Beam Therapeutics Inc. (NASDAQ:BEAM) Shares Sold by Cresset Asset Management LLC

Cresset Asset Management LLC trimmed its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 27.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 27,470 shares of the company’s stock after selling 10,650 shares during the period. Cresset Asset Management LLC’s holdings in Beam Therapeutics were worth $681,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BEAM. Wealthfront Advisers LLC acquired a new stake in Beam Therapeutics during the fourth quarter worth about $41,000. Sterling Capital Management LLC grew its holdings in Beam Therapeutics by 816.0% in the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock valued at $60,000 after purchasing an additional 2,146 shares during the period. KBC Group NV grew its holdings in 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 purchasing an additional 2,104 shares during the period. Blue Trust Inc. grew its holdings in Beam Therapeutics by 36.3% in 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 during the period. Finally, Summit Investment Advisors Inc. grew its holdings in Beam Therapeutics by 6.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 7,999 shares of the company’s stock valued at $198,000 after purchasing an additional 496 shares during the period. 99.68% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Beam Therapeutics news, President Giuseppe Ciaramella sold 7,434 shares of Beam Therapeutics stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total value of $136,413.90. Following the sale, the president now owns 190,216 shares in the company, valued at $3,490,463.60. The trade was a 3.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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 value of $562,666.05. Following the completion of the sale, the chief executive officer now owns 986,249 shares in the company, valued at $18,097,669.15. This represents a 3.02% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,771 shares of company stock worth $803,198. 4.20% of the stock is owned by corporate insiders.

Beam Therapeutics Stock Performance

Shares of Beam Therapeutics stock opened at $18.05 on Wednesday. Beam Therapeutics Inc. has a one year low of $13.53 and a one year high of $35.25. The company has a market cap of $1.82 billion, a price-to-earnings ratio of -10.26 and a beta of 2.35. The business’s 50 day moving average price is $19.92 and its 200 day moving average price is $24.33.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($1.24) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $7.47 million for the quarter, compared to analysts’ expectations of $14.69 million. During the same quarter in the previous year, the business posted ($1.21) EPS. The business’s quarterly revenue was up 1.4% compared to the same quarter last year. On average, analysts predict that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have commented on BEAM. Jones Trading raised Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a report on Monday, March 10th. Royal Bank of Canada raised their price objective on Beam Therapeutics from $24.00 to $26.00 and gave the company a “sector perform” rating in a report on Wednesday, February 26th. Wedbush restated an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a research report on Monday, March 10th. Scotiabank upgraded Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 target price on the stock in a research report on Monday, March 10th. Finally, Wells Fargo & Company decreased their target price on Beam Therapeutics from $75.00 to $70.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 7th. Two research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $48.75.

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.