Beam Therapeutics Inc. (NASDAQ:BEAM) Shares Sold by Horizon Kinetics Asset Management LLC

Horizon Kinetics Asset Management LLC decreased its position in Beam Therapeutics Inc. (NASDAQ:BEAM) by 4.2% during the 3rd quarter, Holdings Channel reports. The fund owned 9,194 shares of the company’s stock after selling 403 shares during the quarter. Horizon Kinetics Asset Management LLC’s holdings in Beam Therapeutics were worth $225,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in BEAM. ARCH Venture Management LLC acquired a new stake in Beam Therapeutics during the second quarter worth approximately $127,530,000. Farallon Capital Management LLC raised its holdings in Beam Therapeutics by 75.4% during the second quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock worth $185,404,000 after purchasing an additional 3,401,370 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Beam Therapeutics by 59.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock valued at $87,044,000 after acquiring an additional 1,328,414 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Beam Therapeutics by 3,137.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,246,189 shares of the company’s stock valued at $41,175,000 after acquiring an additional 1,207,699 shares during the period. Finally, Vanguard Group Inc. increased its holdings in shares of Beam Therapeutics by 5.8% in the 1st quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company’s stock valued at $250,402,000 after acquiring an additional 413,892 shares during the period. Institutional investors and hedge funds own 99.68% of the company’s stock.

Beam Therapeutics Trading Down 3.0 %

Shares of BEAM stock opened at $25.84 on Wednesday. The firm has a 50-day moving average price of $24.54 and a 200 day moving average price of $25.01. Beam Therapeutics Inc. has a twelve month low of $20.84 and a twelve month high of $49.50. The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of -14.68 and a beta of 1.86.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.01). Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The firm had revenue of $14.30 million during the quarter, compared to analyst estimates of $14.52 million. During the same period in the previous year, the firm posted ($1.22) EPS. The company’s revenue for the quarter was down 16.9% compared to the same quarter last year. As a group, research analysts predict that Beam Therapeutics Inc. will post -4.66 earnings per share for the current year.

Insider Activity at Beam Therapeutics

In other news, President Giuseppe Ciaramella sold 51,110 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $26.36, for a total transaction of $1,347,259.60. Following the completion of the transaction, the president now owns 109,150 shares of the company’s stock, valued at $2,877,194. This represents a 31.89 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $24.60, for a total value of $1,476,000.00. Following the sale, the chief executive officer now owns 938,659 shares of the company’s stock, valued at $23,091,011.40. The trade was a 6.01 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 162,894 shares of company stock valued at $4,181,745. 4.20% of the stock is owned by insiders.

Analysts Set New Price Targets

BEAM has been the topic of a number of recent research reports. Stifel Nicolaus lifted their target price on shares of Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Leerink Partners raised shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $27.00 to $39.00 in a report on Wednesday, November 6th. Scotiabank started coverage on shares of Beam Therapeutics in a research report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 price objective on the stock. Royal Bank of Canada lowered their price objective on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Four analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $44.91.

About Beam Therapeutics

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 for the treatment of sickle cell disease or beta-thalassemia; and BEAM-302, a liver-targeting LNP formulation to treat severe alpha-1 antitrypsin deficiency; BEAM-201, an anti-CD7 CAR-T product candidate, which is in Phase 1/2 clinical trials for the treatment of refractory T-cell acute lymphoblastic leukemia/T cell lymphoblastic lymphoma; and BEAM-301, a liver-targeting LNP formulation for the treatment of glycogen storage disease 1a.