UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Has $53.26 Million Stock Position in Beam Therapeutics Inc. $BEAM

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lessened its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 6.2% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 1,551,781 shares of the company’s stock after selling 101,933 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Beam Therapeutics were worth $53,257,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Chapin Davis Inc. purchased a new position in shares of Beam Therapeutics in the second quarter worth approximately $206,000. Seven Fleet Capital Management LP purchased a new stake in shares of Beam Therapeutics in the 2nd quarter valued at approximately $302,153. Bank of America Corp DE acquired a new position in Beam Therapeutics in the 2nd quarter worth approximately $24,733,000. Man Group plc acquired a new position in Beam Therapeutics in the 2nd quarter worth approximately $4,455,000. Finally, Jupiter Topco LLC purchased a new position in Beam Therapeutics during the 2nd quarter worth approximately $3,259,000. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Beam Therapeutics Stock Up 0.9%

Beam Therapeutics stock opened at $29.29 on Thursday. Beam Therapeutics Inc. has a twelve month low of $16.52 and a twelve month high of $38.26. The company has a debt-to-equity ratio of 0.09, a quick ratio of 14.57 and a current ratio of 14.57. The firm has a market cap of $3.03 billion, a PE ratio of -34.06 and a beta of 2.22. The firm’s 50 day moving average price is $29.54 and its two-hundred day moving average price is $28.93.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, August 4th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.07). Beam Therapeutics had a negative net margin of 54.75% and a negative return on equity of 30.71%. The company had revenue of $0.49 million for the quarter, compared to analyst estimates of $16.37 million. During the same period last year, the business earned ($1.00) EPS. The company’s quarterly revenue was down 94.2% on a year-over-year basis. On average, research analysts predict that Beam Therapeutics Inc. will post -4.49 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

BEAM has been the topic of several recent analyst reports. Bank of America reissued a “buy” rating and set a $47.00 target price on shares of Beam Therapeutics in a research note on Wednesday, July 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a report on Friday, July 17th. HC Wainwright reissued a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research report on Tuesday, August 25th. Tudor Pickering set a $39.00 price objective on Beam Therapeutics in a research note on Wednesday, May 13th. Finally, Wall Street Zen lowered Beam Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Sunday, August 16th. Ten investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $49.00.

Insiders Place Their Bets

In other Beam Therapeutics news, insider Amy Simon sold 16,667 shares of the company’s stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $25.74, for a total value of $429,008.58. Following the transaction, the insider directly owned 85,696 shares of the company’s stock, valued at $2,205,815.04. This represents a 16.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Fmr Llc sold 251,488 shares of the firm’s stock in a transaction dated 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 sale, the insider directly owned 854,583 shares of the company’s stock, valued at $30,132,596.58. This trade represents a 22.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 301,527 shares of company stock valued at $10,468,500. Insiders own 3.80% of the company’s stock.

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.