Hudson Bay Capital Management LP Sells 15,000 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

Hudson Bay Capital Management LP reduced its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 13.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 100,000 shares of the company's stock after selling 15,000 shares during the quarter. Hudson Bay Capital Management LP owned 0.12% of Beam Therapeutics worth $2,480,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Wealthfront Advisers LLC bought a new stake in shares of Beam Therapeutics during the 4th quarter worth $41,000. Sterling Capital Management LLC lifted its position in shares of 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 buying an additional 2,146 shares during the last quarter. KBC Group NV lifted its position in shares of 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 buying an additional 2,104 shares during the last quarter. Blue Trust Inc. lifted its position in shares of 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 buying an additional 1,139 shares during the last quarter. Finally, Summit Investment Advisors Inc. lifted its position in shares of Beam Therapeutics by 6.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 7,999 shares of the company's stock worth $198,000 after buying an additional 496 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, President Giuseppe Ciaramella sold 7,434 shares of the firm's stock in a transaction that occurred 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 owns 190,216 shares of the company's stock, valued at $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 SEC, which is available at the SEC website. Also, CEO John M. Evans sold 30,663 shares of the firm's stock in a transaction that occurred 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 directly owns 986,249 shares of the company's stock, valued at $18,097,669.15. This represents a 3.02% decrease in their position. The disclosure for this sale can be found here. Insiders sold 43,771 shares of company stock valued at $803,198 over the last 90 days. Company insiders own 4.20% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on BEAM. HC Wainwright restated a "buy" rating and set a $80.00 price objective on shares of Beam Therapeutics in a research report on Monday, April 7th. Scotiabank raised Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 target price for the company in a report on Monday, March 10th. Barclays lowered their target price on Beam Therapeutics from $31.00 to $25.00 and set an "equal weight" rating for the company in a report on Wednesday, May 7th. Bank of America raised Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 target price for the company in a report on Friday, March 28th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $57.00 target price on shares of Beam Therapeutics in a report on Monday, March 10th. Two investment 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 stock. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $48.75.

Beam Therapeutics Stock Performance

Shares of BEAM stock traded up $0.64 on Friday, hitting $17.89. The company had a trading volume of 1,653,131 shares, compared to its average volume of 1,441,858. The firm has a market cap of $1.80 billion, a P/E ratio of -10.16 and a beta of 2.35. The stock's 50-day moving average is $19.17 and its two-hundred day moving average is $24.18. Beam Therapeutics Inc. has a twelve month low of $13.53 and a twelve month high of $35.25.

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

About Beam Therapeutics

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.