owns 10,100 shares of the company’s stock worth $241,000 after buying an additional 500 shares in the last quarter. Franklin Resources Inc. lifted its position in Beam Therapeutics by 2.6% during the 4th quarter. Franklin Resources Inc. now owns 21,948 shares of the company’s stock worth $608,000 after buying an additional 566 shares in the last quarter. Van ECK Associates Corp boosted its stake in shares of Beam Therapeutics by 48.7% during the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock worth $52,000 after buying an additional 707 shares during the last quarter. Finally, Stifel Financial Corp boosted its stake in shares of Beam Therapeutics by 7.8% during the 4th quarter. Stifel Financial Corp now owns 13,405 shares of the company’s stock worth $372,000 after buying an additional 965 shares during the last quarter. Institutional investors own 99.68% of the company’s stock.

About Beam Therapeutics

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.