Beam Therapeutics (NASDAQ:BEAM) Insider Sells $644,749.69 in Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) insider Christine Bellon sold 18,629 shares of Beam Therapeutics stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $34.61, for a total transaction of $644,749.69. Following the sale, the insider directly owned 97,038 shares in the company, valued at $3,358,485.18. This trade represents a 16.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Beam Therapeutics Stock Up 10.1%

Shares of BEAM stock opened at $34.26 on Friday. Beam Therapeutics Inc. has a twelve month low of $13.52 and a twelve month high of $36.44. The stock’s fifty day simple moving average is $27.25 and its 200 day simple moving average is $23.65. The firm has a market capitalization of $3.48 billion, a P/E ratio of -7.73 and a beta of 2.07.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Tuesday, November 4th. The company reported ($1.10) EPS for the quarter, missing the consensus estimate of ($0.98) by ($0.12). Beam Therapeutics had a negative net margin of 744.41% and a negative return on equity of 42.86%. The firm had revenue of $9.70 million during the quarter, compared to the consensus estimate of $12.83 million. During the same quarter in the prior year, the business posted ($1.17) earnings per share. Beam Therapeutics’s revenue for the quarter was down 32.2% compared to the same quarter last year. As a group, equities research analysts expect that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Wednesday, October 8th. Sanford C. Bernstein boosted their price objective on shares of Beam Therapeutics from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Tuesday. Benchmark restated a “speculative buy” rating on shares of Beam Therapeutics in a report on Monday, November 17th. Wall Street Zen lowered Beam Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday, January 11th. Finally, Jefferies Financial Group began coverage on Beam Therapeutics in a report on Thursday, October 9th. They set a “buy” rating and a $41.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $43.80.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Palumbo Wealth Management LLC acquired a new stake in Beam Therapeutics during the fourth quarter worth approximately $628,000. SteelPeak Wealth LLC acquired a new position in Beam Therapeutics in the fourth quarter valued at approximately $451,000. DLK Investment Management LLC bought a new position in shares of Beam Therapeutics during the 4th quarter worth approximately $225,000. Synergy Asset Management LLC boosted its holdings in shares of Beam Therapeutics by 57.5% during the 4th quarter. Synergy Asset Management LLC now owns 18,826 shares of the company’s stock worth $522,000 after buying an additional 6,874 shares in the last quarter. Finally, Thrive Wealth Management LLC acquired a new stake in shares of Beam Therapeutics during the 4th quarter worth approximately $235,000. 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.