JPMorgan Chase & Co. Lowers Stock Holdings in Beam Therapeutics Inc. (NASDAQ:BEAM)

JPMorgan Chase & Co. lowered its position in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 19.6% in the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 513,671 shares of the company's stock after selling 125,567 shares during the quarter. JPMorgan Chase & Co. owned about 0.62% of Beam Therapeutics worth $12,739,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the company. LPL Financial LLC lifted its position in shares of Beam Therapeutics by 5.6% during the fourth quarter. LPL Financial LLC now owns 27,698 shares of the company's stock worth $687,000 after acquiring an additional 1,462 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Beam Therapeutics during the 4th quarter worth about $332,000. American Century Companies Inc. boosted its stake in Beam Therapeutics by 13.2% in the 4th quarter. American Century Companies Inc. now owns 135,380 shares of the company's stock worth $3,357,000 after purchasing an additional 15,774 shares during the period. Teacher Retirement System of Texas boosted its stake in Beam Therapeutics by 18.4% in the 4th quarter. Teacher Retirement System of Texas now owns 20,767 shares of the company's stock worth $515,000 after purchasing an additional 3,222 shares during the period. Finally, Intech Investment Management LLC grew its holdings in Beam Therapeutics by 40.7% during the 4th quarter. Intech Investment Management LLC now owns 29,401 shares of the company's stock valued at $729,000 after buying an additional 8,509 shares in the last quarter. Hedge funds and other institutional investors own 99.68% of the company's stock.

Insider Buying and Selling

In other Beam Therapeutics news, insider Christine Bellon sold 5,674 shares of Beam Therapeutics 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 $104,117.90. Following the sale, the insider now directly owns 117,294 shares of the company's stock, valued at approximately $2,152,344.90. The trade was a 4.61 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO John M. Evans sold 30,000 shares of the company's stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $26.75, for a total value of $802,500.00. Following the transaction, the chief executive officer now owns 908,659 shares in the company, valued at $24,306,628.25. This trade represents a 3.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 73,771 shares of company stock valued at $1,605,698 over the last quarter. 4.20% of the stock is owned by company insiders.

Analyst Ratings Changes

BEAM has been the topic of a number of analyst reports. Guggenheim reaffirmed a "buy" rating and set a $78.00 target price on shares of Beam Therapeutics in a report on Thursday, February 27th. Jones Trading raised shares of Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 price target on the stock in a report on Monday, March 10th. Bank of America upgraded Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 target price for the company in a research report on Friday, March 28th. Wedbush reaffirmed an "outperform" rating and issued a $57.00 price target on shares of Beam Therapeutics in a report on Monday, March 10th. Finally, HC Wainwright reissued a "buy" rating and set a $80.00 price objective on shares of Beam Therapeutics in a report on Monday, April 7th. Two analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $49.45.

Beam Therapeutics Stock Performance

Shares of NASDAQ BEAM traded up $0.38 during mid-day trading on Friday, hitting $17.00. The stock had a trading volume of 1,136,488 shares, compared to its average volume of 1,389,215. The firm has a market cap of $1.70 billion, a P/E ratio of -9.66 and a beta of 2.02. The business has a 50 day moving average price of $23.35 and a two-hundred day moving average price of $24.86. Beam Therapeutics Inc. has a 1 year low of $13.53 and a 1 year high of $35.25.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, topping analysts' consensus estimates of ($1.25) by $0.16. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The company had revenue of $30.00 million during the quarter, compared to analyst estimates of $16.47 million. During the same period in the prior year, the business posted $1.73 earnings per share. Beam Therapeutics's revenue for the quarter was down 90.5% on a year-over-year basis. Equities research analysts predict that Beam Therapeutics Inc. will post -4.57 EPS 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.