Baillie Gifford & Co. Decreases Stock Holdings in Beam Therapeutics Inc. (NASDAQ:BEAM)

Baillie Gifford & Co. trimmed its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 17.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 623,640 shares of the company's stock after selling 128,754 shares during the quarter. Baillie Gifford & Co. owned approximately 0.76% of Beam Therapeutics worth $14,612,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. boosted its holdings in Beam Therapeutics by 125.9% during the 4th quarter. First Horizon Advisors Inc. now owns 994 shares of the company's stock worth $27,000 after acquiring an additional 554 shares during the last quarter. E Fund Management Co. Ltd. raised its position in shares of Beam Therapeutics by 4.0% in the fourth quarter. E Fund Management Co. Ltd. now owns 18,174 shares of the company's stock worth $495,000 after buying an additional 704 shares in the last quarter. American International Group Inc. grew its holdings in shares of Beam Therapeutics by 2.0% during the first quarter. American International Group Inc. now owns 36,760 shares of the company's stock worth $1,215,000 after purchasing an additional 732 shares in the last quarter. Principal Financial Group Inc. grew its stake in Beam Therapeutics by 4.5% in the 1st quarter. Principal Financial Group Inc. now owns 18,418 shares of the company's stock worth $609,000 after buying an additional 789 shares in the last quarter. Finally, Riverview Trust Co purchased a new stake in Beam Therapeutics during the first quarter valued at about $26,000. Institutional investors own 99.68% of the company's stock.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the business's stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $24.50, for a total value of $1,470,000.00. Following the completion of the sale, the chief executive officer now owns 998,343 shares in the company, valued at $24,459,403.50. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 4.20% of the company's stock.

Wall Street Analyst Weigh In

BEAM has been the topic of a number of analyst reports. Wedbush restated an "outperform" rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research report on Tuesday, August 6th. HC Wainwright restated a "buy" rating and set a $80.00 target price on shares of Beam Therapeutics in a report on Thursday. Royal Bank of Canada reiterated a "sector perform" rating and issued a $27.00 price target on shares of Beam Therapeutics in a research note on Wednesday, August 7th. Barclays cut their target price on Beam Therapeutics from $33.00 to $31.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 7th. Finally, JPMorgan Chase & Co. raised their price target on shares of Beam Therapeutics from $45.00 to $48.00 and gave the company an "overweight" rating in a report on Wednesday, August 7th. Seven investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $41.70.

Beam Therapeutics Stock Performance

Shares of NASDAQ:BEAM traded up $2.29 during trading on Friday, reaching $26.81. The stock had a trading volume of 1,421,479 shares, compared to its average volume of 1,341,925. Beam Therapeutics Inc. has a 1-year low of $16.95 and a 1-year high of $49.50. The business has a fifty day moving average price of $25.74 and a 200-day moving average price of $27.73. The stock has a market cap of $2.21 billion, a PE ratio of -15.06 and a beta of 1.87.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($1.11) EPS for the quarter, topping the consensus estimate of ($1.13) by $0.02. Beam Therapeutics had a negative net margin of 37.33% and a negative return on equity of 15.46%. The firm had revenue of $11.80 million for the quarter, compared to analyst estimates of $14.18 million. During the same period in the prior year, the business posted ($1.08) EPS. The business's revenue for the quarter was down 41.3% compared to the same quarter last year. Sell-side analysts expect that Beam Therapeutics Inc. will post -4.68 earnings per share for the current year.

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.