Van ECK Associates Corp Boosts Stake in Beam Therapeutics Inc. (NASDAQ:BEAM)

Van ECK Associates Corp lifted its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM – Get Rating) by 57.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,124 shares of the company’s stock after buying an additional 408 shares during the period. Van ECK Associates Corp’s holdings in Beam Therapeutics were worth $44,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of BEAM. Ronald Blue Trust Inc. raised its stake in Beam Therapeutics by 623.8% during the fourth quarter. Ronald Blue Trust Inc. now owns 579 shares of the company’s stock worth $28,000 after purchasing an additional 499 shares during the period. Nisa Investment Advisors LLC increased its position in shares of Beam Therapeutics by 31.0% during the third quarter. Nisa Investment Advisors LLC now owns 1,454 shares of the company’s stock valued at $64,000 after acquiring an additional 344 shares during the last quarter. Canada Pension Plan Investment Board acquired a new stake in shares of Beam Therapeutics during the first quarter valued at about $86,000. Penserra Capital Management LLC acquired a new stake in shares of Beam Therapeutics during the first quarter valued at about $97,000. Finally, Captrust Financial Advisors increased its position in shares of Beam Therapeutics by 29.9% during the first quarter. Captrust Financial Advisors now owns 1,845 shares of the company’s stock valued at $106,000 after acquiring an additional 425 shares during the last quarter. 76.70% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Beam Therapeutics

In other news, insider Giuseppe Ciaramella sold 1,918 shares of the business’s stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $30.31, for a total transaction of $58,134.58. Following the completion of the sale, the insider now owns 114,044 shares in the company, valued at approximately $3,456,673.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CFO Terry-Ann Burrell sold 2,454 shares of the company’s stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $30.31, for a total value of $74,380.74. Following the completion of the sale, the chief financial officer now owns 49,303 shares in the company, valued at approximately $1,494,373.93. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Giuseppe Ciaramella sold 1,918 shares of the company’s stock in a transaction on Monday, April 3rd. The shares were sold at an average price of $30.31, for a total transaction of $58,134.58. Following the completion of the sale, the insider now owns 114,044 shares of the company’s stock, valued at approximately $3,456,673.64. The disclosure for this sale can be found here. In the last quarter, insiders sold 9,533 shares of company stock worth $288,945. 4.40% of the stock is currently owned by insiders.

Analyst Ratings Changes

BEAM has been the subject of a number of recent analyst reports. Cantor Fitzgerald initiated coverage on shares of Beam Therapeutics in a research report on Tuesday, January 31st. They set an “overweight” rating and a $62.00 price target for the company. Royal Bank of Canada dropped their price objective on shares of Beam Therapeutics from $50.00 to $42.00 in a report on Thursday, May 11th. Barclays dropped their price objective on shares of Beam Therapeutics from $45.00 to $41.00 in a report on Thursday, May 11th. Wells Fargo & Company dropped their price objective on shares of Beam Therapeutics from $125.00 to $105.00 and set an “overweight” rating for the company in a report on Wednesday, March 1st. Finally, SVB Leerink dropped their price objective on shares of Beam Therapeutics from $81.00 to $77.00 and set an “outperform” rating for the company in a report on Monday, January 23rd. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $67.91.

Beam Therapeutics Stock Down 1.0 %

NASDAQ BEAM opened at $34.54 on Friday. Beam Therapeutics Inc. has a 52 week low of $28.04 and a 52 week high of $73.27. The stock has a market capitalization of $2.63 billion, a PE ratio of -7.76 and a beta of 1.63. The firm has a 50 day moving average of $31.93 and a two-hundred day moving average of $38.92.

Beam Therapeutics (NASDAQ:BEAM – Get Rating) last issued its quarterly earnings data on Wednesday, May 10th. The company reported ($1.33) earnings per share for the quarter, topping the consensus estimate of ($1.36) by $0.03. The business had revenue of $24.21 million during the quarter, compared to the consensus estimate of $14.41 million. Beam Therapeutics had a negative net margin of 412.45% and a negative return on equity of 42.04%. On average, equities research analysts expect that Beam Therapeutics Inc. will post -5.5 earnings per share for the current fiscal year.

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.