Yiheng Capital Management L.P. Sells 337,658 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

Yiheng Capital Management L.P. decreased its position in Beam Therapeutics Inc. (NASDAQ:BEAM) by 44.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 426,102 shares of the company’s stock after selling 337,658 shares during the quarter. Beam Therapeutics makes up approximately 0.4% of Yiheng Capital Management L.P.’s portfolio, making the stock its 12th largest position. Yiheng Capital Management L.P. owned about 0.51% of Beam Therapeutics worth $10,567,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in BEAM. ARK Investment Management LLC boosted its stake in shares of Beam Therapeutics by 8.2% in the 4th quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company’s stock worth $175,287,000 after buying an additional 536,930 shares during the last quarter. State Street Corp raised its position in Beam Therapeutics by 12.5% in the third quarter. State Street Corp now owns 3,929,557 shares of the company’s stock worth $96,274,000 after acquiring an additional 437,402 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its stake in Beam Therapeutics by 11.4% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock valued at $98,149,000 after acquiring an additional 404,782 shares during the last quarter. Nikko Asset Management Americas Inc. boosted its stake in Beam Therapeutics by 11.4% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company’s stock valued at $98,109,000 after acquiring an additional 404,782 shares during the last quarter. Finally, Peregrine Investment Management Inc. bought a new position in shares of Beam Therapeutics during the 4th quarter valued at approximately $3,932,000. 99.68% of the stock is owned by institutional investors.

Beam Therapeutics Trading Down 3.3 %

NASDAQ:BEAM opened at $22.87 on Friday. Beam Therapeutics Inc. has a 12 month low of $20.84 and a 12 month high of $36.75. The company has a 50-day moving average price of $26.82 and a 200-day moving average price of $25.93. The stock has a market cap of $2.28 billion, a price-to-earnings ratio of -12.99 and a beta of 1.91.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.25) by $0.16. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The firm had revenue of $30.00 million for the quarter, compared to the consensus estimate of $16.47 million. During the same quarter in the prior year, the business earned $1.73 EPS. The business’s revenue for the quarter was down 90.5% on a year-over-year basis. Equities analysts forecast that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, insider Christine Bellon sold 1,241 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total transaction of $30,627.88. Following the completion of the transaction, the insider now owns 102,968 shares of the company’s stock, valued at approximately $2,541,250.24. This trade represents a 1.19 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John M. Evans sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $26.75, for a total value of $802,500.00. Following the completion of the sale, the chief executive officer now directly owns 908,659 shares in the company, valued at approximately $24,306,628.25. This represents a 3.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.

Analyst Upgrades and Downgrades

BEAM has been the topic of several research analyst reports. Cantor Fitzgerald reiterated an “overweight” rating on shares of Beam Therapeutics in a research note on Wednesday, March 12th. Jones Trading upgraded shares of Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 target price for the company in a research note on Monday, March 10th. Scotiabank upgraded shares of Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 price target on the stock in a research note on Monday, March 10th. Royal Bank of Canada lifted their price objective on shares of Beam Therapeutics from $24.00 to $26.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 26th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a report on Monday, March 10th. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Beam Therapeutics has an average rating of “Buy” and an average price target of $50.82.

Beam Therapeutics Company Profile

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.