Verition Fund Management LLC Has $735,000 Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

Verition Fund Management LLC increased its stake in Beam Therapeutics Inc. (NASDAQ:BEAMGet Rating) by 101.9% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 12,824 shares of the company’s stock after purchasing an additional 6,471 shares during the quarter. Verition Fund Management LLC’s holdings in Beam Therapeutics were worth $735,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in BEAM. Raymond James & Associates acquired a new stake in Beam Therapeutics in the 4th quarter worth approximately $231,000. HighTower Advisors LLC acquired a new position in shares of Beam Therapeutics during the fourth quarter worth approximately $301,000. Teacher Retirement System of Texas lifted its holdings in shares of Beam Therapeutics by 28.6% during the fourth quarter. Teacher Retirement System of Texas now owns 6,342 shares of the company’s stock worth $505,000 after buying an additional 1,412 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Beam Therapeutics by 4.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 347,824 shares of the company’s stock worth $27,719,000 after buying an additional 14,304 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Beam Therapeutics by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 848,589 shares of the company’s stock worth $67,624,000 after buying an additional 25,695 shares during the last quarter. 81.73% of the stock is currently owned by institutional investors and hedge funds.

Beam Therapeutics Price Performance

Shares of NASDAQ:BEAM opened at $48.15 on Friday. The business’s fifty day moving average price is $59.30 and its two-hundred day moving average price is $49.87. Beam Therapeutics Inc. has a fifty-two week low of $27.77 and a fifty-two week high of $100.06. The stock has a market capitalization of $3.39 billion, a price-to-earnings ratio of -14.16 and a beta of 1.82.

Beam Therapeutics (NASDAQ:BEAMGet Rating) last announced its quarterly earnings results on Tuesday, August 9th. The company reported ($1.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.08) by $0.06. Beam Therapeutics had a negative return on equity of 27.45% and a negative net margin of 304.21%. The firm had revenue of $16.65 million for the quarter, compared to analysts’ expectations of $9.44 million. During the same period in the prior year, the business posted ($1.23) earnings per share. The business’s revenue was up 277433.3% compared to the same quarter last year. Research analysts expect that Beam Therapeutics Inc. will post -4.74 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. SVB Leerink cut their price target on Beam Therapeutics from $118.00 to $113.00 and set an “outperform” rating for the company in a report on Wednesday, August 10th. Barclays upped their price target on Beam Therapeutics from $38.00 to $60.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 10th. BMO Capital Markets upped their price target on Beam Therapeutics from $41.00 to $61.00 in a report on Monday, July 18th. Finally, Wedbush restated an “outperform” rating and set a $100.00 price objective on shares of Beam Therapeutics in a research report on Monday, August 1st. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $92.29.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, insider Fmr Llc sold 20,326 shares of the company’s stock in a transaction on Friday, August 5th. The stock was sold at an average price of $60.50, for a total value of $1,229,723.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, insider Fmr Llc sold 20,326 shares of the stock in a transaction on Friday, August 5th. The stock was sold at an average price of $60.50, for a total transaction of $1,229,723.00. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO John M. Evans sold 30,000 shares of the stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $65.75, for a total value of $1,972,500.00. Following the sale, the chief executive officer now owns 1,088,520 shares in the company, valued at approximately $71,570,190. The disclosure for this sale can be found here. Company insiders own 4.00% of the company’s stock.

Beam Therapeutics Company Profile

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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.

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

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