Pearl River Capital LLC Has $449,000 Stock Holdings in Beam Therapeutics Inc. (NASDAQ:BEAM)

Pearl River Capital LLC raised its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 37.9% in the 1st quarter, HoldingsChannel reports. The firm owned 14,676 shares of the company’s stock after buying an additional 4,036 shares during the period. Pearl River Capital LLC’s holdings in Beam Therapeutics were worth $449,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in the business. ARK Investment Management LLC lifted its holdings in Beam Therapeutics by 4.4% during the 1st quarter. ARK Investment Management LLC now owns 8,573,429 shares of the company’s stock valued at $262,518,000 after purchasing an additional 360,298 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Beam Therapeutics by 17.7% during the 3rd quarter. Vanguard Group Inc. now owns 6,174,471 shares of the company’s stock valued at $294,153,000 after purchasing an additional 927,970 shares during the last quarter. FMR LLC lifted its holdings in shares of Beam Therapeutics by 22.6% during the first quarter. FMR LLC now owns 6,087,553 shares of the company’s stock worth $186,401,000 after buying an additional 1,121,564 shares in the last quarter. State Street Corp lifted its holdings in shares of Beam Therapeutics by 68.4% during the second quarter. State Street Corp now owns 3,336,327 shares of the company’s stock worth $129,149,000 after buying an additional 1,354,781 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Beam Therapeutics by 4.4% during the fourth quarter. Geode Capital Management LLC now owns 1,152,940 shares of the company’s stock worth $45,091,000 after buying an additional 48,465 shares in the last quarter. Institutional investors and hedge funds own 80.64% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on BEAM shares. Cantor Fitzgerald reissued an “overweight” rating and set a $56.00 target price on shares of Beam Therapeutics in a report on Tuesday. Barclays decreased their price target on Beam Therapeutics from $41.00 to $35.00 and set an “equal weight” rating on the stock in a research report on Tuesday, August 8th. Royal Bank of Canada decreased their price target on Beam Therapeutics from $50.00 to $42.00 in a research report on Thursday, May 11th. Citigroup decreased their price target on Beam Therapeutics from $60.00 to $56.00 and set a “buy” rating on the stock in a research report on Wednesday, August 9th. Finally, Wedbush restated an “outperform” rating and issued a $79.00 price target on shares of Beam Therapeutics in a research report on Tuesday, August 8th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Beam Therapeutics presently has a consensus rating of “Moderate Buy” and an average target price of $63.82.

Beam Therapeutics Trading Up 2.8 %

Beam Therapeutics stock traded up $0.66 during midday trading on Friday, reaching $23.84. The company’s stock had a trading volume of 50,125 shares, compared to its average volume of 865,333. Beam Therapeutics Inc. has a 52 week low of $22.70 and a 52 week high of $61.40. The business has a 50-day moving average price of $28.43 and a 200-day moving average price of $32.02. The stock has a market cap of $1.89 billion, a PE ratio of -5.14 and a beta of 1.56.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, August 8th. The company reported ($1.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.42) by $0.34. Beam Therapeutics had a negative return on equity of 43.32% and a negative net margin of 408.13%. The firm had revenue of $20.12 million for the quarter, compared to analysts’ expectations of $17.32 million. During the same quarter in the previous year, the business posted ($1.02) earnings per share. The business’s revenue for the quarter was up 20.8% on a year-over-year basis. As a group, research analysts predict that Beam Therapeutics Inc. will post -5.06 EPS for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other news, insider Giuseppe Ciaramella sold 155,324 shares of the business’s stock in a transaction dated Friday, July 21st. The stock was sold at an average price of $32.06, for a total transaction of $4,979,687.44. Following the sale, the insider now directly owns 48,250 shares in the company, valued at $1,546,895. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have sold a total of 156,921 shares of company stock worth $5,030,209 over the last 90 days. Insiders own 4.40% of the company’s stock.

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 and BEAM-102 for the treatment of sickle cell disease beta thalassemia; BEAM-201, an allogeneic chimeric antigen receptor T cell for the treatment of refractory T-cell acute lymphoblastic leukemia/T cell lymphoblastic lymphoma; BEAM-301, a liver-targeting LNP formulation for the treatment of glycogen storage disease 1a; and BEAM-302, a liver-targeting LNP formulation to treat severe alpha-1 antitrypsin deficiency.