Geode Capital Management LLC Sells 39,035 Shares of Beam Therapeutics Inc. $BEAM

Key Points

• Geode Capital Management trimmed its Beam Therapeutics stake by 1.6% in the fourth quarter, selling 39,035 shares and leaving it with 2.35 million shares valued at about $65.2 million.
• Beam reported a smaller-than-expected quarterly loss of $0.91 per share and revenue of $31.74 million, far above estimates and up 323.2% year over year.
• Despite the stock’s volatility, analysts remain generally positive, with a Moderate Buy consensus and an average target price of $46.83.

Geode Capital Management LLC lowered its position in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 1.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 2,351,908 shares of the company's stock after selling 39,035 shares during the period. Geode Capital Management LLC owned 2.32% of Beam Therapeutics worth $65,206,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. ARK Investment Management LLC boosted its holdings in Beam Therapeutics by 24.8% in the third quarter. ARK Investment Management LLC now owns 11,038,834 shares of the company's stock worth $267,913,000 after acquiring an additional 2,190,993 shares in the last quarter. Farallon Capital Management LLC lifted its holdings in shares of Beam Therapeutics by 0.5% in the third quarter. Farallon Capital Management LLC now owns 10,063,111 shares of the company's stock valued at $244,232,000 after purchasing an additional 50,000 shares in the last quarter. Amova Asset Management Americas Inc. lifted its holdings in shares of Beam Therapeutics by 2.2% in the third quarter. Amova Asset Management Americas Inc. now owns 4,830,738 shares of the company's stock valued at $117,242,000 after purchasing an additional 103,939 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Beam Therapeutics by 237.5% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,665,385 shares of the company's stock valued at $40,419,000 after purchasing an additional 1,171,977 shares in the last quarter. Finally, Casdin Capital LLC lifted its holdings in shares of Beam Therapeutics by 10.3% in the third quarter. Casdin Capital LLC now owns 1,600,000 shares of the company's stock valued at $38,832,000 after purchasing an additional 150,000 shares in the last quarter. Institutional investors own 99.68% of the company's stock.

Beam Therapeutics Stock Performance

Shares of Beam Therapeutics stock opened at $29.78 on Tuesday. The business's fifty day simple moving average is $28.89 and its 200 day simple moving average is $27.91. The firm has a market capitalization of $3.06 billion, a P/E ratio of -43.79 and a beta of 2.25. Beam Therapeutics Inc. has a 12 month low of $15.60 and a 12 month high of $36.44. The company has a current ratio of 16.99, a quick ratio of 16.99 and a debt-to-equity ratio of 0.09.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.91) EPS for the quarter, topping analysts' consensus estimates of ($1.03) by $0.12. The business had revenue of $31.74 million for the quarter, compared to analyst estimates of $10.98 million. Beam Therapeutics had a negative return on equity of 29.00% and a negative net margin of 39.66%.Beam Therapeutics's quarterly revenue was up 323.2% compared to the same quarter last year. During the same period last year, the company posted ($1.23) earnings per share. As a group, analysts anticipate that Beam Therapeutics Inc. will post -4.16 EPS for the current year.

Insiders Place Their Bets

In related news, President Giuseppe Ciaramella sold 11,810 shares of Beam Therapeutics stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total transaction of $290,289.80. Following the sale, the president directly owned 218,406 shares in the company, valued at approximately $5,368,419.48. This trade represents a 5.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Amy Simon sold 6,700 shares of Beam Therapeutics stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total value of $164,686.00. Following the sale, the insider owned 102,735 shares in the company, valued at $2,525,226.30. This trade represents a 6.12% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 79,544 shares of company stock valued at $1,899,942. 3.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

BEAM has been the topic of a number of recent research reports. Citigroup raised their target price on Beam Therapeutics from $64.00 to $68.00 and gave the company a "buy" rating in a report on Thursday, March 26th. Sanford C. Bernstein dropped their target price on Beam Therapeutics from $40.00 to $39.00 and set an "outperform" rating on the stock in a report on Wednesday, May 13th. Tudor Pickering set a $39.00 target price on Beam Therapeutics in a report on Wednesday, May 13th. Wedbush raised their target price on Beam Therapeutics from $57.00 to $65.00 and gave the company an "outperform" rating in a report on Wednesday, February 25th. Finally, Royal Bank Of Canada raised their target price on Beam Therapeutics from $22.00 to $26.00 and gave the company a "sector perform" rating in a report on Wednesday, February 25th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $46.83.

Beam Therapeutics Profile

Beam Therapeutics, Inc NASDAQ: BEAM is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.

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