Beam Therapeutics Inc. (NASDAQ:BEAM) Shares Sold by Guggenheim Capital LLC

Posted by Defense World Staff on Aug 30th, 2023

Guggenheim Capital LLC decreased its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM – Free Report) by 7.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 81,238 shares of the company’s stock after selling 6,620 shares during the quarter. Guggenheim Capital LLC owned 0.11% of Beam Therapeutics worth $2,488,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Credit Suisse AG grew its position in Beam Therapeutics by 5.1% in the first quarter. Credit Suisse AG now owns 78,071 shares of the company’s stock worth $2,391,000 after buying an additional 3,805 shares during the last quarter. LPL Financial LLC grew its position in Beam Therapeutics by 31.9% during the 1st quarter. LPL Financial LLC now owns 23,484 shares of the company’s stock worth $719,000 after purchasing an additional 5,677 shares in the last quarter. Pictet Asset Management SA grew its position in Beam Therapeutics by 5,102.7% during the 1st quarter. Pictet Asset Management SA now owns 387,235 shares of the company’s stock worth $11,857,000 after purchasing an additional 379,792 shares in the last quarter. Tower Research Capital LLC TRC grew its position in Beam Therapeutics by 260.5% during the 1st quarter. Tower Research Capital LLC TRC now owns 5,660 shares of the company’s stock worth $173,000 after purchasing an additional 4,090 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its position in Beam Therapeutics by 19.2% during the 1st quarter. Russell Investments Group Ltd. now owns 108,758 shares of the company’s stock worth $3,330,000 after purchasing an additional 17,496 shares in the last quarter. Institutional investors and hedge funds own 78.63% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on the stock. Citigroup lowered their price objective on shares of Beam Therapeutics from $60.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, August 9th. Cantor Fitzgerald reiterated an “overweight” rating and set a $56.00 price objective on shares of Beam Therapeutics in a research report on Tuesday. Wedbush reiterated an “outperform” rating and set a $79.00 price objective on shares of Beam Therapeutics in a research report on Tuesday, August 8th. Barclays lowered their price objective on shares of Beam Therapeutics from $41.00 to $35.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 8th. Finally, Royal Bank of Canada lowered their price target on shares of Beam Therapeutics from $50.00 to $42.00 in a report on Thursday, May 11th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Beam Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $63.82.

View Our Latest Report on BEAM

Beam Therapeutics Trading Up 1.2 %

BEAM stock opened at $23.72 on Wednesday. Beam Therapeutics Inc. has a 1 year low of $22.70 and a 1 year high of $61.40. The company has a fifty day simple moving average of $28.80 and a 200 day simple moving average of $32.14. The firm has a market cap of $1.88 billion, a PE ratio of -5.26 and a beta of 1.56.

Beam Therapeutics (NASDAQ:BEAM – Get Free Report) last released its quarterly earnings data on Tuesday, August 8th. The company reported ($1.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.42) by $0.34. Beam Therapeutics had a negative net margin of 408.13% and a negative return on equity of 43.32%. The business had revenue of $20.12 million during the quarter, compared to analyst estimates of $17.32 million. During the same quarter in the previous year, the business earned ($1.02) EPS. Beam Therapeutics’s quarterly revenue was up 20.8% compared to the same quarter last year. As a group, analysts forecast that Beam Therapeutics Inc. will post -5.06 EPS for the current fiscal year.

Insiders Place Their Bets

In other Beam Therapeutics news, insider Giuseppe Ciaramella sold 155,324 shares of the business’s stock in a transaction on Friday, July 21st. The shares were sold at an average price of $32.06, for a total transaction of $4,979,687.44. Following the completion of the transaction, the insider now owns 48,250 shares of the company’s stock, valued at approximately $1,546,895. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders sold a total of 156,921 shares of company stock valued at $5,030,209 in the last quarter. Insiders own 4.40% of the company’s stock.

Beam Therapeutics Profile

(Free Report)

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 and BEAM-102 for the treatment of sickle cell disease beta thalassemia; BEAM-201, an allogeneic chimeric antigen receptor T cell for the treatment of refractory T-cell acute lymphoblastic leukemia/T cell lymphoblastic lymphoma; BEAM-301, a liver-targeting LNP formulation for the treatment of glycogen storage disease 1a; and BEAM-302, a liver-targeting LNP formulation to treat severe alpha-1 antitrypsin deficiency.