JPMorgan Chase & Co. Has $13.14 Million Stock Holdings in Beam Therapeutics Inc. $BEAM

JPMorgan Chase & Co. decreased its position in Beam Therapeutics Inc. (NASDAQ:BEAM) by 18.0% during the 3rd quarter, Holdings Channel reports. The firm owned 541,303 shares of the company’s stock after selling 118,496 shares during the quarter. JPMorgan Chase & Co.’s holdings in Beam Therapeutics were worth $13,137,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. ARK Investment Management LLC lifted its holdings in Beam Therapeutics by 24.8% during the 3rd quarter. ARK Investment Management LLC now owns 11,038,834 shares of the company’s stock valued at $267,913,000 after purchasing an additional 2,190,993 shares during the last quarter. Farallon Capital Management LLC grew its stake in Beam Therapeutics by 0.5% during the third quarter. Farallon Capital Management LLC now owns 10,063,111 shares of the company’s stock worth $244,232,000 after buying an additional 50,000 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Beam Therapeutics by 2.1% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,830,738 shares of the company’s stock worth $117,242,000 after buying an additional 101,294 shares in the last quarter. Amova Asset Management Americas Inc. increased its holdings in shares of Beam Therapeutics by 2.2% during the third quarter. Amova Asset Management Americas Inc. now owns 4,830,738 shares of the company’s stock worth $117,242,000 after buying an additional 103,939 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. raised its stake in shares of Beam Therapeutics by 10.7% in the second quarter. Nikko Asset Management Americas Inc. now owns 4,726,799 shares of the company’s stock valued at $80,403,000 after acquiring an additional 456,779 shares during the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

Beam Therapeutics Price Performance

BEAM opened at $22.19 on Friday. The stock has a market capitalization of $2.26 billion, a P/E ratio of -21.97 and a beta of 2.12. The company’s 50 day simple moving average is $27.45 and its 200-day simple moving average is $26.27. Beam Therapeutics Inc. has a one year low of $13.52 and a one year high of $36.44.

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

Analysts Set New Price Targets

Several research analysts have recently commented on BEAM shares. Sanford C. Bernstein boosted their target price on Beam Therapeutics from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Tuesday, January 20th. Canaccord Genuity Group initiated coverage on Beam Therapeutics in a research report on Friday, February 20th. They issued a “buy” rating and a $74.00 price objective for the company. Royal Bank Of Canada boosted their price objective on Beam Therapeutics from $22.00 to $26.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 25th. Wall Street Zen upgraded Beam Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Wednesday, January 21st. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $49.36.

Insider Activity at Beam Therapeutics

In other news, insider Christine Bellon sold 1,371 shares of the business’s stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $34.00, for a total transaction of $46,614.00. Following the completion of the sale, the insider owned 95,667 shares in the company, valued at $3,252,678. The trade was a 1.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 3.50% of the company’s stock.

Beam Therapeutics Profile

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.