Beam Therapeutics (NASDAQ:BEAM) Sets New 1-Year Low – Time to Sell?

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) hit a new 52-week low during trading on Tuesday . The company traded as low as $18.30 and last traded at $19.53, with a volume of 5741350 shares trading hands. The stock had previously closed at $22.21.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Guggenheim reaffirmed a “buy” rating and set a $78.00 target price on shares of Beam Therapeutics in a report on Thursday, February 27th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Beam Therapeutics in a research report on Wednesday, March 12th. Jones Trading upgraded Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a research note on Monday, March 10th. Scotiabank upgraded shares of Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 price target for the company in a research report on Monday, March 10th. Finally, Bank of America raised shares of Beam Therapeutics from a “neutral” rating to a “buy” rating and set a $42.00 target price for the company in a research note on Friday. Two investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $49.45.

Beam Therapeutics Stock Performance

The business’s 50 day moving average price is $26.57 and its two-hundred day moving average price is $25.86. The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of -11.10 and a beta of 1.91.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.25) by $0.16. The firm had revenue of $30.00 million during the quarter, compared to the consensus estimate of $16.47 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The firm’s revenue for the quarter was down 90.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.73 earnings per share. On average, sell-side analysts expect that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Insider Activity

In other Beam Therapeutics news, insider Christine Bellon sold 1,241 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total value of $30,627.88. Following the sale, the insider now directly owns 102,968 shares in the company, valued at approximately $2,541,250.24. The trade was a 1.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO John M. Evans sold 30,000 shares of the firm’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $26.75, for a total transaction of $802,500.00. Following the transaction, the chief executive officer now owns 908,659 shares of the company’s stock, valued at approximately $24,306,628.25. This trade represents a 3.20 % decrease in their position. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in shares of Beam Therapeutics during the 4th quarter worth $330,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Beam Therapeutics by 6.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock valued at $15,423,000 after purchasing an additional 36,226 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Beam Therapeutics by 11.4% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock valued at $98,149,000 after purchasing an additional 404,782 shares during the period. Geode Capital Management LLC increased its stake in Beam Therapeutics by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock worth $44,297,000 after purchasing an additional 78,102 shares in the last quarter. Finally, Avanza Fonder AB acquired a new stake in Beam Therapeutics during the 4th quarter worth about $1,247,000. Institutional investors and hedge funds own 99.68% of the company’s stock.

About Beam Therapeutics

Beam Therapeutics Inc, a biotechnology company, engages in the development of precision genetic medicines for patients suffering from serious diseases in the United States. It develops BEAM-101 for the treatment of sickle cell disease or beta-thalassemia; and BEAM-302, a liver-targeting LNP formulation to treat severe alpha-1 antitrypsin deficiency; BEAM-201, an anti-CD7 CAR-T product candidate, which is in Phase 1/2 clinical trials for the treatment of refractory T-cell acute lymphoblastic leukemia/T cell lymphoblastic lymphoma; and BEAM-301, a liver-targeting LNP formulation for the treatment of glycogen storage disease 1a.