Beam Therapeutics Inc. (NASDAQ:BEAM) Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered its stake in Beam Therapeutics Inc. (NASDAQ:BEAM) by 18.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 639,238 shares of the company’s stock after selling 144,127 shares during the period. JPMorgan Chase & Co. owned about 0.77% of Beam Therapeutics worth $15,661,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Fairfield Financial Advisors LTD acquired a new stake in Beam Therapeutics in the 2nd quarter valued at about $26,000. Mirae Asset Global Investments Co. Ltd. raised its position in Beam Therapeutics by 21.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock valued at $75,000 after purchasing an additional 524 shares in the last quarter. National Bank of Canada FI raised its position 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 purchasing an additional 2,000 shares in the last quarter. Blue Trust Inc. raised its position in Beam Therapeutics by 84.0% in the 3rd quarter. Blue Trust Inc. now owns 3,135 shares of the company’s stock valued at $73,000 after purchasing an additional 1,431 shares in the last quarter. Finally, Quarry LP raised its position in Beam Therapeutics by 350.0% in the 2nd quarter. Quarry LP now owns 3,600 shares of the company’s stock valued at $84,000 after purchasing an additional 2,800 shares in the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

Insider Buying and Selling

In other Beam Therapeutics news, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $26.36, for a total value of $1,347,259.60. Following the transaction, the president now directly owns 109,150 shares in the company, valued at approximately $2,877,194. This trade represents a 31.89 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Christine Bellon sold 1,241 shares of Beam Therapeutics stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total value of $30,627.88. Following the completion of the transaction, the insider now owns 102,968 shares in the company, valued at $2,541,250.24. This trade represents a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 103,461 shares of company stock worth $2,720,547 in the last quarter. 4.20% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research firms have issued reports on BEAM. Leerink Partners raised Beam Therapeutics from a “market perform” rating to an “outperform” rating and increased their price target for the company from $27.00 to $39.00 in a research report on Wednesday, November 6th. Scotiabank assumed coverage on Beam Therapeutics in a research report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 target price on the stock. Royal Bank of Canada cut their target price on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. Leerink Partnrs raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Finally, Cantor Fitzgerald raised Beam Therapeutics to a “hold” rating in a research report on Tuesday, December 10th. Three equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Beam Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $47.67.

Beam Therapeutics Stock Down 1.5 %

NASDAQ:BEAM opened at $26.39 on Friday. The stock’s 50 day moving average price is $26.71 and its 200 day moving average price is $25.68. The company has a market capitalization of $2.19 billion, a PE ratio of -14.99 and a beta of 1.92. Beam Therapeutics Inc. has a 52-week low of $20.84 and a 52-week high of $49.50.

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