Profund Advisors LLC Sells 7,768 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

Profund Advisors LLC decreased its stake in Beam Therapeutics Inc. (NASDAQ:BEAM) by 20.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,868 shares of the company’s stock after selling 7,768 shares during the period. Profund Advisors LLC’s holdings in Beam Therapeutics were worth $723,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Russell Investments Group Ltd. lifted its stake in shares of Beam Therapeutics by 4.4% in the 1st quarter. Russell Investments Group Ltd. now owns 143,828 shares of the company’s stock valued at $4,752,000 after acquiring an additional 6,102 shares during the last quarter. Vanguard Group Inc. lifted its position 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 worth $250,402,000 after purchasing an additional 413,892 shares during the period. UBS Group AG boosted its stake in shares of Beam Therapeutics by 118.2% in the 4th quarter. UBS Group AG now owns 260,500 shares of the company’s stock valued at $7,091,000 after purchasing an additional 141,102 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Beam Therapeutics by 34.6% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 223,929 shares of the company’s stock worth $6,782,000 after buying an additional 57,554 shares during the period. Finally, Bellevue Group AG raised its stake in Beam Therapeutics by 71.7% during the first quarter. Bellevue Group AG now owns 1,193,121 shares of the company’s stock worth $39,421,000 after buying an additional 498,300 shares during the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

Beam Therapeutics Price Performance

NASDAQ BEAM opened at $24.77 on Wednesday. The company’s 50 day simple moving average is $26.23 and its two-hundred day simple moving average is $26.19. Beam Therapeutics Inc. has a 1 year low of $16.95 and a 1 year high of $49.50. The stock has a market capitalization of $2.04 billion, a PE ratio of -13.92 and a beta of 1.86.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($1.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.13) by $0.02. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. The business had revenue of $11.80 million for the quarter, compared to the consensus estimate of $14.18 million. During the same quarter last year, the business posted ($1.08) earnings per share. The company’s revenue for the quarter was down 41.3% on a year-over-year basis. On average, research analysts anticipate that Beam Therapeutics Inc. will post -4.6 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Stifel Nicolaus upped their target price on Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Wedbush restated an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a research note on Tuesday, August 6th. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research note on Thursday, August 22nd. Barclays decreased their target price on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. increased their price target on Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $44.18.

Insider Buying and Selling at Beam Therapeutics

In other news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $24.50, for a total value of $1,470,000.00. Following the transaction, the chief executive officer now owns 998,343 shares in the company, valued at $24,459,403.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 4.20% of the company’s stock.

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.