Beam Therapeutics (NASDAQ:BEAM) Insider Sells $8,867,466.88 in Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) insider Fmr Llc sold 251,488 shares of the stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $35.26, for a total value of $8,867,466.88. Following the completion of the transaction, the insider owned 854,583 shares of the company’s stock, valued at $30,132,596.58. The trade was a 22.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Fmr Llc also recently made the following trade(s):

• On Thursday, June 25th, Fmr Llc sold 33,372 shares of Beam Therapeutics stock. The stock was sold at an average price of $35.12, for a total value of $1,172,024.64.

Beam Therapeutics Price Performance

NASDAQ:BEAM opened at $33.48 on Thursday. Beam Therapeutics Inc. has a 52 week low of $15.60 and a 52 week high of $36.88. The stock’s fifty day moving average is $30.93 and its two-hundred day moving average is $28.82. The company has a market capitalization of $3.44 billion, a P/E ratio of -49.23 and a beta of 2.18. The company has a quick ratio of 16.99, a current ratio of 16.99 and a debt-to-equity ratio of 0.09.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.91) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.12. The business had revenue of $31.74 million during the quarter, compared to analysts’ expectations of $10.98 million. Beam Therapeutics had a negative return on equity of 29.00% and a negative net margin of 39.66%.The company’s revenue was up 323.2% compared to the same quarter last year. During the same period in the prior year, the business posted ($1.23) EPS. Equities analysts expect that Beam Therapeutics Inc. will post -4.16 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on BEAM. Sanford C. Bernstein dropped their price target on shares of Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a report on Monday, April 20th. HC Wainwright reaffirmed a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research report on Thursday, May 21st. Citigroup lifted their target price on shares of Beam Therapeutics from $64.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, March 26th. Finally, Tudor Pickering set a $39.00 target price on Beam Therapeutics in a research report on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Beam Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $46.83.

Hedge Funds Weigh In On Beam Therapeutics

Several institutional investors have recently bought and sold shares of BEAM. ARK Investment Management LLC lifted its position in shares of Beam Therapeutics by 24.8% during the third quarter. ARK Investment Management LLC now owns 11,038,834 shares of the company’s stock worth $267,913,000 after purchasing an additional 2,190,993 shares in the last quarter. Contrarius Group Holdings Ltd acquired a new position in shares of Beam Therapeutics in the third quarter valued at approximately $37,212,000. ADAR1 Capital Management LLC acquired a new position in shares of Beam Therapeutics in the first quarter valued at approximately $34,467,000. MWG Caph Ltd purchased a new stake in Beam Therapeutics during the 4th quarter worth approximately $35,119,000. Finally, State Street Corp increased its stake in Beam Therapeutics by 30.4% during the 4th quarter. State Street Corp now owns 5,228,529 shares of the company’s stock worth $144,935,000 after buying an additional 1,219,871 shares during the period. 99.68% of the stock is owned by institutional investors and hedge funds.

About Beam Therapeutics

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.