Beam Therapeutics Inc. (NASDAQ:BEAM) Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP reduced its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM) by 8.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 35,569 shares of the company’s stock after selling 3,427 shares during the quarter. Wellington Management Group LLP’s holdings in Beam Therapeutics were worth $882,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. ARK Investment Management LLC increased its holdings in shares of Beam Therapeutics by 8.2% during the fourth quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company’s stock valued at $175,287,000 after purchasing an additional 536,930 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its position in Beam Therapeutics by 11.4% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock valued at $98,149,000 after buying an additional 404,782 shares in the last quarter. Nikko Asset Management Americas Inc. increased its stake in Beam Therapeutics by 11.4% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company’s stock valued at $98,109,000 after buying an additional 404,782 shares during the period. State Street Corp raised its position in shares of Beam Therapeutics by 12.5% during the 3rd quarter. State Street Corp now owns 3,929,557 shares of the company’s stock worth $96,274,000 after buying an additional 437,402 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Beam Therapeutics by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock worth $44,297,000 after acquiring an additional 78,102 shares during the period. Institutional investors own 99.68% of the company’s stock.

Insider Activity

In other Beam Therapeutics news, insider Christine Bellon sold 5,674 shares of the company’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $104,117.90. Following the transaction, the insider now owns 117,294 shares in the company, valued at approximately $2,152,344.90. This represents a 4.61 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO John M. Evans sold 30,663 shares of Beam Therapeutics stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $562,666.05. Following the sale, the chief executive officer now directly owns 986,249 shares of the company’s stock, valued at $18,097,669.15. This trade represents a 3.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 73,771 shares of company stock worth $1,605,698 in the last 90 days. Company insiders own 4.20% of the company’s stock.

Beam Therapeutics Stock Performance

NASDAQ BEAM opened at $15.47 on Monday. The firm’s 50 day moving average price is $24.37 and its two-hundred day moving average price is $25.13. Beam Therapeutics Inc. has a twelve month low of $13.53 and a twelve month high of $35.25. The stock has a market cap of $1.54 billion, a price-to-earnings ratio of -8.79 and a beta of 2.02.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.25) by $0.16. The business had revenue of $30.00 million for the quarter, compared to the consensus estimate of $16.47 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. Beam Therapeutics’s revenue for the quarter was down 90.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.73 earnings per share. On average, research analysts forecast that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Analysts Set New Price Targets

BEAM has been the topic of several recent analyst reports. Scotiabank raised Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 target price on the stock in a report on Monday, March 10th. Cantor Fitzgerald restated an “overweight” rating on shares of Beam Therapeutics in a report on Wednesday, March 12th. Sanford C. Bernstein raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Guggenheim reissued a “buy” rating and issued a $78.00 price target on shares of Beam Therapeutics in a report on Thursday, February 27th. Finally, Jones Trading upgraded shares of Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research report on Monday, March 10th. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Beam Therapeutics currently has a consensus rating of “Buy” and an average price target of $49.45.

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.