Cresset Asset Management LLC Sells 8,926 Shares of Beam Therapeutics Inc. $BEAM

Cresset Asset Management LLC lessened its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 32.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,544 shares of the company’s stock after selling 8,926 shares during the quarter. Cresset Asset Management LLC’s holdings in Beam Therapeutics were worth $362,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the company. GF Fund Management CO. LTD. acquired a new stake in shares of Beam Therapeutics in the 4th quarter valued at $43,000. CWM LLC increased its position in Beam Therapeutics by 79.8% in the 1st quarter. CWM LLC now owns 2,684 shares of the company’s stock valued at $52,000 after acquiring an additional 1,191 shares in the last quarter. Amalgamated Bank raised its stake in shares of Beam Therapeutics by 20.4% in the first quarter. Amalgamated Bank now owns 3,153 shares of the company’s stock worth $62,000 after acquiring an additional 534 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of Beam Therapeutics in the first quarter worth about $87,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Beam Therapeutics in the fourth quarter worth about $191,000. Institutional investors and hedge funds own 99.68% of the company’s stock.

Insider Buying and Selling

In other Beam Therapeutics news, insider Fmr Llc sold 48,374 shares of the business’s stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $20.50, for a total transaction of $991,667.00. Following the completion of the transaction, the insider owned 2,073,665 shares of the company’s stock, valued at approximately $42,510,132.50. The trade was a 2.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 49,624 shares of company stock worth $1,015,628 over the last three months. 3.50% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

BEAM has been the topic of a number of analyst reports. Guggenheim cut their price target on shares of Beam Therapeutics from $78.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday, May 7th. Wells Fargo & Company lowered their target price on Beam Therapeutics from $75.00 to $70.00 and set an “overweight” rating for the company in a research note on Wednesday, May 7th. Cantor Fitzgerald raised Beam Therapeutics to a “strong-buy” rating in a research note on Monday, July 21st. Finally, Barclays decreased their price target on shares of Beam Therapeutics from $25.00 to $21.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 6th. Three research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $48.45.

Beam Therapeutics Price Performance

Shares of Beam Therapeutics stock opened at $16.64 on Monday. Beam Therapeutics Inc. has a 1 year low of $13.52 and a 1 year high of $35.25. The company has a market capitalization of $1.68 billion, a price-to-earnings ratio of -3.70 and a beta of 2.22. The business has a fifty day simple moving average of $18.74 and a two-hundred day simple moving average of $20.28.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Tuesday, August 5th. The company reported ($1.00) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.04) by $0.04. Beam Therapeutics had a negative return on equity of 43.15% and a negative net margin of 661.31%.The company had revenue of $8.47 million during the quarter, compared to the consensus estimate of $13.29 million. During the same quarter last year, the firm earned ($1.11) earnings per share. The company’s revenue was down 28.0% on a year-over-year basis. As a group, equities analysts anticipate that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal 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.