Bank of America Corp DE Has $3.40 Million Stake in Beam Therapeutics Inc. (NASDAQ:BEAM)

Bank of America Corp DE cut its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 74.6% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 136,933 shares of the company's stock after selling 403,054 shares during the period. Bank of America Corp DE owned about 0.17% of Beam Therapeutics worth $3,396,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wealthfront Advisers LLC acquired a new stake in Beam Therapeutics during the fourth quarter valued at $41,000. Sterling Capital Management LLC lifted its stake in shares of Beam Therapeutics by 816.0% in the 4th quarter. Sterling Capital Management LLC now owns 2,409 shares of the company's stock valued at $60,000 after purchasing an additional 2,146 shares during the last quarter. KBC Group NV boosted its holdings in Beam Therapeutics by 103.2% in the fourth quarter. KBC Group NV now owns 4,143 shares of the company's stock worth $103,000 after purchasing an additional 2,104 shares in the last quarter. Blue Trust Inc. raised its holdings in Beam Therapeutics by 36.3% during the fourth quarter. Blue Trust Inc. now owns 4,274 shares of the company's stock valued at $105,000 after buying an additional 1,139 shares in the last quarter. Finally, Summit Investment Advisors Inc. lifted its position in shares of Beam Therapeutics by 6.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 7,999 shares of the company's stock worth $198,000 after buying an additional 496 shares during the last quarter. Hedge funds and other institutional investors own 99.68% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on BEAM. Wedbush restated an "outperform" rating and issued a $57.00 target price on shares of Beam Therapeutics in a report on Monday, March 10th. HC Wainwright restated a "buy" rating and set a $80.00 price target on shares of Beam Therapeutics in a report on Monday, April 7th. Jones Trading upgraded shares of Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 price objective on the stock in a report on Monday, March 10th. Royal Bank of Canada lifted their target price on Beam Therapeutics from $24.00 to $26.00 and gave the stock a "sector perform" rating in a research report on Wednesday, February 26th. Finally, Wells Fargo & Company reduced their price objective on Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating for the company in a research report on Wednesday, May 7th. Two investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Beam Therapeutics has an average rating of "Buy" and an average target price of $48.75.

Beam Therapeutics Price Performance

Shares of Beam Therapeutics stock traded up $0.05 on Wednesday, hitting $16.93. 231,853 shares of the company's stock traded hands, compared to its average volume of 1,465,072. Beam Therapeutics Inc. has a one year low of $13.53 and a one year high of $35.25. The stock has a market capitalization of $1.70 billion, a PE ratio of -9.60 and a beta of 2.35. The firm's 50-day moving average price is $17.52 and its two-hundred day moving average price is $23.45.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($1.24) EPS for the quarter, missing the consensus estimate of ($1.11) by ($0.13). Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The company had revenue of $7.47 million during the quarter, compared to the consensus estimate of $14.69 million. During the same period in the prior year, the firm posted ($1.21) earnings per share. The company's revenue was up 1.4% compared to the same quarter last year. On average, analysts forecast that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Insider Transactions at Beam Therapeutics

In other Beam Therapeutics news, President Giuseppe Ciaramella sold 7,434 shares of the firm'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 value of $136,413.90. Following the completion of the transaction, the president now directly owns 190,216 shares in the company, valued at $3,490,463.60. This trade represents a 3.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Christine Bellon sold 5,674 shares of the business'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 value of $104,117.90. Following the transaction, the insider now directly owns 117,294 shares in the company, valued at $2,152,344.90. This trade represents a 4.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,771 shares of company stock valued at $803,198 over the last 90 days. 3.50% of the stock is owned by corporate insiders.

Beam Therapeutics Company Profile

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.