Beam Therapeutics (NASDAQ:BEAM) Stock Price Down 7.6% – Time to Sell?

Beam Therapeutics Inc. (NASDAQ:BEAM) shares were down 7.6% during mid-day trading on Friday . The stock traded as low as $31.72 and last traded at $31.65. Approximately 777,645 shares changed hands during trading, a decline of 65% from the average daily volume of 2,243,223 shares. The stock had previously closed at $34.26.

Wall Street Analysts Forecast Growth

BEAM has been the subject of several recent research reports. UBS Group initiated coverage on Beam Therapeutics in a research report on Wednesday, January 7th. They issued a “neutral” rating and a $28.00 price objective for the company. Wall Street Zen cut shares of Beam Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday, January 11th. Jefferies Financial Group initiated coverage on shares of Beam Therapeutics in a research report on Thursday, October 9th. They issued a “buy” rating and a $41.00 price objective on the stock. Sanford C. Bernstein raised 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. Finally, HC Wainwright reiterated a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research report on Friday, October 10th. 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $43.80.

Beam Therapeutics Trading Down 7.9%

The stock has a market cap of $3.20 billion, a PE ratio of -7.12 and a beta of 2.07. The business has a fifty day simple moving average of $27.44 and a two-hundred day simple moving average of $23.76.

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

Insider Activity at Beam Therapeutics

In other news, insider Christine Bellon sold 18,629 shares of the company’s stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $34.61, for a total value of $644,749.69. Following the sale, the insider directly owned 97,038 shares of the company’s stock, valued at $3,358,485.18. This represents a 16.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 3.50% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Allworth Financial LP grew its stake in shares of Beam Therapeutics by 7,080.0% in the 2nd quarter. Allworth Financial LP now owns 2,513 shares of the company’s stock worth $43,000 after buying an additional 2,478 shares during the last quarter. Larson Financial Group LLC raised its position in shares of Beam Therapeutics by 4,370.5% in the 3rd quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock worth $48,000 after purchasing an additional 1,923 shares during the last quarter. Van ECK Associates Corp raised its position in shares of Beam Therapeutics by 48.7% in the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock worth $52,000 after purchasing an additional 707 shares during the last quarter. Daiwa Securities Group Inc. boosted its stake in Beam Therapeutics by 1,248.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company’s stock worth $65,000 after purchasing an additional 3,534 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in Beam Therapeutics by 43.4% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,884 shares of the company’s stock valued at $66,000 after purchasing an additional 1,175 shares during the last quarter. Institutional investors own 99.68% of the company’s stock.

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.