Tang Capital Management LLC Lowers Position 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% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 50,000 shares of the company's stock after selling 120,000 shares during the period. Tang Capital Management LLC owned 0.06% of Beam Therapeutics worth $1,240,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Northern Trust Corp grew its stake in shares of Beam Therapeutics by 7.2% in the 4th quarter. Northern Trust Corp now owns 740,506 shares of the company's stock worth $18,365,000 after buying an additional 49,415 shares during the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in Beam Therapeutics in the fourth quarter worth $330,000. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Beam Therapeutics by 11.4% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company's stock worth $98,149,000 after acquiring an additional 404,782 shares during the last quarter. Teacher Retirement System of Texas grew its stake in shares of Beam Therapeutics by 18.4% in the fourth quarter. Teacher Retirement System of Texas now owns 20,767 shares of the company's stock worth $515,000 after acquiring an additional 3,222 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Beam Therapeutics by 3.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 648,945 shares of the company's stock valued at $16,094,000 after acquiring an additional 19,453 shares in the last quarter. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BEAM has been the topic of several recent analyst reports. 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. Wells Fargo & Company dropped their target price on shares of Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 7th. Guggenheim cut 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. Scotiabank raised shares of Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 price target for the company in a research report on Monday, March 10th. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of Beam Therapeutics in a report on Wednesday, March 12th. Two 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 company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $48.75.

Insider Activity at Beam Therapeutics

In related news, President Giuseppe Ciaramella sold 7,434 shares of the firm's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $136,413.90. Following the transaction, the president now owns 190,216 shares of the company's stock, valued at approximately $3,490,463.60. This trade represents a 3.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO John M. Evans sold 30,663 shares of the business's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $562,666.05. Following the sale, the chief executive officer now owns 986,249 shares of the company's stock, valued at $18,097,669.15. This trade represents a 3.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,771 shares of company stock worth $803,198. 4.20% of the stock is owned by insiders.

Beam Therapeutics Price Performance

Beam Therapeutics stock traded down $0.38 during midday trading on Friday, reaching $16.87. 298,200 shares of the company traded hands, compared to its average volume of 1,444,565. Beam Therapeutics Inc. has a 12 month low of $13.53 and a 12 month high of $35.25. The business has a 50 day moving average of $18.54 and a two-hundred day moving average of $24.03. The firm has a market capitalization of $1.70 billion, a price-to-earnings ratio of -9.60 and a beta of 2.35.

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

Beam Therapeutics 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.