Beam Therapeutics (NASDAQ:BEAM) President Giuseppe Ciaramella Sells 11,810 Shares

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 stock was sold at an average price of $24.58, for a total transaction of $290,289.80. Following the completion of the transaction, the president owned 218,406 shares in the company, valued at approximately $5,368,419.48. This represents a 5.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible 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

Shares of BEAM stock opened at $24.23 on Tuesday. The firm’s 50 day moving average price is $26.51 and its 200-day moving average price is $26.43. Beam Therapeutics Inc. has a one year low of $13.52 and a one year high of $36.44. The firm has a market cap of $2.47 billion, a P/E ratio of -23.99 and a beta of 2.18.

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

Analysts Set New Price Targets

Several equities research analysts recently issued reports on BEAM shares. Royal Bank Of Canada boosted their price objective on Beam Therapeutics from $22.00 to $26.00 and gave the company a “sector perform” rating in a report on Wednesday, February 25th. Wall Street Zen raised shares of Beam Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Citigroup upped their target price 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. Wedbush upped their target price 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. Finally, UBS Group assumed coverage on shares of Beam Therapeutics in a research note on Wednesday, January 7th. They set a “neutral” rating and a $28.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $49.36.

Institutional Investors Weigh In On Beam Therapeutics

A number of large investors have recently modified their holdings of BEAM. Bank Julius Baer & Co. Ltd Zurich purchased a new position in Beam Therapeutics during the 4th quarter worth approximately $47,000. Larson Financial Group LLC grew its stake 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 valued at $48,000 after purchasing an additional 1,923 shares during the last quarter. Van ECK Associates Corp grew its stake 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 valued at $52,000 after purchasing an additional 707 shares during the last quarter. Kestra Advisory Services LLC purchased a new position in shares of Beam Therapeutics in the 4th quarter valued at approximately $59,000. Finally, Daiwa Securities Group Inc. boosted its holdings in shares of Beam Therapeutics by 1,248.8% in the second quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company’s stock valued at $65,000 after acquiring an additional 3,534 shares in the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

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.