JPMorgan Chase & Co. Trims Stock Position in Beam Therapeutics Inc. $BEAM

Key Points

• JPMorgan Chase & Co. trimmed its stake in Beam by 18% in Q3, selling 118,496 shares and now holds 541,303 shares (about 0.53% of the company) valued at roughly $13.14 million.
• Beam posted a large earnings beat — $2.33 EPS vs. consensus -$1.13 and revenue of $114.11M vs. $13.22M, a ~280% YoY revenue jump — though the company still shows negative net margin and ROE.
• Institutional ownership is very high at 99.68%, and analysts have an average rating of "Moderate Buy" with an average price target of $46.19 versus the recent share price near $27.44 (market cap ~$2.8B).

JPMorgan Chase & Co. trimmed its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 18.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 541,303 shares of the company's stock after selling 118,496 shares during the period. JPMorgan Chase & Co. owned about 0.53% of Beam Therapeutics worth $13,137,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BEAM. Qube Research & Technologies Ltd acquired a new position in shares of Beam Therapeutics in the second quarter worth $10,101,000. Bellevue Group AG lifted its holdings in Beam Therapeutics by 20.6% in the 2nd quarter. Bellevue Group AG now owns 2,889,288 shares of the company's stock valued at $49,147,000 after purchasing an additional 493,358 shares in the last quarter. Nikko Asset Management Americas Inc. boosted its stake in shares of Beam Therapeutics by 10.7% during the 2nd quarter. Nikko Asset Management Americas Inc. now owns 4,726,799 shares of the company's stock worth $80,403,000 after purchasing an additional 456,779 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in shares of Beam Therapeutics by 820.1% during the second quarter. BNP Paribas Financial Markets now owns 265,008 shares of the company's stock worth $4,508,000 after buying an additional 236,207 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC acquired a new position in shares of Beam Therapeutics in the second quarter valued at approximately $3,857,000. Hedge funds and other institutional investors own 99.68% of the company's stock.

Insider Transactions at Beam Therapeutics

In other Beam Therapeutics news, insider Christine Bellon sold 1,371 shares of Beam Therapeutics stock in a transaction that occurred on Thursday, January 22nd. The shares were sold at an average price of $34.00, for a total transaction of $46,614.00. Following the transaction, the insider directly owned 95,667 shares of the company's stock, valued at $3,252,678. The trade was a 1.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 3.50% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on BEAM shares. Wall Street Zen upgraded shares of Beam Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, February 28th. Tudor Pickering set a $41.00 price target on Beam Therapeutics in a research note on Wednesday, January 21st. Sanford C. Bernstein raised their price objective on Beam Therapeutics from $37.00 to $41.00 and gave the stock an "outperform" rating in a report on Tuesday, January 20th. Evercore assumed coverage on Beam Therapeutics in a research report on Monday, November 24th. They issued an "outperform" rating and a $35.00 price objective for the company. Finally, Wedbush increased their target price on Beam Therapeutics from $57.00 to $65.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 25th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $46.19.

Beam Therapeutics Stock Up 0.8%

BEAM stock opened at $27.44 on Thursday. The company has a market cap of $2.80 billion, a price-to-earnings ratio of -27.17 and a beta of 2.12. The business has a fifty day simple moving average of $28.91 and a 200-day simple moving average of $25.40. Beam Therapeutics Inc. has a 52 week low of $13.52 and a 52 week high of $36.44.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its earnings results on Tuesday, February 24th. The company reported $2.33 earnings per share for the quarter, beating analysts' consensus estimates of ($1.13) by $3.46. The firm had revenue of $114.11 million for the quarter, compared to analysts' expectations of $13.22 million. Beam Therapeutics had a negative return on equity of 30.65% and a negative net margin of 57.24%.The firm's revenue for the quarter was up 280.3% compared to the same quarter last year. During the same quarter last year, the firm earned ($1.09) earnings per share. As a group, analysts expect that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

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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