Insider Selling: Beam Therapeutics (NASDAQ:BEAM) President Sells $290,289.80 in Stock

Beam Therapeutics Inc. (NASDAQ:BEAM) President Giuseppe Ciaramella sold 11,810 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $24.58, for a total value of $290,289.80. Following the completion of the sale, the president owned 218,406 shares in the company, valued at approximately $5,368,419.48. This represents a 5.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 Price Performance

BEAM traded down $0.43 during trading on Monday, reaching $24.23. 1,298,322 shares of the company’s stock were exchanged, compared to its average volume of 1,988,365. Beam Therapeutics Inc. has a 1 year low of $13.52 and a 1 year high of $36.44. The company’s fifty day simple moving average is $26.65 and its 200-day simple moving average is $26.43. The stock has a market capitalization of $2.47 billion, a P/E ratio of -23.99 and a beta of 2.18.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings data on Tuesday, February 24th. The company reported $2.33 EPS for the quarter, beating the consensus estimate of ($1.13) by $3.46. The business had revenue of $114.11 million for the quarter, compared to the consensus estimate 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 revenue for the quarter was up 280.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.09) EPS. Equities analysts forecast that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Hedge Funds Weigh In On Beam Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of BEAM. CWM LLC raised its holdings in Beam Therapeutics by 15.4% in the 4th quarter. CWM LLC now owns 2,466 shares of the company’s stock worth $68,000 after purchasing an additional 329 shares during the period. Wealth Effects LLC increased its position in shares of Beam Therapeutics by 4.3% in the fourth quarter. Wealth Effects LLC now owns 9,600 shares of the company’s stock valued at $266,000 after buying an additional 400 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Beam Therapeutics by 2.6% in the fourth quarter. Franklin Resources Inc. now owns 21,948 shares of the company’s stock valued at $608,000 after buying an additional 566 shares in the last quarter. Arizona State Retirement System raised its stake in shares of Beam Therapeutics by 2.2% during the 3rd quarter. Arizona State Retirement System now owns 26,771 shares of the company’s stock worth $650,000 after buying an additional 580 shares during the period. Finally, Van ECK Associates Corp lifted its position in shares of Beam Therapeutics by 48.7% during the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock valued at $52,000 after buying an additional 707 shares in the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Analysts Set New Price Targets

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

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.