Handelsbanken Fonder AB Sells 17,500 Shares of Beam Therapeutics Inc. $BEAM

Handelsbanken Fonder AB decreased its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM) by 34.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 33,623 shares of the company’s stock after selling 17,500 shares during the period. Handelsbanken Fonder AB’s holdings in Beam Therapeutics were worth $932,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. CWM LLC grew its stake in shares of Beam Therapeutics by 15.4% in the fourth quarter. CWM LLC now owns 2,466 shares of the company’s stock worth $68,000 after purchasing an additional 329 shares during the last quarter. Wealth Effects LLC grew its stake in shares of Beam Therapeutics by 4.3% in the fourth quarter. Wealth Effects LLC now owns 9,600 shares of the company’s stock worth $266,000 after purchasing an additional 400 shares during the last quarter. Arizona State Retirement System grew its stake in shares of Beam Therapeutics by 2.2% in the third quarter. Arizona State Retirement System now owns 26,771 shares of the company’s stock worth $650,000 after purchasing an additional 580 shares during the last quarter. Van ECK Associates Corp grew its stake in shares of Beam Therapeutics by 48.7% in the third quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock worth $52,000 after purchasing an additional 707 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Beam Therapeutics by 26.1% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,931 shares of the company’s stock worth $137,000 after purchasing an additional 1,020 shares during the last quarter. Institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Price Performance

Shares of NASDAQ BEAM opened at $29.79 on Wednesday. The firm’s 50-day moving average price is $27.75 and its 200-day moving average price is $27.35. Beam Therapeutics Inc. has a 1-year low of $15.35 and a 1-year high of $36.44. The firm has a market capitalization of $3.06 billion, a P/E ratio of -43.81 and a beta of 2.26. The company has a current ratio of 16.99, a quick ratio of 16.99 and a debt-to-equity ratio of 0.09.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.91) earnings per share for the quarter, beating the consensus estimate of ($1.03) by $0.12. Beam Therapeutics had a negative net margin of 39.66% and a negative return on equity of 29.00%. The firm had revenue of $31.74 million for the quarter, compared to analyst estimates of $10.98 million. During the same quarter in the prior year, the business earned ($1.23) earnings per share. The business’s quarterly revenue was up 323.2% compared to the same quarter last year. Equities research analysts anticipate that Beam Therapeutics Inc. will post -4.23 earnings per share for the current fiscal year.

Insider Activity at Beam Therapeutics

In other news, insider Amy Simon sold 6,700 shares of the company’s stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $24.58, for a total transaction of $164,686.00. Following the transaction, the insider owned 102,735 shares in the company, valued at approximately $2,525,226.30. This represents a 6.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Christine Bellon sold 5,956 shares of the company’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total transaction of $146,398.48. Following the completion of the sale, the insider owned 109,711 shares in the company, valued at $2,696,696.38. This represents a 5.15% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 79,544 shares of company stock worth $1,899,942 over the last three months. 3.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

BEAM has been the topic of several analyst reports. HC Wainwright reissued a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research note on Thursday, May 21st. Canaccord Genuity Group assumed coverage on shares of Beam Therapeutics in a report on Friday, February 20th. They issued a “buy” rating and a $74.00 target price on the stock. Wall Street Zen upgraded shares of Beam Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a report on Monday, April 20th. Finally, Tudor Pickering set a $39.00 target price on shares of Beam Therapeutics in a report on Wednesday, May 13th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $46.83.

Beam Therapeutics Profile

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.