JPMorgan Chase & Co. Sells 144,127 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

JPMorgan Chase & Co. lessened its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 18.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 639,238 shares of the company's stock after selling 144,127 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.77% of Beam Therapeutics worth $15,661,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. ARCH Venture Management LLC bought a new position in shares of Beam Therapeutics during the second quarter valued at $127,530,000. Farallon Capital Management LLC increased its holdings in Beam Therapeutics by 75.4% in the second quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company's stock valued at $185,404,000 after purchasing an additional 3,401,370 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its position in Beam Therapeutics by 59.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company's stock worth $87,044,000 after purchasing an additional 1,328,414 shares during the last quarter. State Street Corp raised its position in Beam Therapeutics by 12.5% during the 3rd quarter. State Street Corp now owns 3,929,557 shares of the company's stock worth $96,274,000 after purchasing an additional 437,402 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Beam Therapeutics by 63.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,049,360 shares of the company's stock worth $24,589,000 after buying an additional 407,499 shares during the period. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Beam Therapeutics Trading Down 1.5 %

Beam Therapeutics stock traded down $0.41 during midday trading on Friday, reaching $26.39. The stock had a trading volume of 1,708,208 shares, compared to its average volume of 1,368,979. The company has a fifty day moving average price of $26.71 and a two-hundred day moving average price of $25.69. Beam Therapeutics Inc. has a 12 month low of $20.84 and a 12 month high of $49.50. The company has a market capitalization of $2.19 billion, a P/E ratio of -14.99 and a beta of 1.92.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) EPS for the quarter, missing analysts' consensus estimates of ($1.16) by ($0.01). Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The firm had revenue of $14.30 million during the quarter, compared to analyst estimates of $14.52 million. During the same period last year, the business posted ($1.22) EPS. The company's revenue was down 16.9% on a year-over-year basis. On average, equities research analysts predict that Beam Therapeutics Inc. will post -4.66 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on BEAM shares. Leerink Partnrs upgraded Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, November 6th. Royal Bank of Canada lowered their price target on shares of Beam Therapeutics from $27.00 to $24.00 and set a "sector perform" rating for the company in a report on Wednesday, November 6th. Cantor Fitzgerald raised shares of Beam Therapeutics to a "hold" rating in a research note on Tuesday, December 10th. Wedbush reissued an "outperform" rating and set a $57.00 target price on shares of Beam Therapeutics in a research note on Monday, December 9th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $80.00 price target on shares of Beam Therapeutics in a research report on Monday, December 9th. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Beam Therapeutics has an average rating of "Moderate Buy" and an average target price of $47.67.

Insider Buying and Selling at Beam Therapeutics

In related news, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $26.36, for a total transaction of $1,347,259.60. Following the transaction, the president now owns 109,150 shares of the company's stock, valued at $2,877,194. The trade was a 31.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Christine Bellon sold 1,241 shares of the company's stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total value of $30,627.88. Following the sale, the insider now owns 102,968 shares of the company's stock, valued at $2,541,250.24. This trade represents a 1.19 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 103,461 shares of company stock worth $2,720,547. 4.20% of the stock is owned by corporate insiders.

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.