Beam Therapeutics Inc. (NASDAQ:BEAM) CEO Sells $1,470,000.00 in Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $24.50, for a total value of $1,470,000.00. Following the sale, the chief executive officer now directly owns 998,343 shares in the company, valued at $24,459,403.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Beam Therapeutics Trading Down 2.3 %

NASDAQ:BEAM opened at $23.43 on Monday. The stock has a 50 day moving average of $23.65 and a 200-day moving average of $27.88. The firm has a market capitalization of $1.93 billion, a PE ratio of -13.16 and a beta of 1.89. Beam Therapeutics Inc. has a 52 week low of $16.95 and a 52 week high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings data on Tuesday, May 7th. The company reported ($1.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.42) by $0.21. Beam Therapeutics had a negative return on equity of 15.46% and a negative net margin of 37.33%. The business had revenue of $7.40 million during the quarter, compared to analyst estimates of $17.09 million. During the same quarter in the previous year, the firm posted ($1.33) EPS. The business’s revenue for the quarter was down 69.4% compared to the same quarter last year. As a group, analysts predict that Beam Therapeutics Inc. will post -4.68 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

BEAM has been the topic of several analyst reports. BMO Capital Markets restated an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a report on Wednesday, March 27th. Wedbush reaffirmed an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a report on Tuesday, May 7th. Barclays reduced their price objective on shares of Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 8th. Finally, TheStreet raised shares of Beam Therapeutics from a “d” rating to a “c-” rating in a research report on Monday, March 11th. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Beam Therapeutics presently has a consensus rating of “Hold” and an average price target of $40.18.

Hedge Funds Weigh In On Beam Therapeutics

Several institutional investors have recently modified their holdings of BEAM. Farallon Capital Management LLC boosted its stake in Beam Therapeutics by 9.9% during the 1st quarter. Farallon Capital Management LLC now owns 4,511,753 shares of the company’s stock valued at $149,068,000 after purchasing an additional 406,000 shares during the period. Virtu Financial LLC bought a new stake in shares of Beam Therapeutics during the first quarter valued at approximately $875,000. Bayesian Capital Management LP acquired a new position in shares of Beam Therapeutics during the first quarter worth approximately $291,000. Redmile Group LLC grew its holdings in Beam Therapeutics by 31.5% in the 1st quarter. Redmile Group LLC now owns 1,879,617 shares of the company’s stock worth $62,103,000 after buying an additional 449,834 shares in the last quarter. Finally, Darwin Global Management Ltd. acquired a new stake in Beam Therapeutics in the 1st quarter valued at approximately $70,032,000. Institutional investors own 99.68% of the company’s stock.

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.