State of New Jersey Common Pension Fund D Boosts Stock Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

State of New Jersey Common Pension Fund D lifted its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAMGet Rating) by 23.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 38,796 shares of the company’s stock after purchasing an additional 7,488 shares during the period. State of New Jersey Common Pension Fund D owned 0.06% of Beam Therapeutics worth $2,223,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of BEAM. TFC Financial Management boosted its holdings in shares of Beam Therapeutics by 111.1% during the fourth quarter. TFC Financial Management now owns 570 shares of the company’s stock worth $45,000 after purchasing an additional 300 shares during the period. Cutler Group LP boosted its holdings in shares of Beam Therapeutics by 825.0% during the first quarter. Cutler Group LP now owns 925 shares of the company’s stock worth $53,000 after purchasing an additional 825 shares during the period. Kessler Investment Group LLC purchased a new stake in shares of Beam Therapeutics during the first quarter worth about $58,000. Compagnie Lombard Odier SCmA purchased a new stake in shares of Beam Therapeutics during the first quarter worth about $62,000. Finally, Itau Unibanco Holding S.A. purchased a new stake in Beam Therapeutics in the fourth quarter worth about $91,000. 68.80% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on BEAM. Credit Suisse Group began coverage on shares of Beam Therapeutics in a report on Thursday, April 28th. They issued a “neutral” rating and a $62.00 price objective for the company. BMO Capital Markets raised their price objective on shares of Beam Therapeutics from $41.00 to $61.00 in a report on Monday, July 18th. Finally, Wedbush restated an “outperform” rating and issued a $100.00 price objective on shares of Beam Therapeutics in a report on Monday. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Beam Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $106.29.

Beam Therapeutics Stock Performance

Shares of NASDAQ BEAM opened at $63.01 on Thursday. Beam Therapeutics Inc. has a fifty-two week low of $27.77 and a fifty-two week high of $116.91. The company has a 50 day simple moving average of $46.58 and a two-hundred day simple moving average of $52.09. The company has a market capitalization of $4.43 billion, a price-to-earnings ratio of -17.45 and a beta of 1.76.

Beam Therapeutics (NASDAQ:BEAMGet Rating) last announced its earnings results on Monday, May 9th. The company reported ($1.01) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.10) by $0.09. Beam Therapeutics had a negative net margin of 395.37% and a negative return on equity of 28.02%. The business had revenue of $8.40 million during the quarter, compared to the consensus estimate of $44.15 million. During the same quarter last year, the firm earned ($3.35) earnings per share. The business’s revenue for the quarter was up 139900.0% on a year-over-year basis. On average, analysts forecast that Beam Therapeutics Inc. will post -4.26 earnings per share for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 28th. The shares were sold at an average price of $65.75, for a total transaction of $1,972,500.00. Following the completion of the transaction, the chief executive officer now owns 1,088,520 shares of the company’s stock, valued at $71,570,190. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 4.00% of the company’s stock.

About Beam Therapeutics

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Beam Therapeutics Inc, a biotechnology company, develops precision genetic medicines for patients suffering from serious diseases in the United States. The company is developing BEAM-101 for the treatment of sickle cell disease and beta thalassemia; BEAM-102 for the treatment of sickle cell disease; and BEAM-201, an allogeneic chimeric antigen receptor T cell for the treatment of relapsed/refractory T-cell acute lymphoblastic leukemia; and BEAM-301, a liver-targeted development candidate for the treatment of patients with Glycogen Storage Disease Type Ia.

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Institutional Ownership by Quarter for Beam Therapeutics (NASDAQ:BEAM)

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