Wellington Management Group LLP Cuts Stock Holdings in Beam Therapeutics Inc. $BEAM

Wellington Management Group LLP decreased its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 5.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 33,631 shares of the company’s stock after selling 1,938 shares during the period. Wellington Management Group LLP’s holdings in Beam Therapeutics were worth $657,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. GF Fund Management CO. LTD. purchased a new position in shares of Beam Therapeutics during the fourth quarter valued at approximately $43,000. CWM LLC lifted its holdings in Beam Therapeutics by 79.8% during the first quarter. CWM LLC now owns 2,684 shares of the company’s stock worth $52,000 after acquiring an additional 1,191 shares during the period. Amalgamated Bank lifted its holdings in Beam Therapeutics by 20.4% during 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 period. Caitong International Asset Management Co. Ltd bought a new stake in Beam Therapeutics during the first quarter worth $87,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Beam Therapeutics during the fourth quarter worth $191,000. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Price Performance

Shares of BEAM opened at $16.36 on Tuesday. The firm has a market cap of $1.65 billion, a PE ratio of -3.64 and a beta of 2.14. The stock’s fifty day moving average price is $18.71 and its two-hundred day moving average price is $19.79. Beam Therapeutics Inc. has a 1 year low of $13.52 and a 1 year high of $35.25.

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

Insider Activity

In related news, insider Fmr Llc sold 48,374 shares of the business’s stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $20.50, for a total transaction of $991,667.00. Following the sale, the insider directly owned 2,073,665 shares in the company, valued at approximately $42,510,132.50. The trade was a 2.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last 90 days, insiders sold 49,624 shares of company stock worth $1,015,628. Insiders own 3.50% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Beam Therapeutics Company 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.