AlphaQuest LLC Reduces Holdings in Beam Therapeutics Inc. (NASDAQ:BEAM)

AlphaQuest LLC trimmed its stake in Beam Therapeutics Inc. (NASDAQ:BEAM) by 92.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,610 shares of the company’s stock after selling 33,583 shares during the period. AlphaQuest LLC’s holdings in Beam Therapeutics were worth $65,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. KBC Group NV grew its position in shares of Beam Therapeutics by 103.2% in the 4th quarter. KBC Group NV now owns 4,143 shares of the company’s stock valued at $103,000 after buying an additional 2,104 shares during the last quarter. Blue Trust Inc. grew its position in Beam Therapeutics by 36.3% during the 4th quarter. Blue Trust Inc. now owns 4,274 shares of the company’s stock worth $105,000 after purchasing an additional 1,139 shares during the last quarter. GAMMA Investing LLC grew its position in Beam Therapeutics by 23.9% during the 4th quarter. GAMMA Investing LLC now owns 5,722 shares of the company’s stock worth $142,000 after purchasing an additional 1,102 shares during the last quarter. Quarry LP grew its position in Beam Therapeutics by 66.7% during the 3rd quarter. Quarry LP now owns 6,000 shares of the company’s stock worth $147,000 after purchasing an additional 2,400 shares during the last quarter. Finally, Atria Investments Inc purchased a new position in Beam Therapeutics during the 3rd quarter worth $200,000. 99.68% of the stock is owned by hedge funds and other institutional investors.

Beam Therapeutics Stock Up 4.6 %

Shares of NASDAQ BEAM opened at $23.64 on Thursday. Beam Therapeutics Inc. has a 52 week low of $20.84 and a 52 week high of $36.75. The firm has a 50-day moving average price of $26.90 and a 200 day moving average price of $25.95. The stock has a market capitalization of $2.36 billion, a price-to-earnings ratio of -13.43 and a beta of 1.91.

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

Analysts Set New Price Targets

Several brokerages have issued reports on BEAM. Jones Trading raised shares of Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a research report on Monday, March 10th. Scotiabank raised shares of Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 price objective on the stock in a research report on Monday, March 10th. Cantor Fitzgerald reissued an “overweight” rating on shares of Beam Therapeutics in a research report on Wednesday, March 12th. Sanford C. Bernstein upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, HC Wainwright restated a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research note on Monday, March 10th. Two research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $50.82.

Insiders Place Their Bets

In other Beam Therapeutics news, CEO John M. Evans sold 30,000 shares of Beam Therapeutics stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $26.75, for a total transaction of $802,500.00. Following the completion of the transaction, the chief executive officer now owns 908,659 shares in the company, valued at approximately $24,306,628.25. The trade was a 3.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Christine Bellon sold 1,241 shares of Beam Therapeutics stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total transaction of $30,627.88. Following the transaction, the insider now owns 102,968 shares of the company’s stock, valued at approximately $2,541,250.24. The trade was a 1.19 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by company insiders.

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.