Pictet Asset Management Holding SA Has $6.54 Million Stock Position in Beam Therapeutics Inc. $BEAM

Pictet Asset Management Holding SA reduced its position in Beam Therapeutics Inc. (NASDAQ:BEAM) by 8.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 297,504 shares of the company’s stock after selling 28,150 shares during the period. Pictet Asset Management Holding SA owned about 0.29% of Beam Therapeutics worth $6,544,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Bank Julius Baer & Co. Ltd Zurich acquired a new position in Beam Therapeutics in the 4th quarter worth approximately $47,000. Larson Financial Group LLC raised its stake in Beam Therapeutics by 4,370.5% during the 3rd quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock valued at $48,000 after purchasing an additional 1,923 shares during the period. Van ECK Associates Corp raised its stake in Beam Therapeutics by 48.7% during the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock valued at $52,000 after purchasing an additional 707 shares during the period. Kestra Advisory Services LLC purchased a new stake in shares of Beam Therapeutics in the fourth quarter valued at $59,000. Finally, Daiwa Securities Group Inc. lifted its holdings in shares of Beam Therapeutics by 1,248.8% in the second quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company’s stock valued at $65,000 after purchasing an additional 3,534 shares in the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

Insider Buying and Selling

In other Beam Therapeutics news, insider Fmr Llc sold 251,488 shares of the company’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $35.26, for a total value of $8,867,466.88. Following the transaction, the insider directly owned 854,583 shares of the company’s stock, valued at $30,132,596.58. This represents a 22.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.80% of the stock is owned by company insiders.

Analyst Ratings Changes

BEAM has been the topic of a number of research analyst reports. Sanford C. Bernstein lowered their price target on Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. 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. Tudor Pickering set a $39.00 price objective on Beam Therapeutics in a research note on Wednesday, May 13th. Citigroup raised their price objective on Beam Therapeutics from $64.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, March 26th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Beam Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $46.83.

Beam Therapeutics Stock Performance

Shares of NASDAQ:BEAM opened at $34.79 on Friday. The firm has a fifty day moving average of $31.07 and a two-hundred day moving average of $28.92. The firm has a market capitalization of $3.58 billion, a P/E ratio of -51.16 and a beta of 2.18. Beam Therapeutics Inc. has a 12-month low of $15.60 and a 12-month high of $36.88. The company has a quick ratio of 16.99, a current ratio of 16.99 and a debt-to-equity ratio of 0.09.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.91) earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $31.74 million for the quarter, compared to the consensus estimate of $10.98 million. During the same period in the prior year, the business posted ($1.23) earnings per share. Beam Therapeutics’s revenue for the quarter was up 323.2% compared to the same quarter last year. On average, equities analysts expect that Beam Therapeutics Inc. will post -4.16 EPS for the current fiscal year.

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.