US Bancorp DE Cuts Stock Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

US Bancorp DE trimmed its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAMGet Rating) by 7.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 6,709 shares of the company’s stock after selling 539 shares during the quarter. US Bancorp DE’s holdings in Beam Therapeutics were worth $319,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of BEAM. Envestnet Asset Management Inc. purchased a new stake in Beam Therapeutics during the first quarter valued at approximately $204,000. Raymond James & Associates lifted its holdings in shares of Beam Therapeutics by 43.6% during the 1st quarter. Raymond James & Associates now owns 4,163 shares of the company’s stock valued at $239,000 after purchasing an additional 1,263 shares during the last quarter. HighTower Advisors LLC boosted its position in shares of Beam Therapeutics by 15.3% in the 1st quarter. HighTower Advisors LLC now owns 4,352 shares of the company’s stock worth $251,000 after purchasing an additional 576 shares in the last quarter. MetLife Investment Management LLC grew its stake in Beam Therapeutics by 56.8% during the 1st quarter. MetLife Investment Management LLC now owns 27,129 shares of the company’s stock worth $1,554,000 after buying an additional 9,829 shares during the last quarter. Finally, Rhumbline Advisers increased its position in Beam Therapeutics by 4.6% during the 1st quarter. Rhumbline Advisers now owns 54,202 shares of the company’s stock valued at $3,106,000 after buying an additional 2,389 shares in the last quarter. 76.70% of the stock is currently owned by institutional investors.

Beam Therapeutics Price Performance

BEAM stock opened at $44.55 on Wednesday. The firm’s fifty day simple moving average is $42.91 and its 200-day simple moving average is $49.92. Beam Therapeutics Inc. has a 12 month low of $27.77 and a 12 month high of $80.00. The company has a market capitalization of $3.14 billion, a P/E ratio of -9.81 and a beta of 1.69.

Beam Therapeutics (NASDAQ:BEAMGet Rating) last posted its quarterly earnings results on Monday, November 7th. The company reported ($1.56) EPS for the quarter, missing the consensus estimate of ($1.30) by ($0.26). The business had revenue of $15.80 million during the quarter, compared to analysts’ expectations of $7.15 million. Beam Therapeutics had a negative net margin of 343.05% and a negative return on equity of 38.93%. Beam Therapeutics’s revenue for the quarter was up 1875.0% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.42) earnings per share. As a group, sell-side analysts forecast that Beam Therapeutics Inc. will post -4.87 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Terry-Ann Burrell sold 47,195 shares of Beam Therapeutics stock in a transaction that occurred on Wednesday, January 18th. The stock was sold at an average price of $45.14, for a total transaction of $2,130,382.30. Following the completion of the transaction, the chief financial officer now directly owns 31,277 shares in the company, valued at $1,411,843.78. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Giuseppe Ciaramella sold 51,015 shares of the firm’s stock in a transaction on Monday, December 12th. The shares were sold at an average price of $42.70, for a total transaction of $2,178,340.50. Following the sale, the insider now owns 91,462 shares in the company, valued at $3,905,427.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Terry-Ann Burrell sold 47,195 shares of the company’s stock in a transaction dated Wednesday, January 18th. The stock was sold at an average price of $45.14, for a total transaction of $2,130,382.30. Following the completion of the transaction, the chief financial officer now owns 31,277 shares of the company’s stock, valued at approximately $1,411,843.78. The disclosure for this sale can be found here. Insiders have sold a total of 128,210 shares of company stock valued at $5,698,023 over the last ninety days. Company insiders own 4.00% of the company’s stock.

Wall Street Analysts Forecast Growth

BEAM has been the subject of several recent analyst reports. Credit Suisse Group lowered their price target on Beam Therapeutics from $65.00 to $53.00 and set a “neutral” rating for the company in a report on Tuesday, November 8th. Citigroup began coverage on shares of Beam Therapeutics in a research note on Tuesday, December 13th. They issued a “buy” rating and a $62.00 target price for the company. Guggenheim cut their price target on shares of Beam Therapeutics to $102.00 in a research note on Tuesday, November 15th. SVB Leerink lowered their price objective on shares of Beam Therapeutics from $81.00 to $77.00 and set an “outperform” rating for the company in a research note on Monday. Finally, BMO Capital Markets raised Beam Therapeutics from a “market perform” rating to an “outperform” rating and upped their target price for the company from $61.00 to $66.00 in a research report on Tuesday, December 20th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $74.29.

About Beam Therapeutics

(Get Rating)

Beam Therapeutics Inc, a biotechnology company, develops precision genetic medicines for patients suffering from serious diseases in the United States. The company is developing BEAM-101 for the treatment of sickle cell disease and beta thalassemia; BEAM-102 for the treatment of sickle cell disease; and BEAM-201, an allogeneic chimeric antigen receptor T cell for the treatment of relapsed/refractory T-cell acute lymphoblastic leukemia; and BEAM-301, a liver-targeted development candidate for the treatment of patients with Glycogen Storage Disease Type Ia.

Read More

Institutional Ownership by Quarter for Beam Therapeutics (NASDAQ:BEAM)

Receive News & Ratings for Beam Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Beam Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.