Pictet Asset Management SA Purchases Shares of 4,213 Beam Therapeutics Inc. (NASDAQ:BEAM)

Pictet Asset Management SA purchased a new stake in Beam Therapeutics Inc. (NASDAQ:BEAM – Get Rating) in the 3rd quarter, HoldingsChannel reports. The fund purchased 4,213 shares of the company’s stock, valued at approximately $201,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BEAM. Cambridge Investment Research Advisors Inc. bought a new stake in shares of Beam Therapeutics during the third quarter worth about $260,000. ProShare Advisors LLC increased its position in shares of Beam Therapeutics by 3.7% during the third quarter. ProShare Advisors LLC now owns 13,865 shares of the company’s stock worth $661,000 after acquiring an additional 494 shares in the last quarter. Lazard Asset Management LLC increased its position in shares of Beam Therapeutics by 52.5% during the second quarter. Lazard Asset Management LLC now owns 108,032 shares of the company’s stock worth $4,181,000 after acquiring an additional 37,182 shares in the last quarter. Polianta Ltd bought a new stake in shares of Beam Therapeutics during the third quarter worth about $514,000. Finally, Barclays PLC increased its position in shares of Beam Therapeutics by 256.9% during the third quarter. Barclays PLC now owns 108,736 shares of the company’s stock worth $5,179,000 after acquiring an additional 78,267 shares in the last quarter. 76.70% of the stock is owned by institutional investors.

Beam Therapeutics Stock Down 4.3 %

BEAM opened at $38.50 on Thursday. The stock has a market cap of $2.71 billion, a price-to-earnings ratio of -8.48 and a beta of 1.68. Beam Therapeutics Inc. has a twelve month low of $27.77 and a twelve month high of $75.70. The company’s 50-day moving average price is $42.19 and its two-hundred day moving average price is $46.56.

Beam Therapeutics (NASDAQ:BEAM – Get Rating) last released its earnings results on Tuesday, February 28th. The company reported ($0.54) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.80. The firm had revenue of $20.04 million for the quarter, compared to analysts’ expectations of $12.73 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 down 60.8% on a year-over-year basis. During the same period in the previous year, the company earned ($0.95) earnings per share. As a group, sell-side analysts anticipate that Beam Therapeutics Inc. will post -4.86 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on BEAM shares. Guggenheim decreased their target price on shares of Beam Therapeutics to $102.00 in a research report on Tuesday, November 15th. BMO Capital Markets upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and boosted their price target for the stock from $61.00 to $66.00 in a report on Tuesday, December 20th. SVB Leerink cut their price target on shares of Beam Therapeutics from $81.00 to $77.00 and set an “outperform” rating on the stock in a report on Monday, January 23rd. Cantor Fitzgerald began coverage on shares of Beam Therapeutics in a report on Tuesday, January 31st. They set an “overweight” rating and a $62.00 price target on the stock. Finally, Citigroup began coverage on shares of Beam Therapeutics in a report on Tuesday, December 13th. They set a “buy” rating and a $62.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $76.33.

Insider Activity at Beam Therapeutics

In related news, insider Giuseppe Ciaramella sold 51,015 shares of the company’s stock in a transaction that occurred on Monday, December 12th. The shares were sold at an average price of $42.70, for a total transaction of $2,178,340.50. Following the sale, the insider now directly owns 91,462 shares in the company, valued at approximately $3,905,427.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Giuseppe Ciaramella sold 51,015 shares of the company’s stock in a transaction that occurred on Monday, December 12th. The shares were sold at an average price of $42.70, for a total transaction of $2,178,340.50. Following the sale, the insider now directly owns 91,462 shares in the company, valued at approximately $3,905,427.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Terry-Ann Burrell sold 1,102 shares of the company’s stock in a transaction that occurred on Thursday, January 26th. The shares were sold at an average price of $45.16, for a total transaction of $49,766.32. Following the sale, the chief financial officer now owns 31,277 shares in the company, valued at $1,412,469.32. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 114,122 shares of company stock worth $5,025,087. 4.00% of the stock is owned by corporate insiders.

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.