Algert Global LLC decreased its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 78.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,378 shares of the company's stock after selling 34,145 shares during the quarter. Algert Global LLC's holdings in Beam Therapeutics were worth $233,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Northern Trust Corp increased its holdings in Beam Therapeutics by 7.2% in the fourth quarter. Northern Trust Corp now owns 740,506 shares of the company's stock valued at $18,365,000 after buying an additional 49,415 shares in the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in shares of Beam Therapeutics in the 4th quarter valued at about $330,000. Sumitomo Mitsui Trust Group Inc. boosted its position in Beam Therapeutics by 11.4% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company's stock worth $98,149,000 after purchasing an additional 404,782 shares in the last quarter. Teacher Retirement System of Texas boosted its position in Beam Therapeutics by 18.4% during the fourth quarter. Teacher Retirement System of Texas now owns 20,767 shares of the company's stock worth $515,000 after purchasing an additional 3,222 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of Beam Therapeutics by 3.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 648,945 shares of the company's stock valued at $16,094,000 after buying an additional 19,453 shares in the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling
In other news, insider Christine Bellon sold 5,674 shares of the business's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $104,117.90. Following the sale, the insider now directly owns 117,294 shares of the company's stock, valued at approximately $2,152,344.90. The trade was a 4.61% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO John M. Evans sold 30,663 shares of the company's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total transaction of $562,666.05. Following the completion of the transaction, the chief executive officer now owns 986,249 shares in the company, valued at approximately $18,097,669.15. This represents a 3.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 43,771 shares of company stock worth $803,198. Company insiders own 4.20% of the company's stock.
Beam Therapeutics Stock Performance
Shares of NASDAQ BEAM traded up $0.64 during trading on Friday, hitting $17.89. 1,653,131 shares of the company were exchanged, compared to its average volume of 1,438,832. Beam Therapeutics Inc. has a 12-month low of $13.53 and a 12-month high of $35.25. The firm has a market capitalization of $1.80 billion, a PE ratio of -10.16 and a beta of 2.35. The company has a fifty day moving average price of $19.34 and a 200-day moving average price of $24.21.
Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($1.24) earnings per share for the quarter, missing the consensus estimate of ($1.11) by ($0.13). The firm had revenue of $7.47 million during the quarter, compared to analysts' expectations of $14.69 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business's quarterly revenue was up 1.4% on a year-over-year basis. During the same period last year, the company earned ($1.21) EPS. Research analysts anticipate that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.
Analyst Ratings Changes
BEAM has been the subject of a number of research analyst reports. Bank of America upgraded shares of Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 price objective for the company in a research report on Friday, March 28th. Guggenheim reduced their price target on shares of Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Wedbush reiterated an "outperform" rating and set a $57.00 price objective on shares of Beam Therapeutics in a research note on Monday, March 10th. HC Wainwright reaffirmed a "buy" rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Monday, April 7th. Finally, Jones Trading upgraded Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 price target for the company in a research report on Monday, March 10th. Two investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $48.75.
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About Beam Therapeutics
(
Free Report)
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.
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