Tang Capital Management LLC Has $1.24 Million Holdings in Beam Therapeutics Inc. (NASDAQ:BEAM)

Tang Capital Management LLC decreased its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 70.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,000 shares of the company's stock after selling 120,000 shares during the quarter. Tang Capital Management LLC owned 0.06% of Beam Therapeutics worth $1,240,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. Avanza Fonder AB acquired a new position in shares of Beam Therapeutics in the 4th quarter valued at about $1,247,000. SG Americas Securities LLC grew its position in Beam Therapeutics by 19.4% during the fourth quarter. SG Americas Securities LLC now owns 12,118 shares of the company's stock valued at $301,000 after purchasing an additional 1,971 shares in the last quarter. Blue Trust Inc. increased its stake in Beam Therapeutics by 36.3% in the 4th 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 during the period. KBC Group NV lifted its position in Beam Therapeutics by 103.2% in the 4th quarter. KBC Group NV now owns 4,143 shares of the company's stock worth $103,000 after buying an additional 2,104 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. boosted its stake in shares of Beam Therapeutics by 10.6% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 17,794 shares of the company's stock valued at $441,000 after buying an additional 1,707 shares during the period. 99.68% of the stock is owned by hedge funds and other institutional investors.

Beam Therapeutics Stock Down 3.0%

BEAM stock traded down $0.53 during midday trading on Wednesday, hitting $17.22. 1,856,653 shares of the company traded hands, compared to its average volume of 1,447,837. Beam Therapeutics Inc. has a twelve month low of $13.53 and a twelve month high of $35.25. The stock has a market capitalization of $1.73 billion, a price-to-earnings ratio of -9.78 and a beta of 2.35. The business has a 50 day simple moving average of $18.69 and a 200-day simple moving average of $24.08.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.11) by ($0.13). The firm had revenue of $7.47 million during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.21) earnings per share. Equities research analysts forecast that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Insider Activity

In other news, President Giuseppe Ciaramella sold 7,434 shares of Beam Therapeutics stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total value of $136,413.90. Following the transaction, the president now directly owns 190,216 shares in the company, valued at approximately $3,490,463.60. The trade was a 3.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Christine Bellon sold 5,674 shares of Beam Therapeutics stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total value of $104,117.90. Following the completion of the transaction, the insider now owns 117,294 shares in the company, valued at $2,152,344.90. The trade was a 4.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 43,771 shares of company stock valued at $803,198. 4.20% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have recently commented on BEAM. Guggenheim lowered their price target on shares of Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Wedbush reissued an "outperform" rating and set a $57.00 price objective on shares of Beam Therapeutics in a research report on Monday, March 10th. Jones Trading raised Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 price objective for the company in a research report on Monday, March 10th. 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. Finally, Bank of America raised 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. Two research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $48.75.

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.