Beam Therapeutics (NASDAQ:BEAM) Insider Amy Simon Sells 6,700 Shares of Stock

Key Points

• Amy Simon, an insider at Beam, sold 6,700 shares on April 1 at an average price of $24.58 (≈$164,686) under a pre-arranged Rule 10b5-1 plan to cover tax withholding from vested awards, leaving her with 102,735 shares (a 6.12% reduction).
• Beam reported a strong quarter with EPS of $2.33 (vs. -$1.13 consensus) and revenue of $114.11M (up ~280% YoY), though it still has negative net margin; analysts’ consensus is a Moderate Buy with an average price target of $49.36.

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) insider Amy Simon sold 6,700 shares of the business's stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total value of $164,686.00. Following the sale, the insider owned 102,735 shares in the company, valued at approximately $2,525,226.30. The trade was a 6.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Beam Therapeutics Trading Down 1.7%

Shares of BEAM traded down $0.43 during midday trading on Monday, hitting $24.23. The stock had a trading volume of 1,298,322 shares, compared to its average volume of 1,988,365. The business has a 50-day simple moving average of $26.65 and a two-hundred day simple moving average of $26.43. The firm has a market cap of $2.47 billion, a P/E ratio of -23.99 and a beta of 2.18. Beam Therapeutics Inc. has a fifty-two week low of $13.52 and a fifty-two week high of $36.44.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on BEAM shares. Canaccord Genuity Group initiated coverage on Beam Therapeutics in a report on Friday, February 20th. They issued a "buy" rating and a $74.00 target price for the company. Wall Street Zen upgraded Beam Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, February 28th. Weiss Ratings reissued a "sell (d-)" rating on shares of Beam Therapeutics in a research note on Wednesday, January 21st. Tudor Pickering set a $41.00 price objective on Beam Therapeutics in a research report on Wednesday, January 21st. Finally, UBS Group initiated coverage on Beam Therapeutics in a research note on Wednesday, January 7th. They set a "neutral" rating and a $28.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Beam Therapeutics presently has a consensus rating of "Moderate Buy" and an average price target of $49.36.

Institutional Investors Weigh In On Beam Therapeutics

A number of institutional investors have recently modified their holdings of BEAM. Squarepoint Ops LLC boosted its position in Beam Therapeutics by 468.3% during the second quarter. Squarepoint Ops LLC now owns 138,765 shares of the company's stock valued at $2,360,000 after purchasing an additional 114,349 shares during the last quarter. Privium Fund Management B.V. purchased a new stake in shares of Beam Therapeutics during the 3rd quarter worth about $1,480,000. Y Intercept Hong Kong Ltd acquired a new stake in shares of Beam Therapeutics during the 3rd quarter valued at about $1,059,000. SG Americas Securities LLC lifted its holdings in shares of Beam Therapeutics by 498.9% during the 3rd quarter. SG Americas Securities LLC now owns 43,220 shares of the company's stock valued at $1,049,000 after buying an additional 36,004 shares during the last quarter. Finally, Farallon Capital Management LLC grew its stake in shares of Beam Therapeutics by 0.5% in the 3rd quarter. Farallon Capital Management LLC now owns 10,063,111 shares of the company's stock valued at $244,232,000 after buying an additional 50,000 shares in the last quarter. Institutional investors and hedge funds own 99.68% of the company's stock.

About Beam Therapeutics

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.

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