Beam Therapeutics Inc. (NASDAQ:BEAM) Shares Sold by Voya Investment Management LLC

Voya Investment Management LLC decreased its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 7.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,015 shares of the company’s stock after selling 1,728 shares during the quarter. Voya Investment Management LLC’s holdings in Beam Therapeutics were worth $571,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in Beam Therapeutics in the 4th quarter valued at about $330,000. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Beam Therapeutics by 11.4% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock valued at $98,149,000 after acquiring an additional 404,782 shares during the last quarter. Teacher Retirement System of Texas grew its position in Beam Therapeutics by 18.4% in the fourth quarter. Teacher Retirement System of Texas now owns 20,767 shares of the company’s stock worth $515,000 after acquiring an additional 3,222 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Beam Therapeutics by 3.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 648,945 shares of the company’s stock worth $16,094,000 after acquiring an additional 19,453 shares during the last quarter. Finally, Avanza Fonder AB purchased a new stake in Beam Therapeutics in the fourth quarter valued at $1,247,000. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Insiders Place Their Bets

In other Beam Therapeutics news, President Giuseppe Ciaramella sold 7,434 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $136,413.90. Following the sale, the president now owns 190,216 shares of the company’s stock, valued at approximately $3,490,463.60. This trade represents a 3.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Christine Bellon sold 5,674 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total transaction of $104,117.90. Following the sale, the insider now owns 117,294 shares of the company’s stock, valued at $2,152,344.90. This represents a 4.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 43,771 shares of company stock valued at $803,198 in the last ninety days. Insiders own 4.20% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on BEAM shares. HC Wainwright reissued a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research report on Monday, April 7th. Scotiabank raised shares of Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 price target on the stock in a research note on Monday, March 10th. Barclays dropped their target price on shares of Beam Therapeutics from $31.00 to $25.00 and set an “equal weight” rating for the company in a report on Wednesday. Guggenheim decreased their price target on Beam Therapeutics from $78.00 to $55.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Wells Fargo & Company dropped their price objective on Beam Therapeutics from $75.00 to $70.00 and set an “overweight” rating for the company in a research note on Wednesday. Two investment 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 company. According to MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $48.75.

Beam Therapeutics Stock Up 1.0 %

Shares of NASDAQ:BEAM opened at $17.42 on Friday. Beam Therapeutics Inc. has a fifty-two week low of $13.53 and a fifty-two week high of $35.25. The firm’s 50 day moving average price is $20.07 and its 200 day moving average price is $24.32. The stock has a market cap of $1.75 billion, a price-to-earnings ratio of -9.90 and a beta of 2.35.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings data on Tuesday, May 6th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.11) by ($0.13). The firm had revenue of $7.47 million for the quarter, compared to analysts’ expectations of $14.69 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. Beam Therapeutics’s revenue for the quarter was up 1.4% on a year-over-year basis. During the same period last year, the firm posted ($1.21) earnings per share. On average, equities analysts anticipate that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

About Beam Therapeutics

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.