Beam Therapeutics Inc. $BEAM Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. decreased its stake in Beam Therapeutics Inc. (NASDAQ:BEAM) by 18.0% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 541,303 shares of the company’s stock after selling 118,496 shares during the quarter. JPMorgan Chase & Co.’s holdings in Beam Therapeutics were worth $13,137,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Squarepoint Ops LLC boosted its holdings in Beam Therapeutics by 468.3% in the 2nd quarter. Squarepoint Ops LLC now owns 138,765 shares of the company’s stock worth $2,360,000 after acquiring an additional 114,349 shares during the period. Capital Fund Management S.A. purchased a new position in shares of Beam Therapeutics in the second quarter valued at $654,000. Privium Fund Management B.V. acquired a new stake in Beam Therapeutics during the 3rd quarter valued at $1,480,000. Y Intercept Hong Kong Ltd purchased a new stake in Beam Therapeutics during the 3rd quarter worth $1,059,000. Finally, SG Americas Securities LLC lifted its holdings in Beam Therapeutics by 498.9% in the 3rd quarter. SG Americas Securities LLC now owns 43,220 shares of the company’s stock worth $1,049,000 after buying an additional 36,004 shares in the last quarter. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BEAM has been the subject of several recent analyst reports. UBS Group started coverage on Beam Therapeutics in a research note on Wednesday, January 7th. They set a “neutral” rating and a $28.00 target price for the company. Tudor Pickering set a $41.00 price objective on Beam Therapeutics in a research note on Wednesday, January 21st. Royal Bank Of Canada upped their target price on Beam Therapeutics from $22.00 to $26.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 25th. Sanford C. Bernstein raised their price target on shares of Beam Therapeutics from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 20th. Finally, Wedbush lifted their price target on shares of Beam Therapeutics from $57.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 25th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $46.19.

Insider Activity at Beam Therapeutics

In related news, insider Christine Bellon sold 18,629 shares of the business’s stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $34.61, for a total transaction of $644,749.69. Following the completion of the sale, the insider owned 97,038 shares of the company’s stock, valued at $3,358,485.18. This represents a 16.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 3.50% of the company’s stock.

Beam Therapeutics Trading Up 0.8%

Shares of BEAM opened at $27.44 on Thursday. Beam Therapeutics Inc. has a 52 week low of $13.52 and a 52 week high of $36.44. The firm has a market cap of $2.80 billion, a price-to-earnings ratio of -27.17 and a beta of 2.12. The stock has a 50 day moving average of $28.91 and a 200-day moving average of $25.40.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, February 24th. The company reported $2.33 earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.13) by $3.46. The firm had revenue of $114.11 million for the quarter, compared to analysts’ expectations of $13.22 million. Beam Therapeutics had a negative return on equity of 30.65% and a negative net margin of 57.24%.The firm’s revenue for the quarter was up 280.3% on a year-over-year basis. During the same period last year, the business posted ($1.09) earnings per share. On average, sell-side analysts predict that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Beam Therapeutics Profile

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.