JPMorgan Chase & Co. Lowers Stock Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

Posted by on Jun 12th, 2023

JPMorgan Chase & Co. decreased its position in Beam Therapeutics Inc. (NASDAQ:BEAM – Get Rating) by 1.8% in the fourth quarter, Holdings Channel.com reports. The firm owned 741,415 shares of the company’s stock after selling 13,741 shares during the quarter. JPMorgan Chase & Co.’s holdings in Beam Therapeutics were worth $28,996,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. First Horizon Advisors Inc. acquired a new stake in shares of Beam Therapeutics during the 4th quarter worth about $27,000. Ronald Blue Trust Inc. lifted its stake in shares of Beam Therapeutics by 623.8% in the 4th quarter. Ronald Blue Trust Inc. now owns 579 shares of the company’s stock valued at $28,000 after purchasing an additional 499 shares in the last quarter. Van ECK Associates Corp grew its stake in shares of Beam Therapeutics by 57.0% during the fourth quarter. Van ECK Associates Corp now owns 1,124 shares of the company’s stock valued at $44,000 after acquiring an additional 408 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in shares of Beam Therapeutics by 19.7% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,741 shares of the company’s stock worth $68,000 after buying an additional 287 shares during the last quarter. Finally, CI Investments Inc. increased its holdings in shares of Beam Therapeutics by 308.7% during the fourth quarter. CI Investments Inc. now owns 2,109 shares of the company’s stock valued at $82,000 after purchasing an additional 1,593 shares during the period. Hedge funds and other institutional investors own 76.70% of the company’s stock.

Analysts Set New Price Targets

BEAM has been the topic of several research analyst reports. Royal Bank of Canada decreased their price target on shares of Beam Therapeutics from $50.00 to $42.00 in a research report on Thursday, May 11th. Sanford C. Bernstein began coverage on Beam Therapeutics in a research note on Tuesday, March 21st. They set a “market perform” rating and a $37.00 target price for the company. Barclays decreased their price target on Beam Therapeutics from $45.00 to $41.00 in a research report on Thursday, May 11th. Wells Fargo & Company cut their target price on shares of Beam Therapeutics from $125.00 to $105.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 1st. Finally, William Blair reiterated an “outperform” rating on shares of Beam Therapeutics in a report on Wednesday, March 22nd. Three equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $67.91.

Insiders Place Their Bets

In related news, CEO John M. Evans sold 5,161 shares of the business’s stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $30.31, for a total value of $156,429.91. Following the completion of the transaction, the chief executive officer now directly owns 1,124,472 shares in the company, valued at approximately $34,082,746.32. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO John M. Evans sold 5,161 shares of the firm’s stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $30.31, for a total transaction of $156,429.91. Following the completion of the sale, the chief executive officer now owns 1,124,472 shares in the company, valued at approximately $34,082,746.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Terry-Ann Burrell sold 2,454 shares of the firm’s stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $30.31, for a total value of $74,380.74. Following the transaction, the chief financial officer now owns 49,303 shares in the company, valued at approximately $1,494,373.93. The disclosure for this sale can be found here. Insiders sold a total of 9,533 shares of company stock valued at $288,945 over the last quarter. 4.40% of the stock is owned by corporate insiders.

Beam Therapeutics Stock Performance

NASDAQ:BEAM opened at $32.21 on Monday. The company has a market capitalization of $2.46 billion, a price-to-earnings ratio of -7.24 and a beta of 1.63. The company has a 50-day moving average of $32.30 and a 200-day moving average of $37.67. Beam Therapeutics Inc. has a 52 week low of $28.04 and a 52 week high of $73.27.

Beam Therapeutics (NASDAQ:BEAM – Get Rating) last issued its earnings results on Wednesday, May 10th. The company reported ($1.33) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.36) by $0.03. The firm had revenue of $24.21 million for the quarter, compared to the consensus estimate of $14.41 million. Beam Therapeutics had a negative return on equity of 42.04% and a negative net margin of 412.45%. Sell-side analysts forecast that Beam Therapeutics Inc. will post -5.5 EPS for the current year.

Beam Therapeutics Profile

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Beam Therapeutics Inc, a biotechnology company, develops precision genetic medicines for patients suffering from serious diseases in the United States. The company is developing BEAM-101 for the treatment of sickle cell disease and beta thalassemia; BEAM-102 for the treatment of sickle cell disease; and BEAM-201, an allogeneic chimeric antigen receptor T cell for the treatment of relapsed/refractory T-cell acute lymphoblastic leukemia; and BEAM-301, a liver-targeted development candidate for the treatment of patients with Glycogen Storage Disease Type Ia.

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Institutional Ownership by Quarter for Beam Therapeutics (NASDAQ:BEAM)

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