ProShare Advisors LLC Trims Holdings in Beam Therapeutics Inc. (NASDAQ:BEAM)

ProShare Advisors LLC decreased its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 22.8% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 15,072 shares of the company’s stock after selling 4,439 shares during the quarter. ProShare Advisors LLC’s holdings in Beam Therapeutics were worth $353,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in BEAM. Riverview Trust Co purchased a new position in Beam Therapeutics during the first quarter worth approximately $26,000. Fairfield Financial Advisors LTD purchased a new position in Beam Therapeutics during the second quarter worth approximately $26,000. Blue Trust Inc. lifted its position in Beam Therapeutics by 2,648.4% during the second quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock worth $40,000 after buying an additional 1,642 shares in the last quarter. PNC Financial Services Group Inc. raised its position in Beam Therapeutics by 144.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock valued at $43,000 after purchasing an additional 923 shares during the period. Finally, National Bank of Canada FI raised its position in Beam Therapeutics by 200.0% in the second quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock valued at $69,000 after purchasing an additional 2,000 shares during the period. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Barclays reduced their target price on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 7th. Stifel Nicolaus lifted 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. JPMorgan Chase & Co. lifted their target price on Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Royal Bank of Canada restated a “sector perform” rating and issued a $27.00 target price on shares of Beam Therapeutics in a research report on Thursday, September 19th. Finally, Wedbush reiterated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a report on Tuesday, August 6th. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, Beam Therapeutics has an average rating of “Hold” and an average price target of $44.18.

Insider Buying and Selling

In related news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the completion of the transaction, the chief executive officer now directly owns 938,659 shares of the company’s stock, valued at approximately $23,091,011.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold 60,674 shares of company stock valued at $1,491,826 in the last three months. 4.20% of the stock is owned by corporate insiders.

Beam Therapeutics Price Performance

BEAM opened at $23.50 on Thursday. Beam Therapeutics Inc. has a 12 month low of $16.95 and a 12 month high of $49.50. The stock has a market capitalization of $1.93 billion, a price-to-earnings ratio of -13.20 and a beta of 1.86. The business has a fifty day moving average price of $25.97 and a 200 day moving average price of $25.78.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, August 6th. The company reported ($1.11) EPS for the quarter, topping the consensus estimate 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 firm had revenue of $11.80 million during the quarter, compared to analysts’ expectations of $14.18 million. During the same period in the previous year, the firm posted ($1.08) EPS. Beam Therapeutics’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 earnings per share for the current year.

Beam Therapeutics 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.