Beam Therapeutics (NASDAQ:BEAM) Stock Price Down 6.2% - Here's What Happened

Key Points

• Beam Therapeutics shares fell 6.2% to about $27.26 in midday trading, while volume was 82% below the stock’s average daily volume.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $49.00, despite mixed individual ratings and target reductions.
• The company reported a quarterly EPS loss of $1.18 versus the expected $1.11 loss, while revenue of $0.49 million missed estimates of $16.37 million and declined 94.2% year over year.

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report)'s share price fell 6.2% on Thursday . The stock traded as low as $27.36 and last traded at $27.2560. 367,105 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 2,074,887 shares. The stock had previously closed at $29.07.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on BEAM shares. Sanford C. Bernstein lowered their target price on Beam Therapeutics from $40.00 to $39.00 and set an "outperform" rating on the stock in a report on Wednesday, May 13th. Wall Street Zen downgraded shares of Beam Therapeutics from a "sell" rating to a "strong sell" rating in a report on Sunday. Bank of America restated a "buy" rating and set a $47.00 price objective on shares of Beam Therapeutics in a research report on Wednesday, July 8th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Beam Therapeutics in a research note on Friday, July 17th. Finally, Tudor Pickering set a $39.00 target price on shares of Beam Therapeutics in a report on Wednesday, May 13th. Ten analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $49.00.

Beam Therapeutics Price Performance

The company has a market cap of $2.95 billion, a price-to-earnings ratio of -33.21 and a beta of 2.23. The company has a current ratio of 14.57, a quick ratio of 14.57 and a debt-to-equity ratio of 0.09. The business has a 50-day moving average price of $30.12 and a 200 day moving average price of $28.74.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.11) by ($0.07). The company had revenue of $0.49 million during the quarter, compared to analyst estimates of $16.37 million. Beam Therapeutics had a negative return on equity of 30.71% and a negative net margin of 54.75%.The business's revenue was down 94.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($1.00) earnings per share. As a group, research analysts expect that Beam Therapeutics Inc. will post -4.49 earnings per share for the current fiscal year.

Insider Transactions at Beam Therapeutics

In other news, insider Amy Simon sold 16,667 shares of the business's stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $25.74, for a total transaction of $429,008.58. Following the sale, the insider owned 85,696 shares in the company, valued at $2,205,815.04. The trade was a 16.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Fmr Llc sold 251,488 shares of the company's stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $35.26, for a total transaction of $8,867,466.88. Following the completion of the sale, the insider owned 854,583 shares of the company's stock, valued at approximately $30,132,596.58. This trade represents a 22.74% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 301,527 shares of company stock worth $10,468,500 in the last three months. 3.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Beam Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Susquehanna Fundamental Investments LLC acquired a new stake in Beam Therapeutics during the 2nd quarter valued at $535,000. Two Sigma Securities LLC boosted its position in shares of Beam Therapeutics by 33.9% in the second quarter. Two Sigma Securities LLC now owns 13,700 shares of the company's stock worth $470,000 after buying an additional 3,470 shares during the period. Northwestern Mutual Wealth Management Co. boosted its position in shares of Beam Therapeutics by 1,372.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,252 shares of the company's stock worth $43,000 after buying an additional 1,167 shares during the period. Chapin Davis Inc. purchased a new position in shares of Beam Therapeutics during the second quarter valued at $206,000. Finally, Seven Fleet Capital Management LP purchased a new position in shares of Beam Therapeutics during the second quarter valued at $302,153,000. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source