Yiheng Capital Management L.P. Sells 337,658 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

Yiheng Capital Management L.P. decreased its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 44.2% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 426,102 shares of the company's stock after selling 337,658 shares during the period. Beam Therapeutics makes up 0.4% of Yiheng Capital Management L.P.'s holdings, making the stock its 12th largest position. Yiheng Capital Management L.P. owned 0.51% of Beam Therapeutics worth $10,567,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the stock. ARK Investment Management LLC increased 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 purchasing an additional 536,930 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased 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 acquiring an additional 404,782 shares during the last quarter. Nikko Asset Management Americas Inc. raised its position in shares of Beam Therapeutics by 11.4% in 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 acquiring an additional 404,782 shares during the period. State Street Corp boosted its stake 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 acquiring an additional 437,402 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Beam Therapeutics by 4.5% during the third quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company's stock valued at $44,297,000 after purchasing an additional 78,102 shares during the period. Institutional investors and hedge funds own 99.68% of the company's stock.

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Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 30,000 shares of the stock in a transaction on 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 sale, 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 sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Christine Bellon sold 1,241 shares of the business's stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total transaction of $30,627.88. Following the transaction, the insider now owns 102,968 shares in the company, valued at $2,541,250.24. This represents a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 4.20% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on BEAM shares. HC Wainwright reiterated a "buy" rating and issued a $80.00 target price on shares of Beam Therapeutics in a report on Monday, March 10th. Jones Trading raised Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 price objective on the stock in a research note on Monday, March 10th. Sanford C. Bernstein raised Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 7th. Scotiabank raised Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 price target on the stock in a research report on Monday, March 10th. Finally, Wedbush reiterated an "outperform" rating and set a $57.00 price objective on shares of Beam Therapeutics in a report on Monday, March 10th. Two investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $50.82.

Beam Therapeutics Stock Performance

Beam Therapeutics stock traded down $0.79 during mid-day trading on Tuesday, reaching $23.22. The company's stock had a trading volume of 2,393,968 shares, compared to its average volume of 1,221,528. Beam Therapeutics Inc. has a 12 month low of $20.84 and a 12 month high of $35.25. The business's 50 day simple moving average is $26.73 and its 200 day simple moving average is $25.93. The company has a market capitalization of $2.32 billion, a price-to-earnings ratio of -13.19 and a beta of 1.91.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its quarterly earnings data 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. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company had revenue of $30.00 million during the quarter, compared to analysts' expectations of $16.47 million. During the same quarter last year, the company earned $1.73 EPS. Beam Therapeutics's revenue for the quarter was down 90.5% compared to the same quarter last year. As a group, sell-side analysts expect that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

About Beam Therapeutics

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.