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

Beam Therapeutics Inc. (NASDAQ:BEAM) insider Amy Simon sold 6,700 shares of the company’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total transaction of $164,686.00. Following the transaction, the insider owned 102,735 shares of the company’s stock, valued at $2,525,226.30. This represents a 6.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 $24.49 on Wednesday. The company has a 50-day simple moving average of $26.39 and a 200-day simple moving average of $26.43. The firm has a market capitalization of $2.49 billion, a P/E ratio of -24.25 and a beta of 2.18. Beam Therapeutics Inc. has a one year low of $13.54 and a one year high of $36.44.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results on Tuesday, February 24th. The company reported $2.33 EPS for the quarter, topping the consensus estimate of ($1.13) by $3.46. The business 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%. The company’s quarterly revenue was up 280.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.09) earnings per share. As a group, sell-side analysts forecast that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Citigroup upped their price target on shares of Beam Therapeutics from $64.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, March 26th. Canaccord Genuity Group assumed coverage on shares of Beam Therapeutics in a research report on Friday, February 20th. They set a “buy” rating and a $74.00 price target for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Wednesday, January 21st. Wedbush upped their price target on shares of Beam Therapeutics from $57.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 25th. Finally, Tudor Pickering set a $41.00 target price on shares of Beam Therapeutics in a research report on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Beam Therapeutics presently has an average rating of “Moderate Buy” and a consensus target price of $49.36.

Hedge Funds Weigh In On Beam Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Squarepoint Ops LLC grew its position in Beam Therapeutics by 468.3% in the 2nd quarter. Squarepoint Ops LLC now owns 138,765 shares of the company’s stock valued at $2,360,000 after buying an additional 114,349 shares in the last quarter. Privium Fund Management B.V. bought a new position in Beam Therapeutics in the 3rd quarter valued at about $1,480,000. Y Intercept Hong Kong Ltd bought a new position in Beam Therapeutics in the 3rd quarter valued at about $1,059,000. SG Americas Securities LLC grew its position in Beam Therapeutics by 139.4% in the 4th quarter. SG Americas Securities LLC now owns 103,469 shares of the company’s stock valued at $2,868,000 after buying an additional 60,249 shares in the last quarter. Finally, Farallon Capital Management LLC grew its position in Beam Therapeutics by 0.5% in the 3rd quarter. Farallon Capital Management LLC now owns 10,063,111 shares of the company’s stock valued at $244,232,000 after buying an additional 50,000 shares in the last quarter. Institutional investors own 99.68% of the company’s stock.

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.