Beam Therapeutics (NASDAQ:BEAM) Stock Price Down 5.6% - Here's What Happened

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) shares dropped 5.6% during mid-day trading on Tuesday . The company traded as low as $20.30 and last traded at $19.98. Approximately 320,537 shares changed hands during trading, a decline of 79% from the average daily volume of 1,557,343 shares. The stock had previously closed at $21.17.

Wall Street Analyst Weigh In

BEAM has been the subject of a number of analyst reports. Barclays lowered their price objective on Beam Therapeutics from $31.00 to $25.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 7th. Wells Fargo & Company decreased their target price on Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating for the company in a research note on Wednesday, May 7th. HC Wainwright reaffirmed a "buy" rating and set a $80.00 target price on shares of Beam Therapeutics in a research note on Monday, April 7th. Bank of America raised Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 target price for the company in a research note on Friday, March 28th. Finally, Guggenheim decreased their target price on Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Two research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $48.75.

Beam Therapeutics Stock Up 1.5%

The stock has a 50 day simple moving average of $18.04 and a 200 day simple moving average of $21.55. The stock has a market cap of $2.09 billion, a price-to-earnings ratio of -4.50 and a beta of 2.07.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its earnings results 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 company had revenue of $7.47 million for the quarter, compared to analysts' expectations of $14.69 million. Beam Therapeutics had a negative net margin of 609.24% and a negative return on equity of 44.24%. The firm's quarterly revenue was up 1.4% on a year-over-year basis. During the same period in the previous year, the firm earned ($1.21) EPS. Equities analysts expect that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. GF Fund Management CO. LTD. purchased a new position in shares of Beam Therapeutics in the 4th quarter worth about $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 buying an additional 1,191 shares during the period. Sterling Capital Management LLC raised its stake in shares of Beam Therapeutics by 816.0% in the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company's stock valued at $60,000 after buying an additional 2,146 shares during the period. Amalgamated Bank raised its stake in shares of Beam Therapeutics by 20.4% during the 1st quarter. Amalgamated Bank now owns 3,153 shares of the company's stock valued at $62,000 after purchasing an additional 534 shares during the period. Finally, Caitong International Asset Management Co. Ltd bought a new stake in shares of Beam Therapeutics during the 1st quarter valued at $87,000. Hedge funds and other institutional investors own 99.68% of the company's stock.

Beam Therapeutics Company Profile

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.