Squarepoint Ops LLC Sells 45,685 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

Squarepoint Ops LLC reduced its position in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 83.1% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 9,314 shares of the company's stock after selling 45,685 shares during the period. Squarepoint Ops LLC's holdings in Beam Therapeutics were worth $218,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Riverview Trust Co purchased a new position in Beam Therapeutics during the first quarter valued at approximately $26,000. Fairfield Financial Advisors LTD purchased a new position in shares of Beam Therapeutics during the 2nd quarter valued at $26,000. Blue Trust Inc. raised its position in shares of Beam Therapeutics by 2,648.4% in the second quarter. Blue Trust Inc. now owns 1,704 shares of the company's stock worth $40,000 after buying an additional 1,642 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in Beam Therapeutics by 144.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company's stock valued at $43,000 after buying an additional 923 shares during the period. Finally, National Bank of Canada FI grew its position in Beam Therapeutics by 200.0% during the second quarter. National Bank of Canada FI now owns 3,000 shares of the company's stock worth $69,000 after buying an additional 2,000 shares in the last quarter. 99.68% of the stock is currently owned by institutional investors.

Insider Activity at Beam Therapeutics

In related news, CEO John M. Evans sold 60,000 shares of the firm's stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $24.60, for a total value of $1,476,000.00. Following the sale, the chief executive officer now owns 938,659 shares in the company, valued at approximately $23,091,011.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have sold 60,674 shares of company stock valued at $1,491,826 over the last ninety days. Insiders own 4.20% of the company's stock.

Beam Therapeutics Stock Up 7.3 %

Beam Therapeutics stock traded up $1.69 during trading hours on Friday, hitting $24.72. The stock had a trading volume of 882,870 shares, compared to its average volume of 1,231,143. The stock's 50-day moving average price is $24.76 and its 200-day moving average price is $25.24. The stock has a market capitalization of $2.03 billion, a P/E ratio of -13.89 and a beta of 1.85. Beam Therapeutics Inc. has a 12-month low of $16.95 and a 12-month high of $49.50.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($1.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.13) by $0.02. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. The business had revenue of $11.80 million for the quarter, compared to analysts' expectations of $14.18 million. During the same period in the prior year, the firm posted ($1.08) EPS. The firm's quarterly revenue was down 41.3% on a year-over-year basis. On average, research analysts expect that Beam Therapeutics Inc. will post -4.6 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on BEAM shares. Barclays dropped their price target on Beam Therapeutics from $33.00 to $31.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 7th. HC Wainwright reissued a "buy" rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Thursday, August 22nd. Royal Bank of Canada restated a "sector perform" rating and set a $27.00 price objective on shares of Beam Therapeutics in a research report on Thursday, September 19th. JPMorgan Chase & Co. upped their target price on shares of Beam Therapeutics from $45.00 to $48.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 7th. Finally, Stifel Nicolaus increased their target price on Beam Therapeutics from $66.00 to $69.00 and gave the company a "buy" rating in a research note on Wednesday, September 11th. Seven analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $44.18.

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.