Beam Therapeutics (NASDAQ:BEAM) CEO John Evans Sells 30,078 Shares

Beam Therapeutics Inc. (NASDAQ:BEAM) CEO John Evans sold 30,078 shares of Beam Therapeutics stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $24.58, for a total transaction of $739,317.24. Following the completion of the sale, the chief executive officer owned 1,047,205 shares of the company’s stock, valued at $25,740,298.90. This trade represents a 2.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed 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 Stock Performance

Beam Therapeutics stock opened at $24.23 on Tuesday. Beam Therapeutics Inc. has a fifty-two week low of $13.52 and a fifty-two week high of $36.44. The firm has a 50 day moving average price of $26.51 and a 200 day moving average price of $26.43. The company has a market capitalization of $2.47 billion, a PE ratio of -23.99 and a beta of 2.18.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Tuesday, February 24th. The company reported $2.33 earnings per share for the quarter, beating the consensus estimate of ($1.13) by $3.46. Beam Therapeutics had a negative net margin of 57.24% and a negative return on equity of 30.65%. The firm had revenue of $114.11 million during the quarter, compared to the consensus estimate of $13.22 million. During the same quarter last year, the firm earned ($1.09) EPS. The firm’s revenue for the quarter was up 280.3% on a year-over-year basis. As a group, equities research analysts forecast that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Hedge Funds Weigh In On Beam Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of BEAM. Purpose Unlimited Inc. purchased a new stake in Beam Therapeutics in the fourth quarter valued at $80,000. Invesco Ltd. lifted its position in Beam Therapeutics by 20.5% in the fourth quarter. Invesco Ltd. now owns 213,185 shares of the company’s stock valued at $5,909,000 after acquiring an additional 36,321 shares during the last quarter. Axxcess Wealth Management LLC purchased a new stake in Beam Therapeutics in the fourth quarter valued at $212,000. XTX Topco Ltd purchased a new stake in shares of Beam Therapeutics in the fourth quarter valued at about $426,000. Finally, Virtus Investment Advisers LLC raised its holdings in shares of Beam Therapeutics by 49.0% in the fourth quarter. Virtus Investment Advisers LLC now owns 9,724 shares of the company’s stock valued at $270,000 after buying an additional 3,200 shares during the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Wednesday, January 21st. Wedbush boosted their price target on shares of Beam Therapeutics from $57.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 25th. Citigroup boosted their price target 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. Tudor Pickering set a $41.00 price target on shares of Beam Therapeutics in a research note on Wednesday, January 21st. Finally, Sanford C. Bernstein boosted their price target on shares of Beam Therapeutics from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Beam Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $49.36.

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.