Rafferty Asset Management LLC Sells 75,991 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

Rafferty Asset Management LLC cut its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM) by 40.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 111,100 shares of the company’s stock after selling 75,991 shares during the period. Rafferty Asset Management LLC’s holdings in Beam Therapeutics were worth $2,755,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Northern Trust Corp boosted its holdings in Beam Therapeutics by 7.2% in the 4th quarter. Northern Trust Corp now owns 740,506 shares of the company’s stock worth $18,365,000 after buying an additional 49,415 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new stake in Beam Therapeutics in the 4th quarter worth approximately $330,000. Sumitomo Mitsui Trust Group Inc. lifted its stake in Beam Therapeutics by 11.4% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock worth $98,149,000 after purchasing an additional 404,782 shares in the last quarter. Teacher Retirement System of Texas lifted its stake in Beam Therapeutics by 18.4% in 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 in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Beam Therapeutics by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 648,945 shares of the company’s stock worth $16,094,000 after purchasing an additional 19,453 shares in the last quarter. 99.68% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

BEAM has been the topic of several recent analyst reports. Cantor Fitzgerald reiterated an “overweight” rating on shares of Beam Therapeutics in a research note on Wednesday, March 12th. HC Wainwright restated a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research report on Monday, April 7th. Royal Bank of Canada raised their price objective on shares of Beam Therapeutics from $24.00 to $26.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 26th. Barclays lowered their price objective on shares of Beam Therapeutics from $31.00 to $25.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 7th. Finally, Guggenheim lowered their price objective on shares of Beam Therapeutics from $78.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday, May 7th. Two equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $48.75.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, insider Christine Bellon sold 5,674 shares of the firm’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value 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 trade represents a 4.61% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO John M. Evans sold 30,663 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 transaction of $562,666.05. Following the completion of the sale, the chief executive officer now directly owns 986,249 shares in the company, valued at approximately $18,097,669.15. This trade represents a 3.02% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,771 shares of company stock valued at $803,198. Insiders own 4.20% of the company’s stock.

Beam Therapeutics Stock Performance

BEAM stock opened at $17.66 on Tuesday. Beam Therapeutics Inc. has a 52 week low of $13.53 and a 52 week high of $35.25. The firm’s fifty day moving average is $18.97 and its 200 day moving average is $24.17. The firm has a market cap of $1.78 billion, a P/E ratio of -10.03 and a beta of 2.35.

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

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.