Beam Therapeutics (NASDAQ:BEAM) Shares Down 4.5% - Here's What Happened

Key Points

• Beam Therapeutics' shares fell 4.5% during mid-day trading, closing at $25.13, following a decline in trading volume by 19% from its average.
• Analysts remain optimistic, with a consensus rating of "Moderate Buy" and a price target averaging $45.91 despite some price target reductions by firms like Barclays.
• In their latest earnings report, the company reported a loss of ($1.00) EPS, which beat expectations but also showed a 28% drop in revenue year-over-year.

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report)'s share price fell 4.5% during mid-day trading on Monday . The stock traded as low as $24.95 and last traded at $25.13. 1,776,116 shares traded hands during trading, a decline of 19% from the average session volume of 2,200,646 shares. The stock had previously closed at $26.32.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on BEAM shares. HC Wainwright reissued a "buy" rating and set a $80.00 price target on shares of Beam Therapeutics in a research note on Friday. Jefferies Financial Group started coverage on Beam Therapeutics in a research note on Thursday. They set a "buy" rating and a $41.00 price target on the stock. Cantor Fitzgerald raised Beam Therapeutics to a "strong-buy" rating in a research note on Monday, July 21st. Barclays decreased their target price on shares of Beam Therapeutics from $25.00 to $21.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 6th. Finally, Wall Street Zen cut shares of Beam Therapeutics from a "hold" rating to a "sell" rating in a research report on Sunday, September 14th. Three analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $45.91.

Beam Therapeutics Stock Performance

The stock has a market capitalization of $2.58 billion, a price-to-earnings ratio of -5.69 and a beta of 2.25. The firm has a fifty day moving average of $20.54 and a 200-day moving average of $19.02.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported ($1.00) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.04) by $0.04. Beam Therapeutics had a negative return on equity of 43.15% and a negative net margin of 661.31%.The firm had revenue of $8.47 million during the quarter, compared to the consensus estimate of $13.29 million. During the same period in the prior year, the firm earned ($1.11) EPS. The firm's quarterly revenue was down 28.0% compared to the same quarter last year. On average, analysts predict that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Insider Transactions at Beam Therapeutics

In related news, insider Fmr Llc sold 48,374 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $20.50, for a total value of $991,667.00. Following the completion of the sale, the insider directly owned 2,073,665 shares in the company, valued at approximately $42,510,132.50. This represents a 2.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.50% of the company's stock.

Hedge Funds Weigh In On Beam Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BEAM. Allworth Financial LP boosted its position in Beam Therapeutics by 7,080.0% in the 2nd quarter. Allworth Financial LP now owns 2,513 shares of the company's stock valued at $43,000 after buying an additional 2,478 shares during the last quarter. CWM LLC lifted its position in shares of Beam Therapeutics by 79.8% during the first quarter. CWM LLC now owns 2,684 shares of the company's stock worth $52,000 after purchasing an additional 1,191 shares during the last quarter. Amalgamated Bank lifted its position in shares of Beam Therapeutics by 20.4% during the first quarter. Amalgamated Bank now owns 3,153 shares of the company's stock worth $62,000 after purchasing an additional 534 shares during the last quarter. Daiwa Securities Group Inc. lifted its position in shares of Beam Therapeutics by 1,248.8% during the second quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company's stock worth $65,000 after purchasing an additional 3,534 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Beam Therapeutics by 43.4% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,884 shares of the company's stock worth $66,000 after purchasing an additional 1,175 shares during the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

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.

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