Wellington Management Group LLP Has $955,000 Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

Wellington Management Group LLP lessened its position in Beam Therapeutics Inc. (NASDAQ:BEAM) by 9.5% in the 3rd quarter, Holdings Channel reports. The firm owned 38,996 shares of the company’s stock after selling 4,112 shares during the period. Wellington Management Group LLP’s holdings in Beam Therapeutics were worth $955,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of BEAM. ARCH Venture Management LLC acquired a new position in shares of Beam Therapeutics in the 2nd quarter valued at $127,530,000. Farallon Capital Management LLC lifted its holdings in Beam Therapeutics by 75.4% during the second quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock worth $185,404,000 after acquiring an additional 3,401,370 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in Beam Therapeutics by 59.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock valued at $87,044,000 after acquiring an additional 1,328,414 shares during the period. State Street Corp increased its holdings in shares of Beam Therapeutics by 12.5% in the third 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 in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Beam Therapeutics by 63.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,049,360 shares of the company’s stock worth $24,589,000 after purchasing an additional 407,499 shares during the period. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $24.60, for a total value of $1,476,000.00. Following the sale, the chief executive officer now owns 938,659 shares in the company, valued at $23,091,011.40. This represents a 6.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, President Giuseppe Ciaramella sold 51,110 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $26.36, for a total value of $1,347,259.60. Following the completion of the sale, the president now directly owns 109,150 shares of the company’s stock, valued at approximately $2,877,194. The trade was a 31.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 162,894 shares of company stock valued at $4,181,745. 4.20% of the stock is owned by corporate insiders.

Beam Therapeutics Price Performance

Shares of NASDAQ BEAM opened at $26.85 on Friday. The business has a 50-day moving average of $25.64 and a 200-day moving average of $25.39. The stock has a market capitalization of $2.22 billion, a price-to-earnings ratio of -15.26 and a beta of 1.90. Beam Therapeutics Inc. has a fifty-two week low of $20.84 and a fifty-two week high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The company had revenue of $14.30 million during the quarter, compared to the consensus estimate of $14.52 million. During the same quarter in the prior year, the business earned ($1.22) earnings per share. The firm’s revenue for the quarter was down 16.9% compared to the same quarter last year. On average, sell-side analysts expect that Beam Therapeutics Inc. will post -4.66 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Leerink Partners upgraded Beam Therapeutics from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $27.00 to $39.00 in a research report on Wednesday, November 6th. Cantor Fitzgerald upgraded shares of Beam Therapeutics to a “hold” rating in a report on Tuesday, December 10th. HC Wainwright restated a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a report on Monday, December 9th. Royal Bank of Canada reduced their target price on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 6th. Finally, Scotiabank began coverage on Beam Therapeutics in a research note on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 price target on the stock. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Beam Therapeutics has an average rating of “Moderate Buy” and an average price target of $47.67.

Beam Therapeutics Profile

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.