Pictet Asset Management Holding SA Has $6.54 Million Stock Position in Beam Therapeutics Inc. $BEAM

Pictet Asset Management Holding SA lowered its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 8.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 297,504 shares of the company’s stock after selling 28,150 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Beam Therapeutics were worth $6,544,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of BEAM. ARK Investment Management LLC boosted its holdings in Beam Therapeutics by 12.9% in the fourth quarter. ARK Investment Management LLC now owns 12,467,189 shares of the company’s stock worth $345,590,000 after purchasing an additional 1,428,355 shares in the last quarter. Farallon Capital Management LLC raised its holdings in Beam Therapeutics by 0.5% during the third quarter. Farallon Capital Management LLC now owns 10,063,111 shares of the company’s stock valued at $244,232,000 after buying an additional 50,000 shares in the last quarter. State Street Corp raised its holdings in Beam Therapeutics by 30.4% during the fourth quarter. State Street Corp now owns 5,228,529 shares of the company’s stock valued at $144,935,000 after buying an additional 1,219,871 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Beam Therapeutics by 20.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,730,282 shares of the company’s stock worth $75,684,000 after buying an additional 467,133 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Beam Therapeutics by 13.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,947,879 shares of the company’s stock worth $53,996,000 after buying an additional 227,589 shares during the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

Analyst Ratings Changes

BEAM has been the topic of a number of analyst reports. Citigroup increased their price objective on Beam Therapeutics from $64.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, March 26th. Tudor Pickering set a $39.00 target price on Beam Therapeutics in a report on Wednesday, May 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Monday, April 20th. HC Wainwright reissued a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research report on Thursday, May 21st. Finally, Sanford C. Bernstein dropped their price target on shares of Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.83.

Insider Activity

In related news, insider Fmr Llc sold 251,488 shares of the company’s stock in a transaction on Friday, June 26th. The stock was sold at an average price of $35.26, for a total value of $8,867,466.88. Following the completion of the transaction, the insider directly owned 854,583 shares in the company, valued at approximately $30,132,596.58. This represents a 22.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 3.80% of the company’s stock.

Beam Therapeutics Stock Performance

NASDAQ:BEAM opened at $34.79 on Friday. The firm’s 50-day moving average is $31.07 and its 200-day moving average is $28.92. The company has a market cap of $3.58 billion, a price-to-earnings ratio of -51.16 and a beta of 2.18. The company has a debt-to-equity ratio of 0.09, a quick ratio of 16.99 and a current ratio of 16.99. Beam Therapeutics Inc. has a 52-week low of $15.60 and a 52-week high of $36.88.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Thursday, May 7th. The company reported ($0.91) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.12. The business had revenue of $31.74 million for the quarter, compared to the consensus estimate of $10.98 million. Beam Therapeutics had a negative return on equity of 29.00% and a negative net margin of 39.66%.The firm’s revenue for the quarter was up 323.2% compared to the same quarter last year. During the same period last year, the business earned ($1.23) earnings per share. Equities research analysts anticipate that Beam Therapeutics Inc. will post -4.16 earnings per share for the current year.

Beam Therapeutics Company 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.