Vanguard Group Inc. Sells 222,617 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

Vanguard Group Inc. decreased its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 2.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,621,989 shares of the company's stock after selling 222,617 shares during the period. Vanguard Group Inc. owned 9.20% of Beam Therapeutics worth $189,025,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in BEAM. ARK Investment Management LLC boosted its holdings in Beam Therapeutics by 8.2% in the fourth quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company's stock valued at $175,287,000 after acquiring an additional 536,930 shares during the last quarter. State Street Corp lifted 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 valued at $96,274,000 after purchasing an additional 437,402 shares during the period. Nikko Asset Management Americas Inc. lifted its position in Beam Therapeutics by 11.4% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company's stock valued at $98,109,000 after purchasing an additional 404,782 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Beam Therapeutics by 11.4% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company's stock valued at $98,149,000 after purchasing an additional 404,782 shares during the last quarter. Finally, Peregrine Investment Management Inc. acquired a new stake in shares of Beam Therapeutics during the 4th quarter worth approximately $3,932,000. Institutional investors own 99.68% of the company's stock.

Beam Therapeutics Stock Performance

BEAM stock traded up $0.84 during mid-day trading on Friday, hitting $15.47. 2,394,197 shares of the company were exchanged, compared to its average volume of 1,386,103. The firm has a market cap of $1.54 billion, a P/E ratio of -8.79 and a beta of 2.02. Beam Therapeutics Inc. has a 1-year low of $13.53 and a 1-year high of $35.25. The firm's 50 day simple moving average is $24.37 and its 200 day simple moving average is $25.13.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings data on Tuesday, February 25th. The company reported ($1.09) EPS for the quarter, topping analysts' consensus estimates of ($1.25) by $0.16. The business had revenue of $30.00 million for 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 quarterly revenue was down 90.5% on a year-over-year basis. During the same period last year, the business posted $1.73 earnings per share. On average, equities research analysts predict that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on BEAM. Wedbush reaffirmed an "outperform" rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research note on Monday, March 10th. Cantor Fitzgerald restated an "overweight" rating on shares of Beam Therapeutics in a research report on Wednesday, March 12th. HC Wainwright reiterated a "buy" rating and issued a $80.00 price objective on shares of Beam Therapeutics in a report on Monday. Royal Bank of Canada increased their target price on Beam Therapeutics from $24.00 to $26.00 and gave the company a "sector perform" rating in a research note on Wednesday, February 26th. Finally, Bank of America upgraded Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 target price for the company in a research report on Friday, March 28th. Two research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Beam Therapeutics has a consensus rating of "Buy" and a consensus target price of $49.45.

Insider Buying and Selling at Beam Therapeutics

In other news, CEO John M. Evans sold 30,000 shares of the firm's stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $26.75, for a total transaction of $802,500.00. Following the completion of the transaction, the chief executive officer now directly owns 908,659 shares of the company's stock, valued at $24,306,628.25. This trade represents a 3.20 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christine Bellon sold 5,674 shares of the business's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total transaction of $104,117.90. Following the completion of the sale, the insider now directly owns 117,294 shares in the company, valued at approximately $2,152,344.90. This represents a 4.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 73,771 shares of company stock valued at $1,605,698 in the last 90 days. 4.20% of the stock is currently owned by company 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.