Beam Therapeutics (NASDAQ:BEAM) Shares Down 6.6%

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) dropped 6.6% on Thursday . The stock traded as low as $20.84 and last traded at $21.23. Approximately 468,916 shares were traded during trading, a decline of 67% from the average daily volume of 1,435,909 shares. The stock had previously closed at $22.74.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on BEAM shares. TheStreet upgraded Beam Therapeutics from a "d" rating to a "c-" rating in a research note on Monday, March 11th. Barclays boosted their price target on shares of Beam Therapeutics from $26.00 to $42.00 and gave the stock an "equal weight" rating in a report on Wednesday, February 28th. BMO Capital Markets restated an "outperform" rating and issued a $57.00 price objective on shares of Beam Therapeutics in a report on Wednesday, March 27th. Wedbush reiterated an "outperform" rating and set a $57.00 target price on shares of Beam Therapeutics in a research note on Tuesday. Finally, JPMorgan Chase & Co. raised Beam Therapeutics from a "neutral" rating to an "overweight" rating and increased their target price for the company from $38.00 to $40.00 in a report on Monday, January 29th. Eight research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $41.00.

Beam Therapeutics Trading Down 5.0 %

The company has a fifty day moving average price of $32.50 and a two-hundred day moving average price of $28.09. The firm has a market capitalization of $1.78 billion, a PE ratio of -11.41 and a beta of 1.77.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings data on Tuesday, February 27th. The company reported $1.73 earnings per share for the quarter, beating analysts' consensus estimates of ($0.69) by $2.42. The company had revenue of $316.20 million during the quarter, compared to analysts' expectations of $34.16 million. Beam Therapeutics had a negative return on equity of 15.90% and a negative net margin of 35.09%. The firm's revenue for the quarter was up 1481.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.54) earnings per share. As a group, equities research analysts predict that Beam Therapeutics Inc. will post -5.53 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO John M. Evans sold 60,000 shares of the firm's stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $25.33, for a total transaction of $1,519,800.00. Following the transaction, the chief executive officer now owns 1,058,262 shares of the company's stock, valued at $26,805,776.46. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other Beam Therapeutics news, insider Fmr Llc sold 1,565 shares of the business's stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $30.76, for a total value of $48,139.40. Following the transaction, the insider now directly owns 2,771,913 shares of the company's stock, valued at approximately $85,264,043.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John M. Evans sold 60,000 shares of the company's stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $25.33, for a total transaction of $1,519,800.00. Following the transaction, the chief executive officer now owns 1,058,262 shares of the company's stock, valued at approximately $26,805,776.46. The disclosure for this sale can be found here. In the last three months, insiders have sold 156,804 shares of company stock valued at $4,731,669. Insiders own 4.40% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new stake in Beam Therapeutics in the 3rd quarter valued at approximately $363,000. Harbor Capital Advisors Inc. lifted its holdings in shares of Beam Therapeutics by 18.4% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 30,913 shares of the company's stock valued at $743,000 after buying an additional 4,794 shares during the period. Commonwealth Equity Services LLC boosted its stake in shares of Beam Therapeutics by 11.7% in the third quarter. Commonwealth Equity Services LLC now owns 9,812 shares of the company's stock valued at $236,000 after buying an additional 1,030 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Beam Therapeutics by 2.5% during the third quarter. Bank of New York Mellon Corp now owns 493,916 shares of the company's stock worth $11,879,000 after acquiring an additional 12,060 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Beam Therapeutics by 15.0% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,907 shares of the company's stock worth $286,000 after acquiring an additional 1,549 shares in the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.