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

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 dated Wednesday, July 30th. The shares were sold at an average price of $20.50, for a total value of $991,667.00. Following the completion of the sale, the insider owned 2,073,665 shares of the company's stock, valued at $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 Securities & Exchange Commission, which can be accessed through this link.

Beam Therapeutics Price Performance

NASDAQ:BEAM traded down $0.42 during trading hours on Tuesday, hitting $18.70. 3,751,505 shares of the company were exchanged, compared to its average volume of 2,056,842. Beam Therapeutics Inc. has a 52-week low of $13.52 and a 52-week high of $35.25. The stock has a market capitalization of $1.88 billion, a price-to-earnings ratio of -4.06 and a beta of 2.22. The company's 50 day moving average price is $18.74 and its 200-day moving average price is $21.12.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($1.00) earnings per share for the quarter, beating analysts' consensus estimates of ($1.04) by $0.04. The firm had revenue of $8.47 million for the quarter, compared to analyst estimates of $13.29 million. Beam Therapeutics had a negative net margin of 609.24% and a negative return on equity of 44.24%. The business's quarterly revenue was down 28.0% compared to the same quarter last year. During the same period in the previous year, the company earned ($1.11) earnings per share. On average, equities analysts predict that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of BEAM. Vanguard Group Inc. raised its position in Beam Therapeutics by 16.4% during the 1st quarter. Vanguard Group Inc. now owns 8,871,292 shares of the company's stock worth $173,256,000 after buying an additional 1,249,303 shares during the last quarter. ARK Investment Management LLC boosted its holdings in Beam Therapeutics by 4.3% in the second quarter. ARK Investment Management LLC now owns 8,847,841 shares of the company's stock valued at $150,502,000 after purchasing an additional 367,752 shares during the last quarter. Farallon Capital Management LLC grew its position in Beam Therapeutics by 0.4% during the 4th quarter. Farallon Capital Management LLC now owns 8,239,123 shares of the company's stock worth $204,330,000 after purchasing an additional 31,000 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Beam Therapeutics by 10.8% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,729,444 shares of the company's stock valued at $80,448,000 after buying an additional 462,573 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. lifted its holdings in shares of Beam Therapeutics by 7.9% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 4,270,020 shares of the company's stock valued at $83,265,000 after buying an additional 312,409 shares during the period. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BEAM has been the topic of several research reports. Wells Fargo & Company cut their price objective on shares of Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating on the stock in a report on Wednesday, May 7th. HC Wainwright reissued a "buy" rating and issued a $80.00 price target on shares of Beam Therapeutics in a research report on Monday, April 7th. Cantor Fitzgerald upgraded Beam Therapeutics to a "strong-buy" rating in a research note on Monday, July 21st. Guggenheim cut their target price on Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Finally, Barclays decreased their price target on shares of Beam Therapeutics from $31.00 to $25.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 7th. Two analysts have rated the stock with a hold rating, ten have given a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and an average 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.