Raymond James Financial Services Advisors Inc. Takes $216,000 Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

Raymond James Financial Services Advisors Inc. bought a new stake in Beam Therapeutics Inc. (NASDAQ:BEAM) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 7,932 shares of the company’s stock, valued at approximately $216,000.

A number of other institutional investors have also modified their holdings of the business. State Board of Administration of Florida Retirement System increased its stake in Beam Therapeutics by 2.6% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 19,910 shares of the company’s stock valued at $479,000 after buying an additional 510 shares during the period. Allworth Financial LP increased its stake in Beam Therapeutics by 163.7% in the 3rd quarter. Allworth Financial LP now owns 1,105 shares of the company’s stock valued at $27,000 after buying an additional 686 shares during the period. Commonwealth Equity Services LLC increased its stake in Beam Therapeutics by 11.7% in the 3rd quarter. Commonwealth Equity Services LLC now owns 9,812 shares of the company’s stock valued at $236,000 after buying an additional 1,030 shares during the period. China Universal Asset Management Co. Ltd. increased its stake in Beam Therapeutics by 84.0% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 2,272 shares of the company’s stock valued at $55,000 after buying an additional 1,037 shares during the period. Finally, Nisa Investment Advisors LLC increased its stake in Beam Therapeutics by 70.0% in the 3rd quarter. Nisa Investment Advisors LLC now owns 3,312 shares of the company’s stock valued at $80,000 after buying an additional 1,364 shares during the period. 99.68% of the stock is owned by institutional investors and hedge funds.

Beam Therapeutics Trading Down 3.1 %

Shares of NASDAQ BEAM opened at $22.74 on Thursday. The stock has a market cap of $1.87 billion, a price-to-earnings ratio of -11.97 and a beta of 1.77. Beam Therapeutics Inc. has a 52 week low of $16.95 and a 52 week high of $49.50. The company’s 50-day moving average price is $32.50 and its 200 day moving average price is $28.09.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results on Tuesday, February 27th. The company reported $1.73 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $2.42. Beam Therapeutics had a negative net margin of 35.09% and a negative return on equity of 15.90%. The company had revenue of $316.20 million for the quarter, compared to analysts’ expectations of $34.16 million. During the same period last year, the company earned ($0.54) EPS. The firm’s revenue for the quarter was up 1481.0% compared to the same quarter last year. As a group, research analysts expect that Beam Therapeutics Inc. will post -5.53 earnings per share for the current year.

Insiders Place Their Bets

In other Beam Therapeutics news, CFO Terry-Ann Burrell sold 5,446 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $32.12, for a total transaction of $174,925.52. Following the sale, the chief financial officer now directly owns 70,137 shares of the company’s stock, valued at approximately $2,252,800.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Beam Therapeutics news, CFO Terry-Ann Burrell sold 5,446 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $32.12, for a total transaction of $174,925.52. Following the sale, the chief financial officer now directly owns 70,137 shares of the company’s stock, valued at approximately $2,252,800.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Amy Simon sold 7,157 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $32.13, for a total transaction of $229,954.41. Following the sale, the insider now directly owns 86,590 shares in the company, valued at $2,782,136.70. The disclosure for this sale can be found here. Insiders have sold 156,804 shares of company stock valued at $4,731,669 in the last ninety days. Insiders own 4.40% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on BEAM. JPMorgan Chase & Co. raised shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $38.00 to $40.00 in a research note on Monday, January 29th. Royal Bank of Canada upped their price target on shares of Beam Therapeutics from $27.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 28th. TheStreet raised shares of Beam Therapeutics from a “d” rating to a “c-” rating in a research note on Monday, March 11th. Wedbush reaffirmed an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a research note on Tuesday. Finally, Barclays upped their price target on shares of Beam Therapeutics from $26.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 28th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $41.00.

Beam Therapeutics Profile

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.