Beam Therapeutics Inc. (NASDAQ:BEAM) Stake Lessened by E Fund Management Co. Ltd.

E Fund Management Co. Ltd. decreased its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 13.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,037 shares of the company’s stock after selling 1,510 shares during the quarter. E Fund Management Co. Ltd.’s holdings in Beam Therapeutics were worth $235,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of BEAM. Riverview Trust Co acquired a new stake in Beam Therapeutics during the 1st quarter worth about $26,000. Fairfield Financial Advisors LTD purchased a new stake in shares of Beam Therapeutics in the second quarter worth approximately $26,000. Blue Trust Inc. boosted its holdings in shares of Beam Therapeutics by 2,648.4% during the second quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock worth $40,000 after purchasing an additional 1,642 shares during the period. PNC Financial Services Group Inc. grew its position in Beam Therapeutics by 144.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock valued at $43,000 after purchasing an additional 923 shares in the last quarter. Finally, National Bank of Canada FI increased its stake in Beam Therapeutics by 200.0% in the 2nd quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock valued at $69,000 after buying an additional 2,000 shares during the period. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Insider Buying and Selling

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $24.50, for a total value of $1,470,000.00. Following the completion of the sale, the chief executive officer now directly owns 998,343 shares of the company’s stock, valued at approximately $24,459,403.50. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 4.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Royal Bank of Canada reissued a “sector perform” rating and set a $27.00 target price on shares of Beam Therapeutics in a research note on Thursday. Stifel Nicolaus raised their price target on Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. JPMorgan Chase & Co. boosted their price target on Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Wedbush reaffirmed an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research report on Tuesday, August 6th. Finally, Barclays dropped their price target on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 7th. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $44.18.

Beam Therapeutics Stock Performance

Shares of NASDAQ:BEAM opened at $26.04 on Friday. Beam Therapeutics Inc. has a 52-week low of $16.95 and a 52-week high of $49.50. The company has a market cap of $2.14 billion, a P/E ratio of -14.63 and a beta of 1.86. The stock’s 50-day moving average is $26.32 and its 200-day moving average is $26.62.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($1.11) EPS for the quarter, topping the consensus estimate of ($1.13) by $0.02. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. The company had revenue of $11.80 million for the quarter, compared to the consensus estimate of $14.18 million. During the same period in the previous year, the business posted ($1.08) EPS. The company’s revenue for the quarter was down 41.3% on a year-over-year basis. As a group, equities analysts predict that Beam Therapeutics Inc. will post -4.6 EPS for the current year.

Beam Therapeutics Company 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.