Beam Therapeutics (NASDAQ:BEAM) Shares Down 6.3% – Here’s Why

Beam Therapeutics Inc. (NASDAQ:BEAM)’s share price fell 6.3% on Wednesday . The company traded as low as $30.30 and last traded at $30.26. 1,288,123 shares were traded during trading, a decline of 31% from the average session volume of 1,868,031 shares. The stock had previously closed at $32.29.

Analyst Ratings Changes

Several research analysts have commented on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a report on Wednesday, January 21st. UBS Group assumed coverage on Beam Therapeutics in a research report on Wednesday, January 7th. They issued a “neutral” rating and a $28.00 price objective on the stock. Benchmark reissued a “speculative buy” rating on shares of Beam Therapeutics in a research note on Monday, November 17th. Wedbush boosted their target price on Beam Therapeutics from $57.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Tudor Pickering set a $41.00 target price on Beam Therapeutics in a research note on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Beam Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $46.19.

Beam Therapeutics Price Performance

The stock has a 50 day moving average of $28.91 and a 200 day moving average of $25.13. The firm has a market cap of $2.90 billion, a P/E ratio of -28.18 and a beta of 2.12.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, February 24th. The company reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.13) by $3.46. The firm had revenue of $114.11 million during the quarter, compared to analyst estimates of $13.22 million. Beam Therapeutics had a negative return on equity of 30.65% and a negative net margin of 57.24%.The company’s revenue was up 280.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.09) earnings per share. On average, research analysts predict that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Insiders Place Their Bets

In other Beam Therapeutics news, insider Christine Bellon sold 1,371 shares of the company’s stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $34.00, for a total value of $46,614.00. Following the completion of the sale, the insider owned 95,667 shares of the company’s stock, valued at $3,252,678. This represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Beam Therapeutics

Several institutional investors have recently bought and sold shares of the stock. Bank Julius Baer & Co. Ltd Zurich purchased a new position in Beam Therapeutics in the 4th quarter worth approximately $47,000. Larson Financial Group LLC boosted its stake in shares of Beam Therapeutics by 4,370.5% during the third quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock valued at $48,000 after purchasing an additional 1,923 shares during the period. Kestra Advisory Services LLC bought a new position in shares of Beam Therapeutics in the fourth quarter worth approximately $59,000. Van ECK Associates Corp increased its stake in shares of Beam Therapeutics by 48.7% in the third 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 period. Finally, Leonteq Securities AG purchased a new position in shares of Beam Therapeutics in the fourth quarter worth $66,000. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Beam Therapeutics Company Profile

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.