Beam Therapeutics (NASDAQ:BEAM) CEO Sells $739,317.24 in Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) CEO John Evans sold 30,078 shares of the stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total value of $739,317.24. Following the completion of the transaction, the chief executive officer owned 1,047,205 shares in the company, valued at approximately $25,740,298.90. This represents a 2.79% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Beam Therapeutics Trading Down 1.7%

NASDAQ BEAM traded down $0.43 during mid-day trading on Monday, hitting $24.23. The company’s stock had a trading volume of 1,298,322 shares, compared to its average volume of 1,988,365. The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of -23.99 and a beta of 2.18. The company’s 50 day simple moving average is $26.65 and its 200 day simple moving average is $26.43. Beam Therapeutics Inc. has a twelve month low of $13.52 and a twelve month high of $36.44.

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

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on BEAM. Citigroup lifted their price target on Beam Therapeutics from $64.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, March 26th. Sanford C. Bernstein raised their target price on Beam Therapeutics from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Tuesday, January 20th. Canaccord Genuity Group initiated coverage on Beam Therapeutics in a research report on Friday, February 20th. They set a “buy” rating and a $74.00 target price on the stock. UBS Group assumed coverage on Beam Therapeutics in a report on Wednesday, January 7th. They set a “neutral” rating and a $28.00 price target for the company. Finally, Wall Street Zen raised Beam Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $49.36.

Institutional Investors Weigh In On Beam Therapeutics

A number of institutional investors have recently added to or reduced their stakes in BEAM. Bank Julius Baer & Co. Ltd Zurich bought a new position in shares of Beam Therapeutics during the 4th quarter worth approximately $47,000. Larson Financial Group LLC grew its holdings in shares of Beam Therapeutics by 4,370.5% in the third quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock valued at $48,000 after acquiring an additional 1,923 shares in the last quarter. Van ECK Associates Corp grew its holdings 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 valued at $52,000 after acquiring an additional 707 shares in the last quarter. Kestra Advisory Services LLC purchased a new stake in shares of Beam Therapeutics during the fourth quarter valued at approximately $59,000. Finally, Daiwa Securities Group Inc. lifted its holdings in Beam Therapeutics by 1,248.8% during the second quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company’s stock worth $65,000 after acquiring an additional 3,534 shares during the period. 99.68% of the stock is owned by institutional investors.

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.