SG Americas Securities LLC Sells 43,289 Shares of Beam Therapeutics Inc. $BEAM

SG Americas Securities LLC lessened its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 41.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 60,180 shares of the company’s stock after selling 43,289 shares during the quarter. SG Americas Securities LLC owned approximately 0.06% of Beam Therapeutics worth $1,434,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the business. Peregrine Investment Management Inc. increased its stake in shares of Beam Therapeutics by 1.1% in the 1st quarter. Peregrine Investment Management Inc. now owns 260,050 shares of the company’s stock worth $6,197,000 after purchasing an additional 2,770 shares in the last quarter. Purpose Unlimited Inc. purchased a new position in Beam Therapeutics during the fourth quarter valued at $80,000. Invesco Ltd. grew its holdings in Beam Therapeutics by 20.5% during the fourth quarter. Invesco Ltd. now owns 213,185 shares of the company’s stock valued at $5,909,000 after purchasing an additional 36,321 shares during the period. Axxcess Wealth Management LLC bought a new stake in Beam Therapeutics during the fourth quarter valued at about $212,000. Finally, XTX Topco Ltd purchased a new stake in Beam Therapeutics in the fourth quarter worth about $426,000. Institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Price Performance

NASDAQ:BEAM opened at $34.79 on Friday. The business’s 50-day simple moving average is $31.07 and its two-hundred day simple moving average is $28.92. Beam Therapeutics Inc. has a 52 week low of $15.60 and a 52 week high of $36.88. The stock has a market cap of $3.58 billion, a PE ratio of -51.16 and a beta of 2.18. The company has a quick ratio of 16.99, a current ratio of 16.99 and a debt-to-equity ratio of 0.09.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings data on Thursday, May 7th. The company reported ($0.91) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.12. Beam Therapeutics had a negative return on equity of 29.00% and a negative net margin of 39.66%.The firm had revenue of $31.74 million during the quarter, compared to analyst estimates of $10.98 million. During the same quarter in the prior year, the company posted ($1.23) earnings per share. The business’s quarterly revenue was up 323.2% compared to the same quarter last year. As a group, analysts forecast that Beam Therapeutics Inc. will post -4.16 EPS for the current fiscal year.

Insider Buying and Selling

In other Beam Therapeutics news, insider Fmr Llc sold 251,488 shares of the company’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $35.26, for a total value of $8,867,466.88. Following the completion of the transaction, the insider directly owned 854,583 shares in the company, valued at $30,132,596.58. This represents a 22.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 3.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on BEAM shares. Tudor Pickering set a $39.00 price objective on Beam Therapeutics in a research note on Wednesday, May 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Monday, April 20th. HC Wainwright reissued a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a report on Thursday, May 21st. Citigroup raised their target price on shares of Beam Therapeutics from $64.00 to $68.00 and gave the stock a “buy” rating in a research note on Thursday, March 26th. Finally, Sanford C. Bernstein lowered their price target on shares of Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $46.83.

Beam Therapeutics Profile

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.