Beam Therapeutics (NASDAQ:BEAM) Stock Price Down 6.9% - Here's Why

Key Points

• Beam Therapeutics shares fell 6.9% on Friday, trading as low as $32.64 before closing at $33.3530, with volume well below average.
• Despite the stock dip, analysts remain broadly positive: the consensus rating is Moderate Buy with an average price target of $46.85, though opinions vary from Buy to Sell.
• The company recently reported better-than-expected quarterly results, posting a smaller-than-expected loss and revenue of $31.74 million, up 323.2% year over year.

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report)'s share price fell 6.9% during trading on Friday . The stock traded as low as $32.64 and last traded at $33.3530. Approximately 380,978 shares were traded during mid-day trading, a decline of 82% from the average session volume of 2,113,020 shares. The stock had previously closed at $35.82.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on BEAM shares. Bank of America restated a "buy" rating and set a $47.00 target price on shares of Beam Therapeutics in a report on Wednesday. Tudor Pickering set a $39.00 price target on shares of Beam Therapeutics in a research report on Wednesday, May 13th. Sanford C. Bernstein dropped their price objective on shares of Beam Therapeutics from $40.00 to $39.00 and set an "outperform" rating for the company in a research note on Wednesday, May 13th. Citigroup lifted their price objective on Beam Therapeutics from $64.00 to $68.00 and gave the stock a "buy" rating in a research report on Thursday, March 26th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Beam Therapeutics in a report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $46.85.

Beam Therapeutics Price Performance

The company has a fifty day simple moving average of $31.65 and a two-hundred day simple moving average of $29.22. 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 company has a market capitalization of $3.37 billion, a price-to-earnings ratio of -47.85 and a beta of 2.18.

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

Insider Transactions at Beam Therapeutics

In other news, insider Fmr Llc sold 251,488 shares of the stock in a transaction on Friday, June 26th. The shares were sold at an average price of $35.26, for a total value of $8,867,466.88. Following the completion of the sale, the insider owned 854,583 shares of the company's stock, valued at $30,132,596.58. This represents a 22.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Beam Therapeutics

A number of institutional investors have recently added to or reduced their stakes in BEAM. Hollencrest Capital Management purchased a new stake in shares of Beam Therapeutics during the first quarter worth about $43,000. Bank Julius Baer & Co. Ltd Zurich purchased a new position in shares of Beam Therapeutics during the 4th quarter valued at approximately $47,000. Larson Financial Group LLC grew its position in shares of Beam Therapeutics by 4,370.5% during the third quarter. Larson Financial Group LLC now owns 1,967 shares of the company's stock worth $48,000 after buying an additional 1,923 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of Beam Therapeutics by 48.7% in the third quarter. Van ECK Associates Corp now owns 2,158 shares of the company's stock worth $52,000 after buying an additional 707 shares during the last quarter. Finally, Kestra Advisory Services LLC bought a new stake in shares of Beam Therapeutics in the fourth quarter worth $59,000. Institutional investors and hedge funds 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.

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