BIT Capital GmbH Lowers Stake 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 holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 55.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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 reporting period.

Several other large investors also recently bought and sold shares of BEAM. Raymond James Financial Inc. purchased a new stake in Beam Therapeutics during the 4th quarter valued at about $703,000. American Century Companies Inc. boosted its holdings in Beam Therapeutics by 13.2% in the 4th quarter. American Century Companies Inc. now owns 135,380 shares of the company's stock valued at $3,357,000 after purchasing an additional 15,774 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in Beam Therapeutics in the 4th quarter valued at about $332,000. LPL Financial LLC boosted its holdings in Beam Therapeutics by 5.6% in the 4th quarter. LPL Financial LLC now owns 27,698 shares of the company's stock valued at $687,000 after purchasing an additional 1,462 shares during the last quarter. Finally, Norges Bank acquired a new position in Beam Therapeutics in the 4th quarter valued at about $461,000. Hedge funds and other institutional investors own 99.68% of the company's stock.

Beam Therapeutics Stock Performance

Shares of NASDAQ:BEAM traded down $0.66 during trading hours on Tuesday, reaching $18.47. The stock had a trading volume of 1,456,264 shares, compared to its average volume of 2,039,890. Beam Therapeutics Inc. has a 1 year low of $13.52 and a 1 year high of $35.25. The firm's 50 day moving average is $18.67 and its 200-day moving average is $21.17. The stock has a market capitalization of $1.86 billion, a price-to-earnings ratio of -4.01 and a beta of 2.22.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported ($1.00) EPS for the quarter, beating analysts' consensus estimates of ($1.04) by $0.04. Beam Therapeutics had a negative net margin of 609.24% and a negative return on equity of 44.24%. Beam Therapeutics's revenue was down 28.0% on a year-over-year basis. During the same period in the prior year, the business posted ($1.11) EPS. Analysts forecast that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. Guggenheim decreased their target price 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. Barclays decreased their price objective on shares of Beam Therapeutics from $31.00 to $25.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 7th. HC Wainwright restated a "buy" rating and issued a $80.00 price objective on shares of Beam Therapeutics in a report on Monday, April 7th. Cantor Fitzgerald upgraded shares of Beam Therapeutics to a "strong-buy" rating in a report on Monday, July 21st. Finally, Wells Fargo & Company decreased their price objective on shares of Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating on the stock in a report on Wednesday, May 7th. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, Beam Therapeutics currently has an average rating of "Buy" and an average price target of $48.75.

Insider Activity at Beam Therapeutics

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

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.