Beam Therapeutics (NASDAQ:BEAM) Insider Sells $1,172,024.64 in Stock

Key Points

• Beam Therapeutics insider Fmr LLC sold shares worth about $1.17 million on June 25 at an average price of $35.12, trimming its ownership by 2.93%. The firm also sold an additional 251,488 shares the next day for about $8.87 million.
• BEAM stock was slightly higher in Monday trading, rising 0.4% to $34.96, near its 52-week high of $36.88. The company has a market cap of about $3.6 billion and a very strong current and quick ratio of 16.99.
• Recent earnings beat expectations as Beam reported a smaller-than-expected loss of $0.91 per share on revenue of $31.74 million, well above analyst estimates. Analysts currently rate the stock a Moderate Buy with an average price target of $46.83.

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) insider Fmr Llc sold 33,372 shares of the business's stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $35.12, for a total value of $1,172,024.64. Following the completion of the sale, the insider owned 1,106,071 shares in the company, valued at approximately $38,845,213.52. This trade represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Fmr Llc also recently made the following trade(s):

• On Friday, June 26th, Fmr Llc sold 251,488 shares of Beam Therapeutics stock. The stock was sold at an average price of $35.26, for a total value of $8,867,466.88.

Beam Therapeutics Stock Up 0.4%

Beam Therapeutics stock traded up $0.15 during midday trading on Monday, reaching $34.96. The stock had a trading volume of 1,957,098 shares, compared to its average volume of 2,084,441. Beam Therapeutics Inc. has a 1-year low of $15.60 and a 1-year high of $36.88. The company has a debt-to-equity ratio of 0.09, a quick ratio of 16.99 and a current ratio of 16.99. The firm's fifty day simple moving average is $30.73 and its 200-day simple moving average is $28.67. The stock has a market capitalization of $3.60 billion, a P/E ratio of -51.41 and a beta of 2.25.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.91) earnings per share for the quarter, topping the consensus estimate of ($1.03) by $0.12. Beam Therapeutics had a negative net margin of 39.66% and a negative return on equity of 29.00%. The company had revenue of $31.74 million during the quarter, compared to analysts' expectations of $10.98 million. During the same period last year, the business earned ($1.23) EPS. The business's quarterly revenue was up 323.2% on a year-over-year basis. As a group, analysts expect that Beam Therapeutics Inc. will post -4.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on BEAM shares. Sanford C. Bernstein cut their price target on shares of Beam Therapeutics from $40.00 to $39.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 13th. HC Wainwright reaffirmed a "buy" rating and issued a $80.00 target price on shares of Beam Therapeutics in a research report on Thursday, May 21st. Weiss Ratings reiterated a "sell (d-)" rating on shares of Beam Therapeutics in a report on Monday, April 20th. Tudor Pickering set a $39.00 price target on Beam Therapeutics in a research report on Wednesday, May 13th. Finally, Citigroup boosted their price target on Beam Therapeutics from $64.00 to $68.00 and gave the stock a "buy" rating in a research report on Thursday, March 26th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $46.83.

Institutional Investors Weigh In On Beam Therapeutics

A number of institutional investors have recently made changes to their positions in the company. ARK Investment Management LLC grew its holdings in Beam Therapeutics by 12.9% in the 4th quarter. ARK Investment Management LLC now owns 12,467,189 shares of the company's stock valued at $345,590,000 after buying an additional 1,428,355 shares in the last quarter. Farallon Capital Management LLC raised its position 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. State Street Corp lifted its stake in Beam Therapeutics by 30.4% during the fourth quarter. State Street Corp now owns 5,228,529 shares of the company's stock worth $144,935,000 after purchasing an additional 1,219,871 shares during the last quarter. Amova Asset Management Americas Inc. boosted its stake in Beam Therapeutics by 2.2% in the third quarter. Amova Asset Management Americas Inc. now owns 4,830,738 shares of the company's stock valued at $117,242,000 after buying an additional 103,939 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Beam Therapeutics by 20.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,730,282 shares of the company's stock valued at $75,684,000 after purchasing an additional 467,133 shares in the last quarter. Institutional investors own 99.68% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.