Algert Global LLC Trims Stock Position in Beam Therapeutics Inc. $BEAM

Algert Global LLC trimmed its position in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 31.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 111,900 shares of the company's stock after selling 52,392 shares during the period. Algert Global LLC owned approximately 0.11% of Beam Therapeutics worth $3,840,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. ARK Investment Management LLC grew its stake in shares of Beam Therapeutics by 12.9% in the fourth quarter. ARK Investment Management LLC now owns 12,467,189 shares of the company's stock valued at $345,590,000 after buying an additional 1,428,355 shares in the last quarter. BlackRock Inc. purchased a new position in Beam Therapeutics during the 2nd quarter valued at about $308,796,000. State Street Corp lifted its holdings in Beam Therapeutics by 30.4% in the 4th quarter. State Street Corp now owns 5,228,529 shares of the company's stock worth $144,935,000 after purchasing an additional 1,219,871 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Beam Therapeutics by 20.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,730,282 shares of the company's stock worth $75,684,000 after purchasing an additional 467,133 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Beam Therapeutics by 10.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,154,575 shares of the company's stock worth $51,327,000 after purchasing an additional 206,696 shares during the last quarter. Institutional investors and hedge funds own 99.68% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. HC Wainwright reiterated a "buy" rating and set a $80.00 target price on shares of Beam Therapeutics in a report on Tuesday. Weiss Ratings restated a "sell (d-)" rating on shares of Beam Therapeutics in a research note on Friday, July 17th. Wall Street Zen downgraded Beam Therapeutics from a "sell" rating to a "strong sell" rating in a research note on Sunday, August 16th. Bank of America restated a "buy" rating and issued a $47.00 price target on shares of Beam Therapeutics in a research report on Wednesday, July 8th. Finally, Tudor Pickering set a $39.00 target price on Beam Therapeutics in a research note on Wednesday, May 13th. Ten research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Beam Therapeutics currently has an average rating of "Moderate Buy" and an average target price of $49.00.

Beam Therapeutics Trading Down 3.8%

BEAM stock opened at $29.32 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 14.57 and a current ratio of 14.57. The firm has a market cap of $3.03 billion, a PE ratio of -34.09 and a beta of 2.23. Beam Therapeutics Inc. has a fifty-two week low of $16.02 and a fifty-two week high of $38.26. The firm has a fifty day moving average price of $29.84 and a 200 day moving average price of $28.86.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.11) by ($0.07). The firm had revenue of $0.49 million for the quarter, compared to the consensus estimate of $16.37 million. Beam Therapeutics had a negative return on equity of 30.71% and a negative net margin of 54.75%.Beam Therapeutics's quarterly revenue was down 94.2% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.00) EPS. Sell-side analysts anticipate that Beam Therapeutics Inc. will post -4.49 earnings per share for the current fiscal year.

Insider Transactions at Beam Therapeutics

In other Beam Therapeutics news, insider Amy Simon sold 16,667 shares of Beam Therapeutics stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $25.74, for a total transaction of $429,008.58. Following the completion of the sale, the insider directly owned 85,696 shares in the company, valued at approximately $2,205,815.04. The trade was a 16.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Fmr Llc sold 251,488 shares of the stock in a transaction on Friday, June 26th. The shares were sold at an average price of $35.26, for a total transaction of $8,867,466.88. Following the transaction, the insider directly owned 854,583 shares in the company, valued at approximately $30,132,596.58. The trade was a 22.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 301,527 shares of company stock valued at $10,468,500. 3.80% of the stock is currently owned by insiders.

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.

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