Geode Capital Management LLC Decreases Stock Position in Beam Therapeutics Inc. $BEAM

Geode Capital Management LLC reduced its position in Beam Therapeutics Inc. (NASDAQ:BEAM) by 1.6% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 2,351,908 shares of the company’s stock after selling 39,035 shares during the period. Geode Capital Management LLC’s holdings in Beam Therapeutics were worth $65,206,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. SG Americas Securities LLC increased its position in Beam Therapeutics by 139.4% in the fourth quarter. SG Americas Securities LLC now owns 103,469 shares of the company’s stock worth $2,868,000 after buying an additional 60,249 shares during the last quarter. Farallon Capital Management LLC increased its position in Beam Therapeutics by 0.5% in 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. Concurrent Investment Advisors LLC purchased a new stake in Beam Therapeutics in the fourth quarter worth $2,130,000. Contrarius Group Holdings Ltd purchased a new stake in Beam Therapeutics in the third quarter worth $37,212,000. Finally, ARK Investment Management LLC increased its position in Beam Therapeutics by 24.8% in the third quarter. ARK Investment Management LLC now owns 11,038,834 shares of the company’s stock worth $267,913,000 after buying an additional 2,190,993 shares during the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on BEAM. HC Wainwright reiterated a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research report on Thursday, May 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Monday, April 20th. Canaccord Genuity Group began coverage on Beam Therapeutics in a research report on Friday, February 20th. They issued a “buy” rating and a $74.00 price target for the company. Royal Bank Of Canada lifted their price target on Beam Therapeutics from $22.00 to $26.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 25th. Finally, Wall Street Zen upgraded Beam Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Beam Therapeutics currently has a consensus rating of “Moderate Buy” and an average price target of $46.83.

Insiders Place Their Bets

In related news, President Giuseppe Ciaramella sold 11,810 shares of Beam Therapeutics stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total transaction of $290,289.80. Following the completion of the sale, the president owned 218,406 shares of the company’s stock, valued at approximately $5,368,419.48. This trade represents a 5.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO John M. Evans sold 30,078 shares of Beam Therapeutics stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $24.58, for a total value of $739,317.24. Following the sale, the chief executive officer directly owned 1,047,205 shares of the company’s stock, valued at $25,740,298.90. This represents a 2.79% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 79,544 shares of company stock worth $1,899,942 over the last three months. Corporate insiders own 3.80% of the company’s stock.

Beam Therapeutics Price Performance

NASDAQ:BEAM opened at $29.78 on Tuesday. The firm has a market capitalization of $3.06 billion, a price-to-earnings ratio of -43.79 and a beta of 2.25. Beam Therapeutics Inc. has a 52-week low of $15.60 and a 52-week high of $36.44. The stock has a fifty day moving average of $28.89 and a 200 day moving average of $27.91. The company has a debt-to-equity ratio of 0.09, a quick ratio of 16.99 and a current ratio of 16.99.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.91) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.03) by $0.12. The company had revenue of $31.74 million during the quarter, compared to analyst estimates of $10.98 million. Beam Therapeutics had a negative return on equity of 29.00% and a negative net margin of 39.66%.The firm’s quarterly revenue was up 323.2% on a year-over-year basis. During the same quarter last year, the company earned ($1.23) earnings per share. On average, research analysts expect that Beam Therapeutics Inc. will post -4.16 EPS for the current fiscal year.

Beam Therapeutics Company 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.