Verition Fund Management LLC Sells 1,429 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

Verition Fund Management LLC trimmed its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM – Get Rating) by 17.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,874 shares of the company’s stock after selling 1,429 shares during the quarter. Verition Fund Management LLC’s holdings in Beam Therapeutics were worth $327,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. State Street Corp boosted its position in shares of Beam Therapeutics by 68.4% during the 2nd quarter. State Street Corp now owns 3,336,327 shares of the company’s stock valued at $129,149,000 after acquiring an additional 1,354,781 shares during the last quarter. Baillie Gifford & Co. boosted its position in shares of Beam Therapeutics by 3,509.3% during the 3rd quarter. Baillie Gifford & Co. now owns 385,218 shares of the company’s stock valued at $18,351,000 after acquiring an additional 374,545 shares during the last quarter. Yiheng Capital Management L.P. boosted its position in shares of Beam Therapeutics by 1,454.7% during the 2nd quarter. Yiheng Capital Management L.P. now owns 363,800 shares of the company’s stock valued at $14,083,000 after acquiring an additional 340,400 shares during the last quarter. Renaissance Technologies LLC bought a new position in shares of Beam Therapeutics during the 2nd quarter valued at approximately $10,835,000. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its position in shares of Beam Therapeutics by 75.0% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 510,931 shares of the company’s stock valued at $24,341,000 after acquiring an additional 218,969 shares during the last quarter. 76.70% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on BEAM. Cantor Fitzgerald began coverage on Beam Therapeutics in a research report on Tuesday, January 31st. They set an “overweight” rating and a $62.00 target price for the company. SVB Leerink lowered their target price on Beam Therapeutics from $81.00 to $77.00 and set an “outperform” rating for the company in a research report on Monday, January 23rd. Guggenheim decreased their price target on Beam Therapeutics to $102.00 in a report on Tuesday, November 15th. Citigroup began coverage on Beam Therapeutics in a report on Tuesday, December 13th. They set a “buy” rating and a $62.00 price target on the stock. Finally, BMO Capital Markets upgraded Beam Therapeutics from a “market perform” rating to an “outperform” rating and increased their price target for the company from $61.00 to $66.00 in a report on Tuesday, December 20th. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $76.33.

Beam Therapeutics Stock Down 0.6 %

BEAM stock opened at $37.39 on Thursday. The business’s fifty day simple moving average is $42.06 and its two-hundred day simple moving average is $45.77. Beam Therapeutics Inc. has a twelve month low of $27.77 and a twelve month high of $73.27. The firm has a market cap of $2.71 billion, a price-to-earnings ratio of -9.05 and a beta of 1.70.

Beam Therapeutics (NASDAQ:BEAM – Get Rating) last released its earnings results on Tuesday, February 28th. The company reported ($0.54) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.34) by $0.80. Beam Therapeutics had a negative return on equity of 37.58% and a negative net margin of 474.54%. The business had revenue of $20.04 million for the quarter, compared to analyst estimates of $12.73 million. During the same quarter last year, the firm posted ($0.95) earnings per share. The business’s revenue was down 60.8% compared to the same quarter last year. Research analysts expect that Beam Therapeutics Inc. will post -5.54 EPS for the current year.

Insiders Place Their Bets

In other Beam Therapeutics news, CFO Terry-Ann Burrell sold 1,102 shares of the stock in a transaction on Thursday, January 26th. The stock was sold at an average price of $45.16, for a total value of $49,766.32. Following the sale, the chief financial officer now owns 31,277 shares in the company, valued at $1,412,469.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Beam Therapeutics news, CFO Terry-Ann Burrell sold 1,102 shares of the stock in a transaction on Thursday, January 26th. The stock was sold at an average price of $45.16, for a total value of $49,766.32. Following the sale, the chief financial officer now owns 31,277 shares in the company, valued at $1,412,469.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, 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 value of $2,178,340.50. Following the transaction, the insider now owns 91,462 shares in the company, valued at approximately $3,905,427.40. The disclosure for this sale can be found here. Insiders have sold a total of 114,122 shares of company stock worth $5,025,087 over the last quarter. Company insiders own 4.00% of the company’s stock.

Beam Therapeutics Company Profile

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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.