Tower Research Capital LLC TRC Reduces Stake in Beam Therapeutics Inc. (NASDAQ:BEAM)

Tower Research Capital LLC TRC trimmed its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 79.0% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 1,372 shares of the company’s stock after selling 5,172 shares during the quarter. Tower Research Capital LLC TRC’s holdings in Beam Therapeutics were worth $34,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wealthfront Advisers LLC acquired a new position in shares of Beam Therapeutics during the fourth quarter worth $41,000. Sterling Capital Management LLC increased its stake in shares of Beam Therapeutics by 816.0% during the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock worth $60,000 after acquiring an additional 2,146 shares during the period. KBC Group NV boosted its stake in shares of Beam Therapeutics by 103.2% in the fourth quarter. KBC Group NV now owns 4,143 shares of the company’s stock valued at $103,000 after buying an additional 2,104 shares in the last quarter. Blue Trust Inc. lifted its stake in shares of Beam Therapeutics by 36.3% in the fourth quarter. Blue Trust Inc. now owns 4,274 shares of the company’s stock valued at $105,000 after purchasing an additional 1,139 shares during the period. Finally, Summit Investment Advisors Inc. boosted its stake in shares of Beam Therapeutics by 6.6% during the 4th quarter. Summit Investment Advisors Inc. now owns 7,999 shares of the company’s stock worth $198,000 after acquiring an additional 496 shares in the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on BEAM. 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 report on Friday, March 28th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Beam Therapeutics in a research report on Wednesday, March 12th. Wedbush restated an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a research note on Monday, March 10th. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research report on Monday, April 7th. Finally, Guggenheim reduced their price target 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 assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Beam Therapeutics has a consensus rating of “Buy” and a consensus price target of $48.75.

Insider Activity at Beam Therapeutics

In other news, CEO John M. Evans sold 30,663 shares of Beam Therapeutics stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $562,666.05. Following the transaction, the chief executive officer now directly owns 986,249 shares of the company’s stock, valued at $18,097,669.15. This trade represents a 3.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, President Giuseppe Ciaramella sold 7,434 shares of the company’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $136,413.90. Following the completion of the sale, the president now 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 position. The disclosure for this sale can be found here. Insiders sold 43,771 shares of company stock worth $803,198 in the last quarter. 4.20% of the stock is owned by company insiders.

Beam Therapeutics Stock Performance

Beam Therapeutics stock opened at $17.24 on Thursday. The firm has a market cap of $1.73 billion, a price-to-earnings ratio of -9.80 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. The firm’s 50 day moving average price is $19.73 and its two-hundred day moving average price is $24.29.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, May 6th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.13). The company had revenue of $7.47 million during 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 business’s revenue was up 1.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($1.21) earnings per share. As a group, equities analysts predict that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

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.