Key Points
- CEO John Evans sold 25,000 Beam Therapeutics shares at an average price of $23.57, generating $589,250. He retained 1,047,205 shares after the transaction, a 2.33% reduction in his direct ownership.
- Beam shares closed at $23.47, near the lower end of their 12-month range of $20.23 to $38.26. The company recently reported a quarterly loss of $1.18 per share and revenue of just $0.49 million, well below analyst expectations.
- Institutional investors own 99.68% of the stock, while analyst sentiment remains a “Moderate Buy,” with an average price target of $50.10 despite mixed ratings.
Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) CEO John Evans sold 25,000 shares of the stock in a transaction that occurred on Thursday, October 15th. The shares were sold at an average price of $23.57, for a total value of $589,250.00. Following the transaction, the chief executive officer directly owned 1,047,205 shares of the company's stock, valued at approximately $24,682,621.85. The trade was a 2.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.
Beam Therapeutics Price Performance
NASDAQ BEAM traded down $1.26 during trading on Friday, hitting $23.47. 1,645,639 shares of the stock traded hands, compared to its average volume of 1,833,477. The company has a quick ratio of 14.57, a current ratio of 14.57 and a debt-to-equity ratio of 0.09. Beam Therapeutics Inc. has a 12-month low of $20.23 and a 12-month high of $38.26. The firm has a 50-day simple moving average of $26.30 and a 200-day simple moving average of $28.58. The company has a market capitalization of $2.42 billion, a P/E ratio of -27.29 and a beta of 2.20.
Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.11) by ($0.07). The firm had revenue of $0.49 million for the quarter, compared to analysts' expectations of $16.37 million. Beam Therapeutics had a negative return on equity of 30.71% and a negative net margin of 54.75%. The firm's revenue was down 94.2% on a year-over-year basis. During the same period last year, the company earned ($1.00) earnings per share. As a group, analysts predict that Beam Therapeutics Inc. will post -4.49 EPS 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. BlackRock Inc. purchased a new stake in Beam Therapeutics during the 2nd quarter valued at $308,796,000. ARCH Venture Management LLC bought a new position in Beam Therapeutics during the second quarter valued at $155,771,929. ADAR1 Capital Management LLC bought a new position in Beam Therapeutics during the first quarter valued at $34,467,000. MWG Caph Ltd bought a new stake in shares of Beam Therapeutics in the 4th quarter worth about $35,119,000. Finally, Bank of America Corp DE purchased a new position in shares of Beam Therapeutics during the 2nd quarter worth about $24,733,000. Hedge funds and other institutional investors own 99.68% of the company's stock.
Analysts Set New Price Targets
A number of equities research analysts recently issued reports on BEAM shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Beam Therapeutics in a research note on Thursday. Wedbush reissued an "outperform" rating and issued a $65.00 price objective on shares of Beam Therapeutics in a research note on Wednesday. Wall Street Zen raised shares of Beam Therapeutics from a "strong sell" rating to a "sell" rating in a research note on Saturday, October 3rd. William Blair upgraded shares of Beam Therapeutics to a "strong-buy" rating in a report on Wednesday, September 23rd. Finally, Bank of America restated a "buy" rating and set a $47.00 target price on shares of Beam Therapeutics in a research report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $50.10.
Check Out Our Latest Report on BEAM
Beam Therapeutics Company Profile
(
Get Free Report)
Beam Therapeutics Inc is a biotechnology company developing precision genetic medicines using base editing, a technology designed to make targeted changes to DNA without cutting both strands of the DNA double helix. The company's platform is intended to address diseases caused by specific genetic mutations and to support the development of potentially durable treatments.
Beam's research and development activities focus on areas including hematology, liver diseases and genetic disorders.
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