Beam Therapeutics Inc. $BEAM Stock Position Reduced by Algert Global LLC

Algert Global LLC cut its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 31.9% in the 2nd quarter, Holdings Channel reports. The firm owned 111,900 shares of the company’s stock after selling 52,392 shares during the quarter. Algert Global LLC’s holdings in Beam Therapeutics were worth $3,840,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in BEAM. Northwestern Mutual Wealth Management Co. acquired a new position in shares of Beam Therapeutics during the second quarter valued at $43,000. Bank Julius Baer & Co. Ltd Zurich bought a new stake in shares of Beam Therapeutics in the 4th quarter worth $47,000. Hollencrest Capital Management acquired a new stake in shares of Beam Therapeutics in the first quarter valued at $43,000. Larson Financial Group LLC grew its stake in shares of Beam Therapeutics by 4,370.5% in the 3rd quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock worth $48,000 after purchasing an additional 1,923 shares during the last quarter. Finally, Kestra Advisory Services LLC acquired a new stake in shares of Beam Therapeutics during the 4th quarter valued at $59,000. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, insider Fmr Llc sold 251,488 shares of the stock in a transaction that occurred 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 transaction, the insider 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Amy Simon sold 16,667 shares of the firm’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $25.74, for a total transaction of $429,008.58. Following the transaction, the insider directly owned 85,696 shares in the company, valued at $2,205,815.04. The trade was a 16.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 301,527 shares of company stock worth $10,468,500. 3.80% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

BEAM has been the topic of a number of recent analyst reports. Wall Street Zen lowered Beam Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Sunday, August 16th. Sanford C. Bernstein dropped their price target on Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Bank of America restated a “buy” rating and set a $47.00 price objective on shares of Beam Therapeutics in a report on Wednesday, July 8th. Tudor Pickering set a $39.00 price objective on shares of Beam Therapeutics in a research note on Wednesday, May 13th. Finally, HC Wainwright reiterated a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a report on Tuesday. Ten research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $49.00.

Beam Therapeutics Price Performance

Shares of Beam Therapeutics stock opened at $29.32 on Friday. Beam Therapeutics Inc. has a twelve month low of $16.02 and a twelve month high of $38.26. The firm has a market cap of $3.03 billion, a P/E ratio of -34.09 and a beta of 2.23. The firm’s 50-day simple moving average is $29.84 and its 200-day simple moving average is $28.86. The company has a debt-to-equity ratio of 0.09, a quick ratio of 14.57 and a current ratio of 14.57.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($1.18) EPS for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.07). The firm had revenue of $0.49 million during the quarter, compared to the consensus estimate of $16.37 million. Beam Therapeutics had a negative net margin of 54.75% and a negative return on equity of 30.71%. The firm’s quarterly revenue was down 94.2% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.00) earnings per share. As a group, research analysts expect that Beam Therapeutics Inc. will post -4.49 EPS for the current fiscal 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.