Beam Therapeutics (NASDAQ:BEAM) Shares Gap Down – Here’s Why

Beam Therapeutics Inc. (NASDAQ:BEAM)’s share price gapped down prior to trading on Tuesday . The stock had previously closed at $29.66, but opened at $26.76. Beam Therapeutics shares last traded at $25.9410, with a volume of 1,313,116 shares traded.

Analyst Upgrades and Downgrades

BEAM has been the topic of several research analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research note on Tuesday, August 25th. Sanford C. Bernstein dropped their target price 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. Bank of America restated a “buy” rating and issued a $47.00 price target on shares of Beam Therapeutics in a report on Wednesday, July 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Friday, July 17th. Finally, Tudor Pickering set a $39.00 price objective on shares of Beam Therapeutics in a research note on Wednesday, May 13th. Ten analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $49.00.

Beam Therapeutics Stock Performance

The stock has a 50 day simple moving average of $29.24 and a 200 day simple moving average of $28.97. The company has a quick ratio of 14.57, a current ratio of 14.57 and a debt-to-equity ratio of 0.09. The company has a market cap of $2.68 billion, a price-to-earnings ratio of -30.15 and a beta of 2.22.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Tuesday, August 4th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.07). The company had revenue of $0.49 million during the quarter, compared to analyst estimates of $16.37 million. Beam Therapeutics had a negative net margin of 54.75% and a negative return on equity of 30.71%. Beam Therapeutics’s quarterly revenue was down 94.2% compared to the same quarter last year. During the same quarter last year, the business posted ($1.00) EPS. As a group, analysts predict that Beam Therapeutics Inc. will post -4.49 EPS for the current year.

Insider Activity at Beam Therapeutics

In other news, insider Fmr Llc sold 251,488 shares of Beam Therapeutics stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $35.26, for a total transaction of $8,867,466.88. Following the sale, the insider owned 854,583 shares in the company, valued at $30,132,596.58. This trade represents a 22.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Amy Simon sold 16,667 shares of the business’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $25.74, for a total transaction of $429,008.58. Following the transaction, the insider directly owned 85,696 shares in the company, valued at approximately $2,205,815.04. The trade was a 16.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 301,527 shares of company stock valued at $10,468,500 in the last ninety days. 3.80% of the stock is owned by corporate insiders.

Institutional Trading of Beam Therapeutics

Several large investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Beam Therapeutics in the second quarter worth about $43,000. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in Beam Therapeutics during the 4th quarter valued at approximately $47,000. Hollencrest Capital Management acquired a new stake in Beam Therapeutics during the 1st quarter valued at approximately $43,000. Larson Financial Group LLC grew its stake in Beam Therapeutics by 4,370.5% during the 3rd quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock valued at $48,000 after purchasing an additional 1,923 shares in the last quarter. Finally, Kestra Advisory Services LLC purchased a new stake in Beam Therapeutics during the 4th quarter worth approximately $59,000. 99.68% of the stock is currently 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.