Beam Therapeutics Inc. (NASDAQ:BEAM) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. lowered its position in Beam Therapeutics Inc. (NASDAQ:BEAM) by 20.8% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 29,709 shares of the company’s stock after selling 7,792 shares during the period. Federated Hermes Inc.’s holdings in Beam Therapeutics were worth $737,000 at the end of the most recent quarter.

Several other hedge funds have also 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 worth about $330,000. Sumitomo Mitsui Trust Group Inc. grew its position in shares of 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 purchasing an additional 404,782 shares during the period. Teacher Retirement System of Texas raised its position 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 last quarter. 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 valued at $16,094,000 after buying an additional 19,453 shares in the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Beam Therapeutics by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock worth $44,297,000 after buying an additional 78,102 shares during the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Jones Trading raised Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a research note on Monday, March 10th. Guggenheim reaffirmed a “buy” rating and set a $78.00 target price on shares of Beam Therapeutics in a report on Thursday, February 27th. HC Wainwright reiterated a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research report on Monday, April 7th. Bank of America upgraded shares of Beam Therapeutics from a “neutral” rating to a “buy” rating and set a $42.00 price target on the stock in a research report on Friday, March 28th. Finally, Wedbush reiterated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a report on Monday, March 10th. Two analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $49.45.

Beam Therapeutics Stock Performance

Shares of Beam Therapeutics stock opened at $16.62 on Thursday. The stock has a 50 day moving average of $23.73 and a 200 day moving average of $24.96. The firm has a market capitalization of $1.66 billion, a price-to-earnings ratio of -9.44 and a beta of 2.02. Beam Therapeutics Inc. has a fifty-two week low of $13.53 and a fifty-two week high of $35.25.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.25) by $0.16. The business had revenue of $30.00 million during the quarter, compared to analysts’ expectations of $16.47 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 down 90.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.73 EPS. Analysts forecast that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 30,663 shares of the company’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 transaction, the chief executive officer now directly owns 986,249 shares in the company, valued at $18,097,669.15. This represents a 3.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christine Bellon sold 5,674 shares of Beam Therapeutics 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 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. Insiders sold a total of 73,771 shares of company stock worth $1,605,698 over the last three months. Insiders own 4.20% of the company’s stock.

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.