JPMorgan Chase & Co. Decreases Stake in Beam Therapeutics Inc. (NASDAQ:BEAM)

JPMorgan Chase & Co. cut its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM) by 18.4% during the third quarter, Holdings Channel reports. The institutional investor owned 639,238 shares of the company’s stock after selling 144,127 shares during the quarter. JPMorgan Chase & Co.’s holdings in Beam Therapeutics were worth $15,661,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Franklin Resources Inc. purchased a new stake in shares of Beam Therapeutics in the third quarter valued at approximately $400,000. Geode Capital Management LLC boosted its stake in shares of Beam Therapeutics by 4.5% in the third quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock valued at $44,297,000 after buying an additional 78,102 shares in the last quarter. XTX Topco Ltd boosted its stake in shares of Beam Therapeutics by 16.3% in the third quarter. XTX Topco Ltd now owns 37,001 shares of the company’s stock valued at $907,000 after buying an additional 5,191 shares in the last quarter. State Street Corp boosted its stake 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 valued at $96,274,000 after buying an additional 437,402 shares in the last quarter. Finally, Stifel Financial Corp purchased a new stake in shares of Beam Therapeutics in the third quarter valued at approximately $262,000. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BEAM has been the subject of several research reports. Royal Bank of Canada reduced their price objective on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. Scotiabank initiated coverage on Beam Therapeutics in a report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 price objective for the company. Leerink Partnrs raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Wedbush reaffirmed an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a report on Monday, December 9th. Finally, Leerink Partners raised Beam Therapeutics from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $27.00 to $39.00 in a report on Wednesday, November 6th. Three investment 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 company’s stock. Based on data from MarketBeat, Beam Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $47.67.

Beam Therapeutics Stock Down 1.5 %

NASDAQ BEAM opened at $26.39 on Friday. Beam Therapeutics Inc. has a fifty-two week low of $20.84 and a fifty-two week high of $49.50. The stock has a market cap of $2.19 billion, a price-to-earnings ratio of -14.99 and a beta of 1.92. The business has a fifty day moving average of $26.71 and a 200-day moving average of $25.68.

Beam Therapeutics (NASDAQ:BEAM) last released 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 return on equity of 16.22% and a negative net margin of 41.07%. The company had revenue of $14.30 million during the quarter, compared to analyst estimates of $14.52 million. During the same period last year, the firm earned ($1.22) earnings per share. The business’s revenue was down 16.9% compared to the same quarter last year. As a group, analysts anticipate that Beam Therapeutics Inc. will post -4.66 EPS for the current year.

Insider Transactions at Beam Therapeutics

In other news, insider Christine Bellon sold 1,241 shares of Beam Therapeutics stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total value of $30,627.88. Following the completion of the sale, the insider now owns 102,968 shares of the company’s stock, valued at $2,541,250.24. The trade was a 1.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction 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. This represents a 31.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 103,461 shares of company stock valued at $2,720,547 over the last three months. 4.20% of the stock is currently owned by insiders.

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.