Beam Therapeutics Inc. (NASDAQ:BEAM) Stake Lifted by Sterling Capital Management LLC

Sterling Capital Management LLC raised its stake in Beam Therapeutics Inc. (NASDAQ:BEAM) by 816.0% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 2,409 shares of the company’s stock after buying an additional 2,146 shares during the quarter. Sterling Capital Management LLC’s holdings in Beam Therapeutics were worth $60,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. ARK Investment Management LLC lifted its position in Beam Therapeutics by 8.2% in the 4th quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company’s stock valued at $175,287,000 after purchasing an additional 536,930 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Beam Therapeutics by 11.4% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock valued at $98,149,000 after purchasing an additional 404,782 shares during the period. Nikko Asset Management Americas Inc. raised its holdings in shares of Beam Therapeutics by 11.4% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company’s stock valued at $98,109,000 after buying an additional 404,782 shares during the last quarter. Peregrine Investment Management Inc. bought a new position in Beam Therapeutics in the 4th quarter worth approximately $3,932,000. Finally, Alliancebernstein L.P. increased its position in Beam Therapeutics by 149.4% in the 4th quarter. Alliancebernstein L.P. now owns 212,804 shares of the company’s stock valued at $5,278,000 after acquiring an additional 127,494 shares during the period. Institutional investors and hedge funds own 99.68% of the company’s stock.

Beam Therapeutics Stock Up 3.9 %

BEAM opened at $19.89 on Thursday. The firm has a market cap of $1.98 billion, a PE ratio of -11.30 and a beta of 2.02. The business has a fifty day simple moving average of $22.70 and a 200-day simple moving average of $24.78. Beam Therapeutics Inc. has a fifty-two week low of $13.53 and a fifty-two week high of $35.25.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.25) by $0.16. The business had revenue of $30.00 million during the quarter, compared to analyst estimates of $16.47 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. Beam Therapeutics’s revenue for the quarter was down 90.5% on a year-over-year basis. During the same quarter last year, the company posted $1.73 EPS. On average, equities research analysts anticipate that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Insider Transactions at Beam Therapeutics

In other news, insider Christine Bellon sold 5,674 shares of the firm’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total value of $104,117.90. Following the completion of the sale, the insider now owns 117,294 shares of the company’s stock, valued at $2,152,344.90. This trade represents a 4.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO John M. Evans sold 30,000 shares of the company’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $26.75, for a total value of $802,500.00. Following the transaction, the chief executive officer now directly owns 908,659 shares in the company, valued at $24,306,628.25. The trade was a 3.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 73,771 shares of company stock valued at $1,605,698 over the last ninety days. Corporate insiders own 4.20% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on BEAM. Royal Bank of Canada increased their price target on Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 26th. Scotiabank raised shares of Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 target price on the stock in a research note on Monday, March 10th. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Monday, April 7th. Jones Trading upgraded shares of Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a research note on Monday, March 10th. Finally, Sanford C. Bernstein upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Two analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $49.45.

Beam Therapeutics Company 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.