Massachusetts Financial Services Co. MA Lowers Stock Holdings in Beam Therapeutics Inc. (NASDAQ:BEAM)

Massachusetts Financial Services Co. MA lowered its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 2.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,698 shares of the company’s stock after selling 1,397 shares during the period. Massachusetts Financial Services Co. MA owned 0.07% of Beam Therapeutics worth $1,414,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of BEAM. Arizona State Retirement System grew its position in shares of Beam Therapeutics by 2.1% during the 2nd quarter. Arizona State Retirement System now owns 19,431 shares of the company’s stock valued at $455,000 after purchasing an additional 392 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Beam Therapeutics by 21.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock valued at $75,000 after buying an additional 524 shares during the period. GAMMA Investing LLC grew its position in Beam Therapeutics by 13.3% during the third quarter. GAMMA Investing LLC now owns 4,620 shares of the company’s stock worth $113,000 after buying an additional 544 shares in the last quarter. Green Alpha Advisors LLC increased its stake in Beam Therapeutics by 5.9% in the 3rd quarter. Green Alpha Advisors LLC now owns 12,475 shares of the company’s stock worth $306,000 after acquiring an additional 698 shares during the last quarter. Finally, American International Group Inc. raised its holdings in shares of Beam Therapeutics by 2.0% in the 1st quarter. American International Group Inc. now owns 36,760 shares of the company’s stock valued at $1,215,000 after acquiring an additional 732 shares in the last quarter. Institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Price Performance

BEAM opened at $27.20 on Thursday. The stock’s 50 day simple moving average is $24.57 and its 200 day simple moving average is $25.03. The firm has a market cap of $2.25 billion, a price-to-earnings ratio of -15.45 and a beta of 1.86. Beam Therapeutics Inc. has a 1 year low of $20.84 and a 1 year high of $49.50.

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

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $24.60, for a total value of $1,476,000.00. Following the completion of the transaction, the chief executive officer now directly owns 938,659 shares in the company, valued at approximately $23,091,011.40. This represents a 6.01 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Giuseppe Ciaramella sold 51,110 shares of the firm’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $26.27, for a total transaction of $1,342,659.70. Following the completion of the sale, the president now directly owns 160,260 shares of the company’s stock, valued at approximately $4,210,030.20. This represents a 24.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 162,894 shares of company stock worth $4,181,745. 4.20% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several brokerages have recently commented on BEAM. Wedbush reissued an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a report on Tuesday, November 5th. Scotiabank assumed coverage on shares of Beam Therapeutics in a research note on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 price target for the company. 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. Barclays cut 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, HC Wainwright restated a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research report on Thursday, November 7th. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average 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.