Beam Therapeutics Inc. $BEAM Shares Sold by Amova Asset Management Americas Inc.

Amova Asset Management Americas Inc. lowered its stake in Beam Therapeutics Inc. (NASDAQ:BEAM) by 8.7% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 4,409,300 shares of the company’s stock after selling 421,438 shares during the quarter. Beam Therapeutics comprises about 1.4% of Amova Asset Management Americas Inc.’s investment portfolio, making the stock its 19th biggest position. Amova Asset Management Americas Inc.’s holdings in Beam Therapeutics were worth $122,182,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the stock. LPL Financial LLC lifted its position in Beam Therapeutics by 27.1% in the fourth quarter. LPL Financial LLC now owns 55,619 shares of the company’s stock valued at $1,542,000 after buying an additional 11,872 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Beam Therapeutics by 2.6% during the fourth quarter. Franklin Resources Inc. now owns 21,948 shares of the company’s stock worth $608,000 after purchasing an additional 566 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Beam Therapeutics by 14.4% during the fourth quarter. JPMorgan Chase & Co. now owns 619,241 shares of the company’s stock worth $17,165,000 after purchasing an additional 77,938 shares in the last quarter. Westfield Capital Management Co. LP acquired a new stake in shares of Beam Therapeutics during the fourth quarter worth about $224,000. Finally, TD Asset Management Inc lifted its position in shares of Beam Therapeutics by 31.7% during the fourth quarter. TD Asset Management Inc now owns 191,248 shares of the company’s stock worth $5,301,000 after purchasing an additional 46,068 shares in the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

Beam Therapeutics Stock Performance

Shares of Beam Therapeutics stock opened at $30.47 on Wednesday. The firm has a market capitalization of $3.13 billion, a P/E ratio of -44.81 and a beta of 2.25. Beam Therapeutics Inc. has a 52 week low of $15.60 and a 52 week high of $36.44. The company has a quick ratio of 16.99, a current ratio of 16.99 and a debt-to-equity ratio of 0.09. The firm’s 50 day moving average is $29.05 and its two-hundred day moving average is $27.98.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.91) EPS for the quarter, beating the consensus estimate of ($1.03) by $0.12. The company had revenue of $31.74 million for the quarter, compared to analyst estimates of $10.98 million. Beam Therapeutics had a negative net margin of 39.66% and a negative return on equity of 29.00%. The firm’s revenue was up 323.2% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.23) earnings per share. Research analysts forecast that Beam Therapeutics Inc. will post -4.16 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BEAM. Citigroup increased their price target on shares of Beam Therapeutics from $64.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, March 26th. Royal Bank Of Canada increased their price target on shares of Beam Therapeutics from $22.00 to $26.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 25th. HC Wainwright reissued a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research report on Thursday, May 21st. Wedbush increased their price target on shares of Beam Therapeutics from $57.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 25th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Monday, April 20th. One equities research 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 assigned a Sell rating to the stock. According to data from MarketBeat, Beam Therapeutics has a consensus rating of “Moderate Buy” and an average target price of $46.83.

Insider Buying and Selling at Beam Therapeutics

In other news, President Giuseppe Ciaramella sold 11,810 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $24.58, for a total transaction of $290,289.80. Following the transaction, the president directly owned 218,406 shares in the company, valued at approximately $5,368,419.48. This trade represents a 5.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, 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 firm’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total transaction of $146,398.48. Following the transaction, the insider owned 109,711 shares in the company, valued at approximately $2,696,696.38. This trade represents a 5.15% decrease in their ownership of the stock. 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. In the last three months, insiders have sold 79,544 shares of company stock valued at $1,899,942. 3.80% of the stock is currently owned by insiders.

Beam Therapeutics Company 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.