Vanguard Group Inc. Reduces Stock Position in Beam Therapeutics Inc. $BEAM

Vanguard Group Inc. cut its stake in Beam Therapeutics Inc. (NASDAQ:BEAM) by 4.7% in the third quarter, HoldingsChannel.com reports. The fund owned 9,250,784 shares of the company’s stock after selling 455,440 shares during the period. Vanguard Group Inc. owned 0.09% of Beam Therapeutics worth $224,517,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allworth Financial LP boosted its holdings in Beam Therapeutics by 7,080.0% in the second quarter. Allworth Financial LP now owns 2,513 shares of the company’s stock worth $43,000 after purchasing an additional 2,478 shares during the last quarter. Daiwa Securities Group Inc. boosted its stake in shares of Beam Therapeutics by 1,248.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company’s stock worth $65,000 after buying an additional 3,534 shares during the last quarter. SBI Securities Co. Ltd. grew its holdings in shares of Beam Therapeutics by 300.1% in the third quarter. SBI Securities Co. Ltd. now owns 4,009 shares of the company’s stock worth $97,000 after acquiring an additional 3,007 shares during the period. Bayforest Capital Ltd purchased a new stake in Beam Therapeutics during the third quarter valued at $114,000. Finally, Gallagher Fiduciary Advisors LLC purchased a new stake in Beam Therapeutics during the second quarter valued at $200,000. Institutional investors own 99.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on BEAM shares. Wedbush upped their price target on shares of Beam Therapeutics from $57.00 to $65.00 and gave the company an “outperform” rating in a research report on Wednesday, February 25th. Royal Bank Of Canada upped their target price on shares of Beam Therapeutics from $22.00 to $26.00 and gave the company a “sector perform” rating in a report on Wednesday, February 25th. UBS Group started coverage on shares of Beam Therapeutics in a research note on Wednesday, January 7th. They set a “neutral” rating and a $28.00 price target on the stock. Sanford C. Bernstein upped their price objective on Beam Therapeutics from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 20th. Finally, Benchmark reaffirmed a “speculative buy” rating on shares of Beam Therapeutics in a report on Monday, November 17th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.19.

Insider Buying and Selling at Beam Therapeutics

In other news, insider Christine Bellon sold 18,629 shares of Beam Therapeutics stock in a transaction dated Thursday, January 15th. The stock was sold at an average price of $34.61, for a total value of $644,749.69. Following the sale, the insider directly owned 97,038 shares of the company’s stock, valued at approximately $3,358,485.18. The trade was a 16.11% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.50% of the stock is currently owned by insiders.

Beam Therapeutics Price Performance

BEAM stock opened at $28.46 on Monday. Beam Therapeutics Inc. has a 1-year low of $13.52 and a 1-year high of $36.44. The business has a 50 day simple moving average of $28.91 and a two-hundred day simple moving average of $25.24. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of -28.18 and a beta of 2.12.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, February 24th. The company reported $2.33 EPS for the quarter, topping the consensus estimate of ($1.13) by $3.46. The firm had revenue of $114.11 million for the quarter, compared to the consensus estimate of $13.22 million. Beam Therapeutics had a negative net margin of 57.24% and a negative return on equity of 30.65%. The company’s quarterly revenue was up 280.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($1.09) earnings per share. Sell-side analysts anticipate that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

About Beam Therapeutics

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.