Beam Therapeutics Inc. (NASDAQ:BEAM) Stock Position Lowered by Baillie Gifford & Co.

Baillie Gifford & Co. cut its position in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 12.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 764,123 shares of the company's stock after selling 111,624 shares during the period. Baillie Gifford & Co. owned about 0.94% of Beam Therapeutics worth $20,799,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Alliancebernstein L.P. raised its position in Beam Therapeutics by 0.4% during the third quarter. Alliancebernstein L.P. now owns 70,100 shares of the company's stock worth $3,340,000 after acquiring an additional 300 shares during the period. Stifel Financial Corp grew its stake in Beam Therapeutics by 5.1% in the first quarter. Stifel Financial Corp now owns 7,022 shares of the company's stock worth $215,000 after purchasing an additional 338 shares in the last quarter. Vident Investment Advisory LLC boosted its holdings in shares of Beam Therapeutics by 4.2% during the fourth quarter. Vident Investment Advisory LLC now owns 8,520 shares of the company's stock valued at $333,000 after acquiring an additional 343 shares during the period. The Manufacturers Life Insurance Company increased its position in shares of Beam Therapeutics by 1.4% during the 4th quarter. The Manufacturers Life Insurance Company now owns 25,580 shares of the company's stock valued at $1,000,000 after purchasing an additional 343 shares during the period. Finally, Captrust Financial Advisors increased its position in shares of Beam Therapeutics by 29.9% in the first quarter. Captrust Financial Advisors now owns 1,845 shares of the company's stock worth $106,000 after acquiring an additional 425 shares in the last quarter. Hedge funds and other institutional investors own 99.68% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently commented on BEAM. BMO Capital Markets restated an "outperform" rating and set a $57.00 target price on shares of Beam Therapeutics in a report on Wednesday, March 27th. Royal Bank of Canada upped their target price on Beam Therapeutics from $27.00 to $35.00 and gave the company a "sector perform" rating in a report on Wednesday, February 28th. TheStreet upgraded Beam Therapeutics from a "d" rating to a "c-" rating in a research report on Monday, March 11th. Barclays upped their price target on Beam Therapeutics from $26.00 to $42.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 28th. Finally, Wedbush reaffirmed an "outperform" rating and set a $57.00 price objective (up from $48.00) on shares of Beam Therapeutics in a research report on Tuesday, February 27th. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $41.00.

Beam Therapeutics Price Performance

Shares of BEAM stock traded up $0.21 on Thursday, hitting $27.27. The stock had a trading volume of 1,069,231 shares, compared to its average volume of 1,377,659. Beam Therapeutics Inc. has a 12-month low of $16.95 and a 12-month high of $49.50. The business has a 50 day moving average of $33.28 and a 200 day moving average of $27.95. The stock has a market cap of $2.23 billion, a price-to-earnings ratio of -14.35 and a beta of 1.77.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its quarterly earnings results on Tuesday, February 27th. The company reported $1.73 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.69) by $2.42. Beam Therapeutics had a negative net margin of 35.09% and a negative return on equity of 15.90%. The company had revenue of $316.20 million during the quarter, compared to the consensus estimate of $34.16 million. During the same period in the prior year, the firm earned ($0.54) earnings per share. Beam Therapeutics's revenue was up 1481.0% on a year-over-year basis. As a group, research analysts expect that Beam Therapeutics Inc. will post -5.53 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $25.33, for a total transaction of $1,519,800.00. Following the sale, the chief executive officer now directly owns 1,058,262 shares of the company's stock, valued at approximately $26,805,776.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO John M. Evans sold 60,000 shares of the company's stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $25.33, for a total value of $1,519,800.00. Following the completion of the transaction, the chief executive officer now owns 1,058,262 shares in the company, valued at approximately $26,805,776.46. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Amy Simon sold 7,157 shares of the company's stock in a transaction on Monday, April 1st. The stock was sold at an average price of $32.13, for a total transaction of $229,954.41. Following the transaction, the insider now directly owns 86,590 shares in the company, valued at $2,782,136.70. The disclosure for this sale can be found here. Insiders have sold 156,804 shares of company stock worth $4,731,669 in the last three months. Corporate insiders own 4.40% of the company's stock.

Beam Therapeutics 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.