Horizon Kinetics Asset Management LLC Lowers Stake in Beam Therapeutics Inc. (NASDAQ:BEAM)

Horizon Kinetics Asset Management LLC reduced its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 4.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,194 shares of the company’s stock after selling 403 shares during the quarter. Horizon Kinetics Asset Management LLC’s holdings in Beam Therapeutics were worth $225,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Bank of Montreal Can purchased a new stake in Beam Therapeutics in the second quarter worth about $3,683,000. Vanguard Group Inc. lifted its stake in Beam Therapeutics by 5.8% in the first quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company’s stock worth $250,402,000 after acquiring an additional 413,892 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its stake in Beam Therapeutics by 59.7% in the third 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 during the period. International Assets Investment Management LLC purchased a new stake in shares of Beam Therapeutics during the third quarter valued at about $15,760,000. Finally, American Century Companies Inc. lifted its position in shares of Beam Therapeutics by 33.2% during the second quarter. American Century Companies Inc. now owns 95,578 shares of the company’s stock valued at $2,239,000 after buying an additional 23,837 shares during the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have commented on BEAM shares. Leerink Partners raised shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and increased their price target for the company from $27.00 to $39.00 in a research report on Wednesday, November 6th. Barclays cut their price objective on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 7th. HC Wainwright restated a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a report on Thursday, November 7th. Stifel Nicolaus upped their price objective on shares of Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Finally, JPMorgan Chase & Co. increased their price target on shares of Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Four 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 stock. According to data from MarketBeat.com, Beam Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $44.91.

Insider Activity

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

Beam Therapeutics Stock Performance

NASDAQ:BEAM opened at $25.84 on Wednesday. The company has a fifty day moving average of $24.54 and a two-hundred day moving average of $25.01. The stock has a market capitalization of $2.14 billion, a PE ratio of -14.68 and a beta of 1.86. Beam Therapeutics Inc. has a fifty-two week low of $20.84 and a fifty-two week high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The firm had revenue of $14.30 million during the quarter, compared to analysts’ expectations of $14.52 million. During the same period in the prior year, the company posted ($1.22) EPS. The company’s revenue for the quarter was down 16.9% compared to the same quarter last year. Research analysts forecast that Beam Therapeutics Inc. will post -4.66 earnings per share for the current year.

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.