ADAR1 Capital Management LLC Trims Holdings in Beam Therapeutics Inc. (NASDAQ:BEAM)

ADAR1 Capital Management LLC cut its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 12.7% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 38,312 shares of the company’s stock after selling 5,588 shares during the quarter. ADAR1 Capital Management LLC’s holdings in Beam Therapeutics were worth $950,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in shares of Beam Therapeutics during the 4th quarter worth $330,000. Charles Schwab Investment Management Inc. boosted its position in shares of Beam Therapeutics by 6.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock worth $15,423,000 after acquiring an additional 36,226 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted 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 holdings in shares of Beam Therapeutics by 18.4% during the 4th quarter. Teacher Retirement System of Texas now owns 20,767 shares of the company’s stock worth $515,000 after purchasing an additional 3,222 shares during the period. Finally, Geode Capital Management LLC increased its position in Beam Therapeutics by 4.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock worth $44,297,000 after purchasing an additional 78,102 shares in the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

Beam Therapeutics Trading Down 7.2 %

Shares of Beam Therapeutics stock opened at $15.27 on Monday. Beam Therapeutics Inc. has a 1-year low of $14.59 and a 1-year high of $35.25. The firm has a fifty day simple moving average of $25.86 and a 200-day simple moving average of $25.61. The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of -8.68 and a beta of 2.02.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.25) by $0.16. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The company had revenue of $30.00 million during the quarter, compared to analysts’ expectations of $16.47 million. During the same period in the prior year, the company earned $1.73 earnings per share. The business’s quarterly revenue was down 90.5% compared to the same quarter last year. As a group, research analysts predict that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on BEAM shares. Jones Trading upgraded shares of Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research note on Monday, March 10th. Cantor Fitzgerald restated an “overweight” rating on shares of Beam Therapeutics in a report on Wednesday, March 12th. Wedbush reiterated an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a report on Monday, March 10th. Bank of America upgraded Beam Therapeutics from a “neutral” rating to a “buy” rating and set a $42.00 price objective on the stock in a research note on Friday, March 28th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research report on Monday, March 10th. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $49.45.

Insider Buying and Selling at Beam Therapeutics

In other news, 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 directly owns 117,294 shares in the company, valued at approximately $2,152,344.90. The trade was a 4.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, President Giuseppe Ciaramella sold 7,434 shares of the firm’s 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 completion of the transaction, the president now directly 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 disclosure for this sale can be found here. Insiders sold a total of 73,771 shares of company stock valued at $1,605,698 in the last ninety days. Company insiders own 4.20% of the company’s stock.

Beam Therapeutics 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.