D.A. Davidson & CO. Cuts Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

D.A. Davidson & CO. reduced its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 4.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 51,409 shares of the company’s stock after selling 2,438 shares during the quarter. D.A. Davidson & CO. owned 0.06% of Beam Therapeutics worth $1,275,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Sumitomo Mitsui Trust Group Inc. lifted its position in Beam Therapeutics by 59.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock worth $87,044,000 after acquiring an additional 1,328,414 shares in the last quarter. State Street Corp lifted its position in shares of Beam Therapeutics by 12.5% during the third quarter. State Street Corp now owns 3,929,557 shares of the company’s stock worth $96,274,000 after purchasing an additional 437,402 shares in the last quarter. Peregrine Investment Management Inc. acquired a new position in shares of Beam Therapeutics during the fourth quarter worth $3,932,000. Bellevue Group AG boosted its stake in shares of Beam Therapeutics by 7.1% in the third quarter. Bellevue Group AG now owns 1,518,121 shares of the company’s stock valued at $37,194,000 after purchasing an additional 100,000 shares during the period. Finally, Geode Capital Management LLC grew its holdings in Beam Therapeutics by 4.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock valued at $44,297,000 after purchasing an additional 78,102 shares in the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

Insider Transactions at Beam Therapeutics

In other news, CEO John M. Evans sold 30,000 shares of the company’s 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. This represents a 3.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Christine Bellon sold 1,241 shares of the 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 completion of the sale, the insider now directly owns 102,968 shares in the company, valued at approximately $2,541,250.24. This trade represents a 1.19 % decrease in their position. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.

Wall Street Analysts Forecast Growth

BEAM has been the subject of several recent analyst reports. Leerink Partners upgraded Beam Therapeutics from a “market perform” rating to an “outperform” rating and raised their target price for the company from $27.00 to $39.00 in a research note on Wednesday, November 6th. Leerink Partnrs upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Sanford C. Bernstein raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Wedbush reissued an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a research report on Monday, January 13th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a report on Monday, February 3rd. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, Beam Therapeutics currently has an average rating of “Buy” and an average price target of $47.67.

Beam Therapeutics Stock Down 8.2 %

BEAM opened at $30.43 on Monday. The company’s 50-day moving average price is $27.13 and its 200 day moving average price is $25.81. Beam Therapeutics Inc. has a fifty-two week low of $20.84 and a fifty-two week high of $49.50. The firm has a market cap of $2.52 billion, a price-to-earnings ratio of -17.29 and a beta of 1.92.

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.