Beam Therapeutics (NASDAQ:BEAM) Insider Amy Simon Sells 6,700 Shares

Beam Therapeutics Inc. (NASDAQ:BEAM) insider Amy Simon sold 6,700 shares of the business’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $24.58, for a total transaction of $164,686.00. Following the transaction, the insider directly owned 102,735 shares of the company’s stock, valued at $2,525,226.30. The trade was a 6.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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 Down 1.7%

Beam Therapeutics stock opened at $24.23 on Tuesday. The firm has a 50-day moving average price of $26.51 and a two-hundred day moving average price of $26.43. The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of -23.99 and a beta of 2.18. Beam Therapeutics Inc. has a 52-week low of $13.52 and a 52-week high of $36.44.

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

Institutional Trading of Beam Therapeutics

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

Analysts Set New Price Targets

BEAM has been the subject of a number of analyst reports. Sanford C. Bernstein boosted their price target on Beam Therapeutics from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 20th. Citigroup boosted their price target on Beam Therapeutics from $64.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, March 26th. Wedbush boosted their price target on Beam Therapeutics from $57.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 25th. UBS Group began coverage on shares of Beam Therapeutics in a report on Wednesday, January 7th. They issued a “neutral” rating and a $28.00 price objective for the company. Finally, Wall Street Zen upgraded shares of Beam Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target 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.