Van ECK Associates Corp Buys New Stake in Beam Therapeutics Inc. (NASDAQ:BEAM)

Van ECK Associates Corp bought a new stake in Beam Therapeutics Inc. (NASDAQ:BEAMGet Rating) during the third quarter, HoldingsChannel.com reports. The fund bought 716 shares of the company’s stock, valued at approximately $34,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Envestnet Asset Management Inc. bought a new stake in Beam Therapeutics during the first quarter worth about $204,000. Raymond James & Associates grew its stake in Beam Therapeutics by 43.6% during the first quarter. Raymond James & Associates now owns 4,163 shares of the company’s stock worth $239,000 after buying an additional 1,263 shares during the last quarter. US Bancorp DE grew its stake in Beam Therapeutics by 5.6% during the first quarter. US Bancorp DE now owns 10,802 shares of the company’s stock worth $619,000 after buying an additional 571 shares during the last quarter. HighTower Advisors LLC grew its stake in Beam Therapeutics by 15.3% during the first quarter. HighTower Advisors LLC now owns 4,352 shares of the company’s stock worth $251,000 after buying an additional 576 shares during the last quarter. Finally, MetLife Investment Management LLC grew its stake in Beam Therapeutics by 56.8% during the first quarter. MetLife Investment Management LLC now owns 27,129 shares of the company’s stock worth $1,554,000 after buying an additional 9,829 shares during the last quarter. Institutional investors own 76.70% of the company’s stock.

Insiders Place Their Bets

In other Beam Therapeutics news, CFO Terry-Ann Burrell sold 47,195 shares of the stock in a transaction on Wednesday, January 18th. The shares were sold at an average price of $45.14, for a total value of $2,130,382.30. Following the sale, the chief financial officer now directly owns 31,277 shares in the company, valued at $1,411,843.78. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Beam Therapeutics news, CEO John M. Evans sold 30,000 shares of the stock in a transaction on Monday, October 31st. The shares were sold at an average price of $46.31, for a total value of $1,389,300.00. Following the sale, the chief executive officer now directly owns 1,058,520 shares in the company, valued at $49,020,061.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Terry-Ann Burrell sold 47,195 shares of the stock in a transaction on Wednesday, January 18th. The stock was sold at an average price of $45.14, for a total transaction of $2,130,382.30. Following the completion of the sale, the chief financial officer now owns 31,277 shares in the company, valued at $1,411,843.78. The disclosure for this sale can be found here. Over the last three months, insiders have sold 128,210 shares of company stock worth $5,698,023. Company insiders own 4.00% of the company’s stock.

Beam Therapeutics Price Performance

Shares of NASDAQ BEAM opened at $44.54 on Friday. The company’s 50 day simple moving average is $43.11 and its 200 day simple moving average is $49.97. Beam Therapeutics Inc. has a fifty-two week low of $27.77 and a fifty-two week high of $80.00. The firm has a market capitalization of $3.14 billion, a P/E ratio of -9.81 and a beta of 1.69.

Beam Therapeutics (NASDAQ:BEAMGet Rating) last announced its quarterly earnings data on Monday, November 7th. The company reported ($1.56) earnings per share for the quarter, missing the consensus estimate of ($1.30) by ($0.26). The business had revenue of $15.80 million during the quarter, compared to analyst estimates of $7.15 million. Beam Therapeutics had a negative net margin of 343.05% and a negative return on equity of 38.93%. The company’s quarterly revenue was up 1875.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.42) earnings per share. Sell-side analysts expect that Beam Therapeutics Inc. will post -4.87 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BEAM. SVB Leerink decreased their price objective on shares of Beam Therapeutics from $82.00 to $81.00 and set an “outperform” rating on the stock in a research note on Monday, November 7th. Guggenheim decreased their price target on shares of Beam Therapeutics to $102.00 in a research note on Tuesday, November 15th. Citigroup started coverage on shares of Beam Therapeutics in a research note on Tuesday, December 13th. They set a “buy” rating and a $62.00 price target on the stock. BMO Capital Markets raised shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and increased their price target for the company from $61.00 to $66.00 in a research note on Tuesday, December 20th. Finally, Credit Suisse Group decreased their price target on shares of Beam Therapeutics from $65.00 to $53.00 and set a “neutral” rating on the stock in a research note on Tuesday, November 8th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $74.86.

Beam Therapeutics Profile

(Get Rating)

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.

See Also

Want to see what other hedge funds are holding BEAM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Beam Therapeutics Inc. (NASDAQ:BEAMGet Rating).

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

Receive News & Ratings for Beam Therapeutics Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Beam Therapeutics and related companies with MarketBeat.com's FREE daily email newsletter.