Raiffeisen Bank International AG Sells 15,000 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

Key Points

• Raiffeisen Bank International AG reduced its stake in Beam Therapeutics by 30%, holding 35,000 shares valued at approximately $684,000 after selling 15,000 shares.
• Institutional investors and hedge funds own a substantial 99.68% of Beam Therapeutics' stock, reflecting significant support for the company.
• Several analysts have recently adjusted their price targets for Beam Therapeutics, with Barclays lowering their target from $31 to $25, while HC Wainwright maintained a "buy" rating with an $80 price objective.

Raiffeisen Bank International AG trimmed its position in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 30.0% in the first quarter, according to its most recent filing with the SEC. The fund owned 35,000 shares of the company's stock after selling 15,000 shares during the period. Raiffeisen Bank International AG's holdings in Beam Therapeutics were worth $684,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. GF Fund Management CO. LTD. bought a new position in shares of Beam Therapeutics in the 4th quarter valued at $43,000. Sterling Capital Management LLC raised its position in Beam Therapeutics by 816.0% during the 4th quarter. Sterling Capital Management LLC now owns 2,409 shares of the company's stock worth $60,000 after purchasing an additional 2,146 shares during the last quarter. CWM LLC raised its position in Beam Therapeutics by 79.8% during the 1st quarter. CWM LLC now owns 2,684 shares of the company's stock worth $52,000 after purchasing an additional 1,191 shares during the last quarter. Amalgamated Bank raised its position in Beam Therapeutics by 20.4% during the 1st quarter. Amalgamated Bank now owns 3,153 shares of the company's stock worth $62,000 after purchasing an additional 534 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Beam Therapeutics during the 4th quarter worth $191,000. 99.68% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Fmr Llc sold 48,374 shares of the business's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $20.50, for a total value of $991,667.00. Following the completion of the sale, the insider directly owned 2,073,665 shares of the company's stock, valued at $42,510,132.50. The trade was a 2.28% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Over the last three months, insiders sold 49,624 shares of company stock valued at $1,015,628. Insiders own 3.50% of the company's stock.

Analyst Ratings Changes

BEAM has been the subject of several analyst reports. Guggenheim lowered their target price on Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Cantor Fitzgerald raised Beam Therapeutics to a "strong-buy" rating in a research report on Monday, July 21st. Wells Fargo & Company lowered their target price 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. Finally, Barclays lowered their target price on Beam Therapeutics from $25.00 to $21.00 and set an "equal weight" rating for the company in a research report on Wednesday. Two research analysts have rated the stock with a hold rating, nine have assigned a buy rating and three have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $48.45.

Beam Therapeutics Stock Performance

Shares of BEAM stock traded down $0.24 during mid-day trading on Friday, hitting $17.62. The company's stock had a trading volume of 1,793,674 shares, compared to its average volume of 2,325,175. The company's fifty day simple moving average is $18.84 and its 200-day simple moving average is $21.02. Beam Therapeutics Inc. has a 52 week low of $13.52 and a 52 week high of $35.25. The company has a market cap of $1.78 billion, a PE ratio of -3.92 and a beta of 2.22.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported ($1.00) earnings per share for the quarter, topping the consensus estimate of ($1.04) by $0.04. Beam Therapeutics had a negative return on equity of 43.15% and a negative net margin of 661.31%. The firm had revenue of $8.47 million during the quarter, compared to analyst estimates of $13.29 million. During the same period last year, the company posted ($1.11) EPS. The business's quarterly revenue was down 28.0% on a year-over-year basis. On average, equities analysts anticipate that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

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.