Cresset Asset Management LLC Trims Stake in Beam Therapeutics Inc. (NASDAQ:BEAM)

Cresset Asset Management LLC lowered its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM) by 27.9% during the fourth quarter, Holdings Channel.com reports. The firm owned 27,470 shares of the company’s stock after selling 10,650 shares during the period. Cresset Asset Management LLC’s holdings in Beam Therapeutics were worth $681,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. ARK Investment Management LLC raised its holdings in shares of Beam Therapeutics by 8.2% in the 4th quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company’s stock valued at $175,287,000 after buying an additional 536,930 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of 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 valued at $98,149,000 after buying an additional 404,782 shares during the period. Nikko Asset Management Americas Inc. raised its holdings in shares of Beam Therapeutics by 11.4% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company’s stock valued at $98,109,000 after buying an additional 404,782 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Beam Therapeutics by 18.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,753,142 shares of the company’s stock valued at $43,479,000 after buying an additional 266,834 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Beam Therapeutics by 24.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,538,398 shares of the company’s stock valued at $38,155,000 after buying an additional 298,067 shares during the period. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Insider Transactions at Beam Therapeutics

In other news, President Giuseppe Ciaramella sold 7,434 shares of the business’s stock in a transaction dated 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 sale, the president now directly owns 190,216 shares of the company’s stock, valued at approximately $3,490,463.60. The trade was a 3.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Christine Bellon sold 5,674 shares of the business’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $104,117.90. Following the completion of the sale, the insider now directly owns 117,294 shares of the company’s stock, valued at $2,152,344.90. The trade was a 4.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 43,771 shares of company stock valued at $803,198. 4.20% of the stock is currently owned by corporate insiders.

Beam Therapeutics Stock Performance

NASDAQ:BEAM opened at $18.05 on Wednesday. The stock has a 50-day simple moving average of $19.92 and a 200-day simple moving average of $24.33. The stock has a market cap of $1.82 billion, a P/E ratio of -10.26 and a beta of 2.35. Beam Therapeutics Inc. has a 1 year low of $13.53 and a 1 year high of $35.25.

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 business had revenue of $7.47 million for the quarter, compared to analyst estimates of $14.69 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company’s revenue was up 1.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.21) earnings per share. On average, equities research analysts predict that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Analyst Upgrades and Downgrades

BEAM has been the topic of several research analyst reports. Wells Fargo & Company cut their price objective on Beam Therapeutics from $75.00 to $70.00 and set an “overweight” rating on the stock in a report on Wednesday, May 7th. Guggenheim lowered their target price on Beam Therapeutics from $78.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, May 7th. Bank of America raised Beam Therapeutics from a “neutral” rating to a “buy” rating and set a $42.00 target price for the company in a research note on Friday, March 28th. Scotiabank raised Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 target price for the company in a research note on Monday, March 10th. Finally, Barclays lowered their target price on Beam Therapeutics from $31.00 to $25.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 7th. Two analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $48.75.

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.