JPMorgan Chase & Co. Has $13.14 Million Stock Position in Beam Therapeutics Inc. $BEAM

JPMorgan Chase & Co. lowered its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 18.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 541,303 shares of the company’s stock after selling 118,496 shares during the quarter. JPMorgan Chase & Co. owned about 0.53% of Beam Therapeutics worth $13,137,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of BEAM. Larson Financial Group LLC grew its position in Beam Therapeutics by 4,370.5% in the 3rd quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock worth $48,000 after purchasing an additional 1,923 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Beam Therapeutics by 48.7% during the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock worth $52,000 after purchasing an additional 707 shares during the period. Daiwa Securities Group Inc. raised its position in shares of Beam Therapeutics by 1,248.8% during the second quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company’s stock valued at $65,000 after buying an additional 3,534 shares during the last quarter. SBI Securities Co. Ltd. raised its position in shares of Beam Therapeutics by 300.1% during the third quarter. SBI Securities Co. Ltd. now owns 4,009 shares of the company’s stock valued at $97,000 after buying an additional 3,007 shares during the last quarter. Finally, Bayforest Capital Ltd bought a new stake in shares of Beam Therapeutics in the third quarter valued at about $114,000. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Beam Therapeutics Stock Down 6.1%

NASDAQ BEAM opened at $22.19 on Friday. Beam Therapeutics Inc. has a twelve month low of $13.52 and a twelve month high of $36.44. The stock has a market cap of $2.26 billion, a P/E ratio of -21.97 and a beta of 2.12. The company’s 50-day simple moving average is $27.45 and its 200 day simple moving average is $26.27.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings data on Tuesday, February 24th. The company reported $2.33 earnings per share for the quarter, beating analysts’ consensus estimates of ($1.13) by $3.46. Beam Therapeutics had a negative return on equity of 30.65% and a negative net margin of 57.24%.The company had revenue of $114.11 million for the quarter, compared to the consensus estimate of $13.22 million. During the same period in the previous year, the business earned ($1.09) earnings per share. The company’s quarterly revenue was up 280.3% on a year-over-year basis. Research analysts anticipate that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Insider Activity at Beam Therapeutics

In related news, insider Christine Bellon sold 18,629 shares of the firm’s stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $34.61, for a total transaction of $644,749.69. Following the completion of the transaction, the insider owned 97,038 shares in the company, valued at $3,358,485.18. This trade represents a 16.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.50% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

BEAM has been the topic of a number of recent research reports. UBS Group started coverage on Beam Therapeutics in a research report on Wednesday, January 7th. They set a “neutral” rating and a $28.00 target price on the stock. Citigroup raised their price objective on Beam Therapeutics from $64.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday. Royal Bank Of Canada lifted their price objective on Beam Therapeutics from $22.00 to $26.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 25th. Wall Street Zen upgraded Beam Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, February 28th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $49.36.

About Beam Therapeutics

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.