Mirae Asset Global Investments Co. Ltd. Decreases Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

Mirae Asset Global Investments Co. Ltd. decreased its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 48.9% in the 4th quarter, Holdings Channel.com reports. The firm owned 166,375 shares of the company’s stock after selling 159,307 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Beam Therapeutics were worth $4,529,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in BEAM. State Street Corp lifted its stake in Beam Therapeutics by 68.4% during the second quarter. State Street Corp now owns 3,336,327 shares of the company’s stock worth $129,149,000 after purchasing an additional 1,354,781 shares during the last quarter. BlackRock Inc. increased its position in Beam Therapeutics by 20.0% during the second quarter. BlackRock Inc. now owns 6,350,776 shares of the company’s stock worth $202,780,000 after buying an additional 1,060,104 shares during the period. Vanguard Group Inc. increased its position in Beam Therapeutics by 17.7% during the third quarter. Vanguard Group Inc. now owns 6,174,471 shares of the company’s stock worth $294,153,000 after buying an additional 927,970 shares during the period. ARK Investment Management LLC increased its position in Beam Therapeutics by 6.9% during the fourth quarter. ARK Investment Management LLC now owns 9,393,889 shares of the company’s stock worth $255,702,000 after buying an additional 609,998 shares during the period. Finally, Norges Bank acquired a new position in Beam Therapeutics during the fourth quarter worth approximately $19,477,000. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Price Performance

Shares of BEAM stock opened at $25.70 on Tuesday. The business’s fifty day moving average price is $33.28 and its 200 day moving average price is $28.04. Beam Therapeutics Inc. has a 1-year low of $16.95 and a 1-year high of $49.50. The firm has a market capitalization of $2.10 billion, a PE ratio of -13.53 and a beta of 1.77.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, February 27th. The company reported $1.73 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.69) by $2.42. Beam Therapeutics had a negative return on equity of 15.90% and a negative net margin of 35.09%. The firm had revenue of $316.20 million for the quarter, compared to analyst estimates of $34.16 million. During the same quarter in the prior year, the company posted ($0.54) earnings per share. Beam Therapeutics’s quarterly revenue was up 1481.0% on a year-over-year basis. Equities research analysts expect that Beam Therapeutics Inc. will post -5.53 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

BEAM has been the topic of several research analyst reports. BMO Capital Markets reaffirmed an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a research report on Wednesday, March 27th. TheStreet raised Beam Therapeutics from a “d” rating to a “c-” rating in a research report on Monday, March 11th. JPMorgan Chase & Co. raised Beam Therapeutics from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $38.00 to $40.00 in a research report on Monday, January 29th. Barclays boosted their target price on Beam Therapeutics from $26.00 to $42.00 and gave the company an “equal weight” rating in a report on Wednesday, February 28th. Finally, Royal Bank of Canada boosted their target price on Beam Therapeutics from $27.00 to $35.00 and gave the company a “sector perform” rating in a report on Wednesday, February 28th. Eight analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $41.00.

Insider Buying and Selling

In related news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $25.33, for a total transaction of $1,519,800.00. Following the transaction, the chief executive officer now owns 1,058,262 shares of the company’s stock, valued at $26,805,776.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Beam Therapeutics news, President Giuseppe Ciaramella sold 4,534 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $32.12, for a total transaction of $145,632.08. Following the sale, the president now directly owns 169,616 shares in the company, valued at $5,448,065.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $25.33, for a total value of $1,519,800.00. Following the sale, the chief executive officer now owns 1,058,262 shares in the company, valued at $26,805,776.46. The disclosure for this sale can be found here. Insiders have sold 156,804 shares of company stock valued at $4,731,669 over the last quarter. Company insiders own 4.40% of the company’s stock.

About Beam Therapeutics

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.