JPMorgan Chase & Co. Trims Stock Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

JPMorgan Chase & Co. trimmed its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 19.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm 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 filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. LPL Financial LLC boosted its holdings in shares of Beam Therapeutics by 5.6% during the 4th quarter. LPL Financial LLC now owns 27,698 shares of the company's stock worth $687,000 after buying an additional 1,462 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new stake in Beam Therapeutics in the fourth quarter worth $332,000. American Century Companies Inc. grew its holdings in Beam Therapeutics by 13.2% in the fourth 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 increased its stake in Beam Therapeutics by 18.4% in the fourth quarter. Teacher Retirement System of Texas now owns 20,767 shares of the company's stock valued at $515,000 after purchasing an additional 3,222 shares in the last quarter. Finally, Intech Investment Management LLC raised its holdings in shares of Beam Therapeutics by 40.7% during the fourth quarter. Intech Investment Management LLC now owns 29,401 shares of the company's stock valued at $729,000 after purchasing an additional 8,509 shares during the period. Institutional investors own 99.68% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BEAM. HC Wainwright reaffirmed a "buy" rating and set a $80.00 price target on shares of Beam Therapeutics in a research note on Monday, April 7th. Jones Trading upgraded Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 target price on the stock in a report on Monday, March 10th. Bank of America upgraded shares of Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 price objective on the stock in a report on Friday, March 28th. Sanford C. Bernstein raised shares of Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 7th. Finally, Scotiabank upgraded Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 price target for the company in a research note on Monday, March 10th. Two research analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $49.45.

Beam Therapeutics Stock Performance

NASDAQ:BEAM traded up $0.29 during trading on Thursday, reaching $16.91. The company's stock had a trading volume of 628,694 shares, compared to its average volume of 1,388,785. Beam Therapeutics Inc. has a 12 month low of $13.53 and a 12 month high of $35.25. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of -9.63 and a beta of 2.02. The firm has a 50 day moving average of $23.73 and a 200-day moving average of $24.96.

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

Insider Buying and Selling at Beam Therapeutics

In other news, CEO John M. Evans sold 30,000 shares of Beam Therapeutics stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $26.75, for a total value of $802,500.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christine Bellon sold 5,674 shares of the company's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $104,117.90. Following the sale, the insider now owns 117,294 shares in the company, valued at $2,152,344.90. The trade was a 4.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 73,771 shares of company stock worth $1,605,698 over the last ninety days. 4.20% of the stock is currently owned by company insiders.

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.