Beam Therapeutics (NASDAQ:BEAM) Stock Price Down 2.7% - Should You Sell?

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report)'s share price was down 2.7% on Thursday . The stock traded as low as $15.36 and last traded at $16.42. Approximately 480,276 shares were traded during trading, a decline of 75% from the average daily volume of 1,948,351 shares. The stock had previously closed at $16.88.

Wall Street Analysts Forecast Growth

BEAM has been the subject of a number of recent research reports. Cantor Fitzgerald reiterated an "overweight" rating on shares of Beam Therapeutics in a research note on Wednesday, March 12th. Wells Fargo & Company dropped their price target on shares of Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating for the company in a research report on Wednesday, May 7th. Scotiabank upgraded shares of Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 price objective on the stock in a research report on Monday, March 10th. Guggenheim lowered their target price on shares of Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Finally, Barclays cut their price target on Beam Therapeutics from $31.00 to $25.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 7th. Two investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $48.75.

Beam Therapeutics Price Performance

The business has a 50-day moving average of $17.74 and a 200 day moving average of $23.55. The company has a market capitalization of $1.63 billion, a PE ratio of -9.20 and a beta of 2.35.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.11) by ($0.13). The firm had revenue of $7.47 million for the quarter, compared to analysts' expectations of $14.69 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The firm's revenue was up 1.4% on a year-over-year basis. During the same period last year, the company earned ($1.21) earnings per share. As a group, research analysts anticipate that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Insider Buying and Selling

In related news, CEO John M. Evans sold 30,663 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $562,666.05. Following the completion of the transaction, the chief executive officer now owns 986,249 shares of the company's stock, valued at approximately $18,097,669.15. This trade represents a 3.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christine Bellon sold 5,674 shares of Beam Therapeutics stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total value of $104,117.90. Following the completion of the transaction, the insider now owns 117,294 shares of the company's stock, valued at approximately $2,152,344.90. This represents a 4.61% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,771 shares of company stock worth $803,198. Insiders own 4.20% of the company's stock.

Institutional Investors Weigh In On Beam Therapeutics

Several institutional investors have recently modified their holdings of the stock. Wealthfront Advisers LLC purchased a new stake in Beam Therapeutics during the 4th quarter valued at $41,000. GF Fund Management CO. LTD. bought a new position in Beam Therapeutics during the fourth quarter valued at $43,000. CWM LLC raised its stake in shares of Beam Therapeutics by 79.8% in the first quarter. CWM LLC now owns 2,684 shares of the company's stock valued at $52,000 after acquiring an additional 1,191 shares during the period. Sterling Capital Management LLC lifted its holdings in shares of Beam Therapeutics by 816.0% in the 4th quarter. Sterling Capital Management LLC now owns 2,409 shares of the company's stock worth $60,000 after acquiring an additional 2,146 shares during the last quarter. Finally, Amalgamated Bank lifted its holdings in shares of Beam Therapeutics by 20.4% in the 1st quarter. Amalgamated Bank now owns 3,153 shares of the company's stock worth $62,000 after acquiring an additional 534 shares during the last quarter. 99.68% of the stock is owned by 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.