Mirae Asset Global Investments Co. Ltd. Reduces Holdings in Beam Therapeutics Inc. (NASDAQ:BEAM)

Mirae Asset Global Investments Co. Ltd. trimmed its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 48.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 166,375 shares of the company’s stock after selling 159,307 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned 0.20% of Beam Therapeutics worth $4,529,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Point72 Middle East FZE purchased a new position in Beam Therapeutics during the fourth quarter worth $35,000. Allworth Financial LP boosted its stake in Beam Therapeutics by 163.7% during the third quarter. Allworth Financial LP now owns 1,105 shares of the company’s stock worth $27,000 after buying an additional 686 shares during the period. Canada Pension Plan Investment Board bought a new stake in shares of Beam Therapeutics during the first quarter worth $86,000. Penserra Capital Management LLC bought a new stake in shares of Beam Therapeutics during the first quarter worth $97,000. Finally, Captrust Financial Advisors lifted its position in shares of Beam Therapeutics by 29.9% during the first quarter. Captrust Financial Advisors now owns 1,845 shares of the company’s stock worth $106,000 after purchasing an additional 425 shares during the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

BEAM has been the subject of several research analyst reports. Royal Bank of Canada lifted their target price on Beam Therapeutics from $27.00 to $35.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 28th. Wedbush reiterated an “outperform” rating and set a $57.00 target price (up from $48.00) on shares of Beam Therapeutics in a research report on Tuesday, February 27th. TheStreet upgraded Beam Therapeutics from a “d” rating to a “c-” rating in a research report on Monday, March 11th. JPMorgan Chase & Co. upgraded Beam Therapeutics from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $38.00 to $40.00 in a research report on Monday, January 29th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a report on Wednesday, March 27th. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $41.00.

Insider Transactions at Beam Therapeutics

In other news, insider Amy Simon sold 7,157 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $32.13, for a total transaction of $229,954.41. Following the sale, the insider now owns 86,590 shares in the company, valued at $2,782,136.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO John M. Evans sold 60,000 shares of the business’s 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 owns 1,058,262 shares in the company, valued at $26,805,776.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Amy Simon sold 7,157 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $32.13, for a total value of $229,954.41. Following the completion of the sale, the insider now owns 86,590 shares in the company, valued at approximately $2,782,136.70. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 156,804 shares of company stock worth $4,731,669. Insiders own 4.40% of the company’s stock.

Beam Therapeutics Stock Performance

Shares of Beam Therapeutics stock opened at $25.70 on Tuesday. The company has a market capitalization of $2.10 billion, a PE ratio of -13.53 and a beta of 1.77. The company has a 50-day simple moving average of $33.28 and a two-hundred day simple moving average of $28.04. Beam Therapeutics Inc. has a one year low of $16.95 and a one year high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, February 27th. The company reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of ($0.69) by $2.42. The business had revenue of $316.20 million during the quarter, compared to the consensus estimate of $34.16 million. Beam Therapeutics had a negative net margin of 35.09% and a negative return on equity of 15.90%. The firm’s revenue was up 1481.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.54) earnings per share. On average, equities analysts predict that Beam Therapeutics Inc. will post -5.53 earnings per share for the current fiscal 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.