Amova Asset Management Americas Inc. Cuts Stock Position in Beam Therapeutics Inc. $BEAM

Key Points

• Amova Asset Management Americas reduced its Beam Therapeutics stake by 8.7% in the fourth quarter, selling 421,438 shares and leaving it with 4.35% of the company worth about $122.2 million.
• Insiders also sold shares, including Christine Bellon and President Giuseppe Ciaramella, both in pre-arranged Rule 10b5-1 transactions tied to tax withholding on equity awards. Over the past three months, insiders sold 79,544 shares worth about $1.9 million.
• Beam Therapeutics posted strong quarterly revenue growth, reporting $31.74 million in revenue and EPS of -$0.91, both better than analyst expectations. The stock was trading up 2.3% at $30.47, while analysts maintain a consensus Moderate Buy rating with a $46.83 price target.

Amova Asset Management Americas Inc. lessened its stake in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 8.7% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,409,300 shares of the company's stock after selling 421,438 shares during the quarter. Beam Therapeutics makes up about 1.4% of Amova Asset Management Americas Inc.'s portfolio, making the stock its 19th biggest holding. Amova Asset Management Americas Inc. owned 4.35% of Beam Therapeutics worth $122,182,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. ARK Investment Management LLC grew its holdings in shares of Beam Therapeutics by 24.8% during the third quarter. ARK Investment Management LLC now owns 11,038,834 shares of the company's stock worth $267,913,000 after buying an additional 2,190,993 shares in the last quarter. Contrarius Group Holdings Ltd purchased a new stake in shares of Beam Therapeutics during the third quarter worth $37,212,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Beam Therapeutics by 237.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,665,385 shares of the company's stock worth $40,419,000 after buying an additional 1,171,977 shares in the last quarter. Qube Research & Technologies Ltd purchased a new stake in shares of Beam Therapeutics during the second quarter worth $10,101,000. Finally, BNP Paribas Financial Markets grew its holdings in shares of Beam Therapeutics by 1,856.2% during the fourth quarter. BNP Paribas Financial Markets now owns 468,910 shares of the company's stock worth $12,998,000 after buying an additional 444,940 shares in the last quarter. Hedge funds and other institutional investors own 99.68% of the company's stock.

Insider Activity

In related news, insider Christine Bellon sold 5,956 shares of the company's stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $24.58, for a total value of $146,398.48. Following the completion of the sale, the insider owned 109,711 shares of the company's stock, valued at approximately $2,696,696.38. This represents a 5.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through 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. Also, President Giuseppe Ciaramella sold 11,810 shares of the company's stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $24.58, for a total transaction of $290,289.80. Following the completion of the transaction, the president directly owned 218,406 shares in the company, valued at $5,368,419.48. The trade was a 5.13% decrease in their position. The SEC filing for this sale provides additional information. 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. Over the last three months, insiders sold 79,544 shares of company stock worth $1,899,942. Company insiders own 3.80% of the company's stock.

Beam Therapeutics Trading Up 2.3%

Shares of BEAM opened at $30.47 on Wednesday. The company has a current ratio of 16.99, a quick ratio of 16.99 and a debt-to-equity ratio of 0.09. Beam Therapeutics Inc. has a 12-month low of $15.60 and a 12-month high of $36.44. The firm has a 50-day moving average price of $29.05 and a 200 day moving average price of $27.98. The firm has a market capitalization of $3.13 billion, a P/E ratio of -44.81 and a beta of 2.25.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.91) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.03) by $0.12. Beam Therapeutics had a negative net margin of 39.66% and a negative return on equity of 29.00%. The firm had revenue of $31.74 million during the quarter, compared to analyst estimates of $10.98 million. During the same quarter in the prior year, the firm posted ($1.23) earnings per share. Beam Therapeutics's quarterly revenue was up 323.2% on a year-over-year basis. Sell-side analysts forecast that Beam Therapeutics Inc. will post -4.16 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Royal Bank Of Canada upped their target price on shares of Beam Therapeutics from $22.00 to $26.00 and gave the stock a "sector perform" rating in a report on Wednesday, February 25th. Tudor Pickering set a $39.00 price objective on Beam Therapeutics in a research report on Wednesday, May 13th. Wedbush lifted their price objective on Beam Therapeutics from $57.00 to $65.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 25th. Sanford C. Bernstein reduced their price objective on Beam Therapeutics from $40.00 to $39.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 13th. Finally, HC Wainwright reiterated a "buy" rating and set a $80.00 price objective on shares of Beam Therapeutics in a research report on Thursday, May 21st. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Beam Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus price target of $46.83.

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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