Voloridge Investment Management LLC Lowers Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

Voloridge Investment Management LLC lessened its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 10.8% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 413,409 shares of the company's stock after selling 50,253 shares during the period. Voloridge Investment Management LLC owned about 0.50% of Beam Therapeutics worth $10,253,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Wealthfront Advisers LLC bought a new position in shares of Beam Therapeutics in the 4th quarter worth approximately $41,000. Sterling Capital Management LLC raised its stake in Beam Therapeutics by 816.0% during the 4th quarter. Sterling Capital Management LLC now owns 2,409 shares of the company's stock worth $60,000 after acquiring an additional 2,146 shares during the period. KBC Group NV raised its stake in Beam Therapeutics by 103.2% during the 4th quarter. KBC Group NV now owns 4,143 shares of the company's stock worth $103,000 after acquiring an additional 2,104 shares during the period. Blue Trust Inc. raised its stake in Beam Therapeutics by 36.3% during the 4th quarter. Blue Trust Inc. now owns 4,274 shares of the company's stock worth $105,000 after acquiring an additional 1,139 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Beam Therapeutics during the 4th quarter worth approximately $191,000. Institutional investors own 99.68% of the company's stock.

Insiders Place Their Bets

In other news, President Giuseppe Ciaramella sold 7,434 shares of Beam Therapeutics stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total transaction of $136,413.90. Following the completion of the sale, the president now directly owns 190,216 shares in the company, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO John M. Evans sold 30,663 shares of Beam Therapeutics stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total value of $562,666.05. Following the sale, the chief executive officer now owns 986,249 shares of the company's stock, valued at approximately $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. Insiders sold 43,771 shares of company stock valued at $803,198 over the last three months. 4.20% of the stock is owned by company insiders.

Analysts Set New Price Targets

BEAM has been the subject of a number of research analyst reports. Scotiabank raised shares of Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 price objective for the company in a report on Monday, March 10th. Guggenheim cut their price objective on shares of Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Jones Trading raised shares of Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 price objective for the company in a report on Monday, March 10th. Royal Bank of Canada increased their price objective on shares of Beam Therapeutics from $24.00 to $26.00 and gave the company a "sector perform" rating in a report on Wednesday, February 26th. Finally, Wedbush reaffirmed an "outperform" rating and set a $57.00 price objective on shares of Beam Therapeutics in a report on Monday, March 10th. Two analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Beam Therapeutics has a consensus rating of "Buy" and a consensus price target of $48.75.

Beam Therapeutics Stock Performance

NASDAQ BEAM traded down $0.65 on Friday, hitting $15.67. 696,971 shares of the stock were exchanged, compared to its average volume of 1,458,930. The stock has a fifty day moving average price of $17.89 and a two-hundred day moving average price of $23.68. The firm has a market capitalization of $1.58 billion, a P/E ratio of -8.99 and a beta of 2.35. Beam Therapeutics Inc. has a 52-week low of $13.53 and a 52-week high of $35.25.

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

Beam Therapeutics Company 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.