Yiheng Capital Management L.P. Sells 337,658 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

Yiheng Capital Management L.P. cut its stake in Beam Therapeutics Inc. (NASDAQ:BEAM) by 44.2% in the fourth quarter, HoldingsChannel.com reports. The fund owned 426,102 shares of the company’s stock after selling 337,658 shares during the period. Beam Therapeutics accounts for 0.4% of Yiheng Capital Management L.P.’s holdings, making the stock its 12th biggest position. Yiheng Capital Management L.P.’s holdings in Beam Therapeutics were worth $10,567,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in BEAM. Wealthfront Advisers LLC bought a new stake in Beam Therapeutics in the 4th quarter worth approximately $41,000. KBC Group NV increased its position in Beam Therapeutics by 103.2% during the fourth quarter. KBC Group NV now owns 4,143 shares of the company’s stock valued at $103,000 after acquiring an additional 2,104 shares during the last quarter. Blue Trust Inc. lifted its holdings in Beam Therapeutics by 36.3% in the fourth quarter. Blue Trust Inc. now owns 4,274 shares of the company’s stock valued at $105,000 after acquiring an additional 1,139 shares during the period. GAMMA Investing LLC grew its stake in shares of Beam Therapeutics by 23.9% during the 4th quarter. GAMMA Investing LLC now owns 5,722 shares of the company’s stock valued at $142,000 after purchasing an additional 1,102 shares during the period. Finally, Quarry LP increased its position in shares of Beam Therapeutics by 66.7% during the 3rd quarter. Quarry LP now owns 6,000 shares of the company’s stock valued at $147,000 after purchasing an additional 2,400 shares during the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Beam Therapeutics

In related news, CEO John M. Evans sold 30,000 shares of Beam Therapeutics stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $26.75, for a total value 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 trade represents a 3.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Christine Bellon sold 1,241 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total value of $30,627.88. Following the sale, the insider now owns 102,968 shares in the company, valued at approximately $2,541,250.24. This trade represents a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Royal Bank of Canada boosted their target price on shares of Beam Therapeutics from $24.00 to $26.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 26th. Scotiabank raised Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 target price on the stock in a report on Monday, March 10th. Cantor Fitzgerald restated an “overweight” rating on shares of Beam Therapeutics in a research report on Wednesday, March 12th. Sanford C. Bernstein raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Finally, Wedbush reiterated an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research note on Monday, March 10th. Two analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Beam Therapeutics presently has an average rating of “Buy” and a consensus target price of $50.82.

Beam Therapeutics Price Performance

NASDAQ BEAM opened at $22.87 on Friday. The stock has a market capitalization of $2.28 billion, a PE ratio of -12.99 and a beta of 1.91. Beam Therapeutics Inc. has a 1-year low of $20.84 and a 1-year high of $36.75. The business has a 50 day simple moving average of $26.82 and a two-hundred day simple moving average of $25.93.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, topping the consensus estimate of ($1.25) by $0.16. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The company had revenue of $30.00 million for the quarter, compared to analysts’ expectations of $16.47 million. During the same quarter in the previous year, the business posted $1.73 earnings per share. Beam Therapeutics’s quarterly revenue was down 90.5% on a year-over-year basis. On average, analysts anticipate that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal 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.