Yiheng Capital Management L.P. Sells 357,044 Shares of Beam Therapeutics Inc. $BEAM

Key Points

• Yiheng Capital Management L.P. significantly reduced its stake in Beam Therapeutics, selling 357,044 shares and now holding only 69,058 shares, which constitute just 0.1% of its portfolio.
• Beam Therapeutics reported a net loss of ($1.00) per share, slightly better than analysts' expectations, but its revenue of $8.47 million fell short of the anticipated $13.29 million.
• Institutional investors hold 99.68% of Beam Therapeutics' stock, indicating strong institutional interest and support in the company.

Yiheng Capital Management L.P. trimmed its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 83.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 69,058 shares of the company's stock after selling 357,044 shares during the quarter. Beam Therapeutics accounts for 0.1% of Yiheng Capital Management L.P.'s portfolio, making the stock its 17th largest holding. Yiheng Capital Management L.P. owned approximately 0.07% of Beam Therapeutics worth $1,349,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Northern Trust Corp boosted its position in shares of Beam Therapeutics by 7.2% in the fourth quarter. Northern Trust Corp now owns 740,506 shares of the company's stock valued at $18,365,000 after acquiring an additional 49,415 shares during the period. GAMMA Investing LLC lifted its position in shares of Beam Therapeutics by 549.9% in the 1st quarter. GAMMA Investing LLC now owns 37,185 shares of the company's stock worth $726,000 after acquiring an additional 31,463 shares during the period. Amalgamated Bank lifted its position in shares of Beam Therapeutics by 20.4% in the 1st quarter. Amalgamated Bank now owns 3,153 shares of the company's stock worth $62,000 after acquiring an additional 534 shares during the period. Stifel Financial Corp lifted its position in shares of Beam Therapeutics by 27.8% in the 4th quarter. Stifel Financial Corp now owns 13,662 shares of the company's stock worth $339,000 after acquiring an additional 2,976 shares during the period. Finally, Rhumbline Advisers lifted its position in shares of Beam Therapeutics by 11.9% in the 1st quarter. Rhumbline Advisers now owns 141,204 shares of the company's stock worth $2,758,000 after acquiring an additional 14,971 shares during the period. 99.68% of the stock is owned by institutional investors.

Analyst Ratings Changes

BEAM has been the subject of a number of research reports. Cantor Fitzgerald upgraded Beam Therapeutics to a "strong-buy" rating in a research report on Monday, July 21st. Barclays reduced their price objective on Beam Therapeutics from $25.00 to $21.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 6th. Guggenheim reduced their price objective on Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Finally, Wells Fargo & Company reduced their price objective on Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating for the company in a research report on Wednesday, May 7th. Three research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $48.45.

Insider Transactions at Beam Therapeutics

In other Beam Therapeutics news, insider Fmr Llc sold 48,374 shares of Beam Therapeutics stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $20.50, for a total value of $991,667.00. Following the completion of the transaction, the insider owned 2,073,665 shares in the company, valued at approximately $42,510,132.50. The trade was a 2.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders sold 49,624 shares of company stock valued at $1,015,628. Insiders own 3.50% of the company's stock.

Beam Therapeutics Stock Down 3.2%

BEAM traded down $0.60 during trading on Thursday, hitting $18.16. The company's stock had a trading volume of 1,285,409 shares, compared to its average volume of 2,120,873. The firm's 50 day moving average price is $18.73 and its two-hundred day moving average price is $19.76. Beam Therapeutics Inc. has a 12 month low of $13.52 and a 12 month high of $35.25. The stock has a market capitalization of $1.84 billion, a price-to-earnings ratio of -4.04 and a beta of 2.14.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported ($1.00) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.04) by $0.04. Beam Therapeutics had a negative return on equity of 43.15% and a negative net margin of 661.31%.The firm had revenue of $8.47 million during the quarter, compared to the consensus estimate of $13.29 million. During the same quarter in the previous year, the company posted ($1.11) EPS. The business's revenue for the quarter was down 28.0% compared to the same quarter last year. On average, sell-side analysts forecast that Beam Therapeutics Inc. will post -4.57 earnings per share for the current 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.