Fmr Llc Sells 48,374 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) Stock

Key Points

• Insider Fmr Llc sold 48,374 shares of Beam Therapeutics at an average price of $20.50, totaling nearly $1 million, reducing their ownership by 2.28% to approximately 2.07 million shares.
• Beam Therapeutics' stock price decreased 4.7% to $18.78, continuing a volatile trading pattern with a market cap of $1.89 billion.
• The company reported disappointing earnings, with a loss of ($1.24) EPS, missing estimates and showing a negative return on equity of 44.24%.

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) insider Fmr Llc sold 48,374 shares of Beam Therapeutics stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $20.50, for a total value of $991,667.00. Following the sale, the insider directly owned 2,073,665 shares in the company, valued at approximately $42,510,132.50. The trade was a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink.

Beam Therapeutics Stock Performance

Shares of BEAM traded down $0.88 during mid-day trading on Friday, reaching $18.83. The company had a trading volume of 2,713,261 shares, compared to its average volume of 2,510,262. The firm has a 50-day moving average price of $18.67 and a 200 day moving average price of $21.17. Beam Therapeutics Inc. has a 52 week low of $13.52 and a 52 week high of $35.25. The company has a market capitalization of $1.89 billion, a price-to-earnings ratio of -4.08 and a beta of 2.22.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($1.24) earnings per share for the quarter, missing analysts' consensus estimates of ($1.11) by ($0.13). Beam Therapeutics had a negative return on equity of 44.24% and a negative net margin of 609.24%. The firm had revenue of $7.47 million during the quarter, compared to analysts' expectations of $14.69 million. During the same quarter in the previous year, the firm earned ($1.21) earnings per share. Beam Therapeutics's revenue was up 1.4% on a year-over-year basis. As a group, research analysts forecast that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Beam Therapeutics

A number of hedge funds have recently added to or reduced their stakes in BEAM. Raymond James Financial Inc. purchased a new position in Beam Therapeutics in the 4th quarter worth approximately $703,000. American Century Companies Inc. raised its holdings in Beam Therapeutics by 13.2% in the 4th quarter. American Century Companies Inc. now owns 135,380 shares of the company's stock worth $3,357,000 after acquiring an additional 15,774 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in Beam Therapeutics in the 4th quarter worth approximately $332,000. LPL Financial LLC raised its holdings in Beam Therapeutics by 5.6% in the 4th quarter. LPL Financial LLC now owns 27,698 shares of the company's stock worth $687,000 after acquiring an additional 1,462 shares during the last quarter. Finally, Norges Bank purchased a new position in Beam Therapeutics in the 4th quarter worth approximately $461,000. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on BEAM shares. HC Wainwright reaffirmed a "buy" rating and set a $80.00 price objective on shares of Beam Therapeutics in a research report on Monday, April 7th. Guggenheim cut their price objective on Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Barclays cut their price objective on Beam Therapeutics from $31.00 to $25.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 7th. Cantor Fitzgerald raised Beam Therapeutics to a "strong-buy" rating in a research report on Monday, July 21st. Finally, Wells Fargo & Company cut their price objective on Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 7th. Two investment analysts have rated the stock with a hold rating, ten have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, Beam Therapeutics presently has an average rating of "Buy" and a consensus target price of $48.75.

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.