Blue Trust Inc. Increases Stake in Beam Therapeutics Inc. (NASDAQ:BEAM)

Blue Trust Inc. boosted its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 2,648.4% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,704 shares of the company’s stock after buying an additional 1,642 shares during the quarter. Blue Trust Inc.’s holdings in Beam Therapeutics were worth $40,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BEAM. Darwin Global Management Ltd. acquired a new stake in shares of Beam Therapeutics in the first quarter valued at $70,032,000. Price T Rowe Associates Inc. MD increased its holdings in Beam Therapeutics by 3,137.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,246,189 shares of the company’s stock worth $41,175,000 after purchasing an additional 1,207,699 shares during the period. Nikko Asset Management Americas Inc. raised its position in Beam Therapeutics by 43.6% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 2,358,091 shares of the company’s stock valued at $64,093,000 after purchasing an additional 715,911 shares in the last quarter. Bellevue Group AG boosted its stake in shares of Beam Therapeutics by 71.7% in the 1st quarter. Bellevue Group AG now owns 1,193,121 shares of the company’s stock valued at $39,421,000 after buying an additional 498,300 shares during the period. Finally, Redmile Group LLC grew its position in shares of Beam Therapeutics by 31.5% during the first quarter. Redmile Group LLC now owns 1,879,617 shares of the company’s stock worth $62,103,000 after buying an additional 449,834 shares in the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Insider Buying and Selling at Beam Therapeutics

In other news, CEO John M. Evans sold 60,000 shares of the stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $24.50, for a total transaction of $1,470,000.00. Following the completion of the sale, the chief executive officer now owns 998,343 shares in the company, valued at $24,459,403.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 4.20% of the stock is currently owned by company insiders.

Beam Therapeutics Stock Up 9.3 %

BEAM opened at $26.81 on Friday. Beam Therapeutics Inc. has a 52 week low of $16.95 and a 52 week high of $49.50. The business’s 50 day moving average is $25.74 and its two-hundred day moving average is $27.73. The firm has a market cap of $2.21 billion, a price-to-earnings ratio of -15.06 and a beta of 1.87.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, August 6th. The company reported ($1.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.13) by $0.02. Beam Therapeutics had a negative net margin of 37.33% and a negative return on equity of 15.46%. The business had revenue of $11.80 million for the quarter, compared to analyst estimates of $14.18 million. During the same period last year, the firm posted ($1.08) earnings per share. The company’s revenue for the quarter was down 41.3% compared to the same quarter last year. Equities analysts expect that Beam Therapeutics Inc. will post -4.68 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on BEAM shares. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a report on Thursday. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $27.00 price objective on shares of Beam Therapeutics in a research report on Wednesday, August 7th. Barclays dropped their target price on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 7th. Wedbush reaffirmed an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a report on Tuesday, August 6th. Finally, JPMorgan Chase & Co. upped their price objective on Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Seven research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $41.70.

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.