Beam Therapeutics (NASDAQ:BEAM) Shares Down 7.6% – Here’s Why

Beam Therapeutics Inc. (NASDAQ:BEAM)’s share price traded down 7.6% during trading on Friday . The company traded as low as $31.72 and last traded at $31.65. 777,645 shares were traded during trading, a decline of 65% from the average session volume of 2,243,223 shares. The stock had previously closed at $34.26.

Analyst Ratings Changes

BEAM has been the topic of several research analyst reports. Tudor Pickering set a $41.00 price objective on Beam Therapeutics in a research note on Wednesday. Jefferies Financial Group started coverage on Beam Therapeutics in a report on Thursday, October 9th. They set a “buy” rating and a $41.00 target price on the stock. Wall Street Zen downgraded Beam Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, January 11th. HC Wainwright reaffirmed a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research report on Friday, October 10th. Finally, Evercore ISI began coverage on shares of Beam Therapeutics in a research report on Monday, November 24th. They issued an “outperform” rating and a $35.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $43.80.

Beam Therapeutics Price Performance

The business’s 50-day moving average is $27.25 and its 200 day moving average is $23.65. The firm has a market capitalization of $3.24 billion, a P/E ratio of -7.22 and a beta of 2.07.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, November 4th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.98) by ($0.12). Beam Therapeutics had a negative return on equity of 42.86% and a negative net margin of 744.41%.The business had revenue of $9.70 million for the quarter, compared to analyst estimates of $12.83 million. During the same quarter in the previous year, the company earned ($1.17) EPS. The business’s revenue for the quarter was down 32.2% on a year-over-year basis. Analysts anticipate that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Insider Buying and Selling

In other Beam Therapeutics news, insider Christine Bellon sold 18,629 shares of the firm’s stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $34.61, for a total transaction of $644,749.69. Following the transaction, the insider owned 97,038 shares in the company, valued at $3,358,485.18. This trade represents a 16.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.50% of the stock is currently owned by company insiders.

Institutional Trading of Beam Therapeutics

Several large investors have recently modified their holdings of BEAM. ARK Investment Management LLC raised its position in shares of Beam Therapeutics by 24.8% in the 3rd quarter. ARK Investment Management LLC now owns 11,038,834 shares of the company’s stock valued at $267,913,000 after buying an additional 2,190,993 shares in the last quarter. Farallon Capital Management LLC raised its position in Beam Therapeutics by 0.5% during the third quarter. Farallon Capital Management LLC now owns 10,063,111 shares of the company’s stock valued at $244,232,000 after purchasing an additional 50,000 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in Beam Therapeutics by 2.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,830,738 shares of the company’s stock worth $117,242,000 after purchasing an additional 101,294 shares during the last quarter. Amova Asset Management Americas Inc. lifted its stake in Beam Therapeutics by 2.2% during the third quarter. Amova Asset Management Americas Inc. now owns 4,830,738 shares of the company’s stock worth $117,242,000 after purchasing an additional 103,939 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. boosted its holdings in shares of Beam Therapeutics by 10.7% in the 2nd quarter. Nikko Asset Management Americas Inc. now owns 4,726,799 shares of the company’s stock valued at $80,403,000 after purchasing an additional 456,779 shares in the last quarter. 99.68% of the stock is owned by institutional investors and hedge funds.

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.