Insider Selling: Beam Therapeutics (NASDAQ:BEAM) CEO Sells 25,000 Shares of Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) CEO John Evans sold 25,000 shares of Beam Therapeutics stock in a transaction dated Monday, March 30th. The shares were sold at an average price of $22.37, for a total value of $559,250.00. Following the sale, the chief executive officer directly owned 986,667 shares in the company, valued at $22,071,740.79. The trade was a 2.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Beam Therapeutics Stock Performance

Shares of Beam Therapeutics stock traded up $0.54 on Thursday, hitting $24.76. The stock had a trading volume of 412,349 shares, compared to its average volume of 1,973,888. The stock has a 50 day moving average of $26.98 and a 200 day moving average of $26.37. Beam Therapeutics Inc. has a twelve month low of $13.52 and a twelve month high of $36.44. The firm has a market capitalization of $2.52 billion, a P/E ratio of -24.56 and a beta of 2.12.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Tuesday, February 24th. The company reported $2.33 EPS for the quarter, topping the consensus estimate of ($1.13) by $3.46. Beam Therapeutics had a negative net margin of 57.24% and a negative return on equity of 30.65%. The business had revenue of $114.11 million for the quarter, compared to the consensus estimate of $13.22 million. During the same period last year, the company earned ($1.09) EPS. The firm’s revenue was up 280.3% compared to the same quarter last year. Equities analysts expect that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Institutional Investors Weigh In On Beam Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. ARK Investment Management LLC raised its holdings in shares of Beam Therapeutics by 12.9% in the 4th quarter. ARK Investment Management LLC now owns 12,467,189 shares of the company’s stock worth $345,590,000 after acquiring an additional 1,428,355 shares during the last quarter. Farallon Capital Management LLC increased its holdings in Beam Therapeutics by 0.5% during the 3rd quarter. Farallon Capital Management LLC now owns 10,063,111 shares of the company’s stock worth $244,232,000 after purchasing an additional 50,000 shares in the last quarter. State Street Corp raised its stake in shares of Beam Therapeutics by 30.4% in the fourth quarter. State Street Corp now owns 5,228,529 shares of the company’s stock worth $144,935,000 after purchasing an additional 1,219,871 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Beam Therapeutics by 2.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,830,738 shares of the company’s stock worth $117,242,000 after purchasing an additional 101,294 shares during the last quarter. Finally, Amova Asset Management Americas Inc. lifted its holdings in shares of Beam Therapeutics by 2.2% in the third quarter. Amova Asset Management Americas Inc. now owns 4,830,738 shares of the company’s stock valued at $117,242,000 after purchasing an additional 103,939 shares in the last quarter. 99.68% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

BEAM has been the topic of several analyst reports. Canaccord Genuity Group assumed coverage on Beam Therapeutics in a report on Friday, February 20th. They issued a “buy” rating and a $74.00 price objective for the company. Sanford C. Bernstein lifted their target price on Beam Therapeutics from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Tuesday, January 20th. Citigroup upped their price target on Beam Therapeutics from $64.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, March 26th. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Wednesday, January 21st. Finally, Wall Street Zen raised Beam Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Beam Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $49.36.

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.