Vanguard Group Inc. Trims Stake in Beam Therapeutics Inc. (NASDAQ:BEAM)

Vanguard Group Inc. lowered its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM) by 2.8% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,814,970 shares of the company’s stock after selling 195,009 shares during the period. Vanguard Group Inc. owned approximately 8.36% of Beam Therapeutics worth $163,900,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Envestnet Asset Management Inc. purchased a new position in Beam Therapeutics in the first quarter worth $204,000. Raymond James & Associates boosted its holdings in shares of Beam Therapeutics by 43.6% in the 1st quarter. Raymond James & Associates now owns 4,163 shares of the company’s stock worth $239,000 after purchasing an additional 1,263 shares in the last quarter. US Bancorp DE increased its position in shares of Beam Therapeutics by 5.6% during the 1st quarter. US Bancorp DE now owns 10,802 shares of the company’s stock valued at $619,000 after purchasing an additional 571 shares during the last quarter. HighTower Advisors LLC raised its holdings in shares of Beam Therapeutics by 15.3% during the 1st quarter. HighTower Advisors LLC now owns 4,352 shares of the company’s stock valued at $251,000 after buying an additional 576 shares in the last quarter. Finally, MetLife Investment Management LLC lifted its position in Beam Therapeutics by 56.8% in the 1st quarter. MetLife Investment Management LLC now owns 27,129 shares of the company’s stock worth $1,554,000 after buying an additional 9,829 shares during the last quarter. Institutional investors own 99.68% of the company’s stock.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction on 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 completion of the transaction, the chief executive officer now owns 1,058,262 shares of the company’s stock, valued at $26,805,776.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Fmr Llc sold 1,565 shares of the business’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $30.76, for a total value of $48,139.40. Following the sale, the insider now directly owns 2,771,913 shares of the company’s stock, valued at approximately $85,264,043.88. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 1,058,262 shares of the company’s stock, valued at approximately $26,805,776.46. The disclosure for this sale can be found here. Insiders have sold 123,472 shares of company stock worth $3,649,922 over the last ninety days. 4.40% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have commented on BEAM. Jefferies Financial Group reissued a “hold” rating and set a $30.00 price target (down from $75.00) on shares of Beam Therapeutics in a research note on Friday, December 8th. Bank of America lowered shares of Beam Therapeutics from a “buy” rating to a “neutral” rating and set a $35.00 price target for the company. in a research report on Friday, December 15th. TheStreet raised Beam Therapeutics from a “d” rating to a “c-” rating in a research note on Monday, March 11th. Wedbush restated an “outperform” rating and set a $57.00 target price (up from $48.00) on shares of Beam Therapeutics in a report on Tuesday, February 27th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a research note on Wednesday, March 27th. Eight research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $41.00.

Beam Therapeutics Trading Down 1.2 %

Shares of NASDAQ BEAM opened at $32.66 on Tuesday. The firm has a fifty day simple moving average of $32.76 and a two-hundred day simple moving average of $27.76. The firm has a market capitalization of $2.67 billion, a PE ratio of -17.19 and a beta of 1.80. Beam Therapeutics Inc. has a 12 month low of $16.95 and a 12 month high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings data on Tuesday, February 27th. The company reported $1.73 EPS for the quarter, topping the consensus estimate 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 business had revenue of $316.20 million during the quarter, compared to analyst estimates of $34.16 million. During the same period last year, the business posted ($0.54) earnings per share. Beam Therapeutics’s quarterly revenue was up 1481.0% compared to the same quarter last year. On average, sell-side analysts predict that Beam Therapeutics Inc. will post -5.5 earnings per share 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.