Millennium Management LLC Decreases Stock Holdings in Beam Therapeutics Inc. (NASDAQ:BEAM)

Millennium Management LLC decreased its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 7.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 75,353 shares of the company’s stock after selling 6,364 shares during the quarter. Millennium Management LLC owned about 0.09% of Beam Therapeutics worth $1,869,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of BEAM. SG Americas Securities LLC raised its stake in Beam Therapeutics by 19.4% during the fourth quarter. SG Americas Securities LLC now owns 12,118 shares of the company’s stock valued at $301,000 after purchasing an additional 1,971 shares in the last quarter. Blue Trust Inc. raised its stake in Beam Therapeutics by 36.3% during the fourth quarter. Blue Trust Inc. now owns 4,274 shares of the company’s stock valued at $105,000 after purchasing an additional 1,139 shares in the last quarter. KBC Group NV raised its stake in shares of Beam Therapeutics by 103.2% in the fourth quarter. KBC Group NV now owns 4,143 shares of the company’s stock valued at $103,000 after acquiring an additional 2,104 shares during the period. China Universal Asset Management Co. Ltd. raised its stake in shares of Beam Therapeutics by 10.6% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 17,794 shares of the company’s stock valued at $441,000 after acquiring an additional 1,707 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Beam Therapeutics by 11.4% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock valued at $98,149,000 after acquiring an additional 404,782 shares during the period. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Insiders Place Their Bets

In other news, CEO John M. Evans sold 30,663 shares of the firm’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $562,666.05. Following the sale, the chief executive officer now directly owns 986,249 shares in the company, valued at approximately $18,097,669.15. This trade represents a 3.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Giuseppe Ciaramella sold 7,434 shares of the firm’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $136,413.90. Following the completion of the sale, the president now owns 190,216 shares in the company, valued at $3,490,463.60. This represents a 3.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 43,771 shares of company stock worth $803,198 in the last three months. Corporate insiders own 3.50% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on BEAM. HC Wainwright reissued a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research note on Monday, April 7th. Wells Fargo & Company reduced their target price on shares of Beam Therapeutics from $75.00 to $70.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 7th. Barclays reduced their price target on shares of Beam Therapeutics from $31.00 to $25.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 7th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Beam Therapeutics in a research note on Wednesday, March 12th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a research note on Monday, March 10th. Two equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $48.75.

Beam Therapeutics Price Performance

Shares of Beam Therapeutics stock opened at $16.19 on Tuesday. Beam Therapeutics Inc. has a 1 year low of $13.53 and a 1 year high of $35.25. The firm’s 50-day moving average is $17.63 and its two-hundred day moving average is $23.50. The stock has a market cap of $1.63 billion, a price-to-earnings ratio of -9.20 and a beta of 2.35.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, May 6th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.11) by ($0.13). Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The business had revenue of $7.47 million for the quarter, compared to the consensus estimate of $14.69 million. During the same quarter in the previous year, the company earned ($1.21) earnings per share. The firm’s revenue was up 1.4% on a year-over-year basis. On average, equities analysts expect that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

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.