Corebridge Financial Inc. Sells 2,870 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

Corebridge Financial Inc. cut its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM) by 7.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,013 shares of the company’s stock after selling 2,870 shares during the quarter. Corebridge Financial Inc.’s holdings in Beam Therapeutics were worth $943,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its stake 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 purchasing an additional 36,226 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Beam Therapeutics by 6.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 145,851 shares of the company’s stock worth $3,573,000 after buying an additional 8,762 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Beam Therapeutics by 2.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,396 shares of the company’s stock valued at $524,000 after acquiring an additional 516 shares during the period. Verition Fund Management LLC purchased a new stake in shares of Beam Therapeutics during the 3rd quarter valued at about $368,000. Finally, Benjamin Edwards Inc. grew its stake in shares of Beam Therapeutics by 10,998.6% in the third quarter. Benjamin Edwards Inc. now owns 16,315 shares of the company’s stock worth $400,000 after acquiring an additional 16,168 shares during the period. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Beam Therapeutics Stock Down 7.2 %

BEAM stock opened at $15.27 on Friday. The business’s 50-day moving average price is $25.86 and its 200-day moving average price is $25.61. The stock has a market cap of $1.52 billion, a P/E ratio of -8.68 and a beta of 2.02. Beam Therapeutics Inc. has a twelve month low of $14.72 and a twelve month high of $35.25.

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

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Royal Bank of Canada increased 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. Scotiabank raised Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 price target on the stock in a report on Monday, March 10th. Guggenheim reaffirmed a “buy” rating and issued a $78.00 price objective on shares of Beam Therapeutics in a report on Thursday, February 27th. Sanford C. Bernstein raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Jones Trading upgraded Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a research note on Monday, March 10th. Two research analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $49.45.

Insider Activity

In related news, insider Christine Bellon sold 5,674 shares of the stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total transaction of $104,117.90. Following the completion of the sale, the insider now owns 117,294 shares in the company, valued at approximately $2,152,344.90. This trade represents a 4.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO John M. Evans sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $26.75, for a total value of $802,500.00. Following the completion of the transaction, the chief executive officer now directly owns 908,659 shares in the company, valued at approximately $24,306,628.25. This represents a 3.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 73,771 shares of company stock worth $1,605,698 in the last three months. Company insiders own 4.20% of the company’s stock.

Beam Therapeutics Company 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.