BIT Capital GmbH Reduces Stock Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

Key Points

• BIT Capital GmbH has reduced its stake in Beam Therapeutics Inc. by 55.5%, now holding 15,771 shares valued at $308,000 after selling 19,643 shares in the first quarter.
• Beam Therapeutics reported a loss of $1.24 EPS for the quarter, missing the consensus estimate of ($1.11) by ($0.13), with revenues also falling short at $7.47 million compared to an expected $14.69 million.
• Multiple analysts have given Beam Therapeutics a buy rating, with target prices varying from $25 to $80, and the stock currently has an average price target of $48.75.

BIT Capital GmbH lessened its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 55.5% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 15,771 shares of the company's stock after selling 19,643 shares during the period. BIT Capital GmbH's holdings in Beam Therapeutics were worth $308,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. Raymond James Financial Inc. bought a new stake in shares of Beam Therapeutics in the fourth quarter valued at approximately $703,000. American Century Companies Inc. boosted its stake in shares of Beam Therapeutics by 13.2% in the fourth quarter. American Century Companies Inc. now owns 135,380 shares of the company's stock valued at $3,357,000 after buying an additional 15,774 shares during the period. KLP Kapitalforvaltning AS bought a new stake in shares of Beam Therapeutics in the fourth quarter valued at approximately $332,000. LPL Financial LLC boosted its stake in shares of Beam Therapeutics by 5.6% in the fourth quarter. LPL Financial LLC now owns 27,698 shares of the company's stock valued at $687,000 after buying an additional 1,462 shares during the period. Finally, Norges Bank bought a new stake in shares of Beam Therapeutics in the fourth quarter valued at approximately $461,000. Institutional investors own 99.68% of the company's stock.

Beam Therapeutics Trading Down 2.4%

NASDAQ BEAM traded down $0.44 during trading hours on Thursday, hitting $17.87. The company's stock had a trading volume of 577,544 shares, compared to its average volume of 2,048,714. Beam Therapeutics Inc. has a 52 week low of $13.52 and a 52 week high of $35.25. The company has a market capitalization of $1.80 billion, a PE ratio of -3.99 and a beta of 2.22. The company's 50-day simple moving average is $18.77 and its two-hundred day simple moving average is $21.10.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported ($1.00) EPS for the quarter, topping analysts' consensus estimates of ($1.04) by $0.04. Beam Therapeutics had a negative net margin of 661.31% and a negative return on equity of 45.16%. The company had revenue of $8.47 million for the quarter, compared to analysts' expectations of $13.29 million. During the same quarter in the previous year, the firm posted ($1.11) EPS. Beam Therapeutics's revenue was down 28.0% on a year-over-year basis. Research analysts anticipate that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Insider Activity at Beam Therapeutics

In other news, insider Fmr Llc sold 48,374 shares of the business's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $20.50, for a total transaction of $991,667.00. Following the completion of the transaction, the insider directly owned 2,073,665 shares in the company, valued at $42,510,132.50. The trade was a 2.28% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders have sold 49,624 shares of company stock worth $1,015,628. 3.50% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Barclays cut their target price on Beam Therapeutics from $25.00 to $21.00 and set an "equal weight" rating for the company in a research note on Wednesday. Cantor Fitzgerald upgraded shares of Beam Therapeutics to a "strong-buy" rating in a report on Monday, July 21st. Wells Fargo & Company decreased their price objective on Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. Finally, 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 research report on Wednesday, May 7th. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $48.42.

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.