Beam Therapeutics Inc. (NASDAQ:BEAM) Shares Bought by Alliancebernstein L.P.

Alliancebernstein L.P. grew its position in Beam Therapeutics Inc. (NASDAQ:BEAM) by 149.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 212,804 shares of the company’s stock after purchasing an additional 127,494 shares during the period. Alliancebernstein L.P. owned approximately 0.26% of Beam Therapeutics worth $5,278,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Wealthfront Advisers LLC acquired a new position in Beam Therapeutics during the fourth quarter valued at approximately $41,000. KBC Group NV lifted its holdings in shares of Beam Therapeutics by 103.2% during the 4th quarter. KBC Group NV now owns 4,143 shares of the company’s stock valued at $103,000 after acquiring an additional 2,104 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Beam Therapeutics by 36.3% during the 4th quarter. Blue Trust Inc. now owns 4,274 shares of the company’s stock valued at $105,000 after acquiring an additional 1,139 shares in the last quarter. GAMMA Investing LLC boosted its position in Beam Therapeutics by 23.9% during the 4th quarter. GAMMA Investing LLC now owns 5,722 shares of the company’s stock worth $142,000 after purchasing an additional 1,102 shares during the period. Finally, Atria Investments Inc increased its holdings in Beam Therapeutics by 17.1% in the 4th quarter. Atria Investments Inc now owns 9,562 shares of the company’s stock valued at $237,000 after purchasing an additional 1,395 shares in the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Insider Buying and Selling

In related news, insider Christine Bellon sold 5,674 shares of the company’s stock in a transaction dated Tuesday, April 1st. The shares were 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 represents a 4.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Giuseppe Ciaramella sold 7,434 shares of the stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $136,413.90. Following the completion of the transaction, the president now owns 190,216 shares of the company’s stock, valued at $3,490,463.60. This trade represents a 3.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 73,771 shares of company stock valued at $1,605,698. Insiders own 4.20% of the company’s stock.

Analysts Set New Price Targets

BEAM has been the subject of several analyst reports. Guggenheim reaffirmed a “buy” rating and issued a $78.00 target price on shares of Beam Therapeutics in a research report on Thursday, February 27th. Bank of America raised shares of Beam Therapeutics from a “neutral” rating to a “buy” rating and set a $42.00 price objective for the company in a research report on Friday, March 28th. HC Wainwright reissued a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a research report on Monday, April 7th. Scotiabank upgraded shares of Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 target price for the company in a research note on Monday, March 10th. Finally, Sanford C. Bernstein raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Two research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Beam Therapeutics presently has an average rating of “Buy” and an average target price of $49.45.

Beam Therapeutics Stock Performance

Shares of BEAM stock opened at $15.47 on Friday. The stock has a market capitalization of $1.54 billion, a price-to-earnings ratio of -8.79 and a beta of 2.02. Beam Therapeutics Inc. has a one year low of $13.53 and a one year high of $35.25. The company’s 50-day simple moving average is $24.37 and its 200-day simple moving average is $25.13.

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

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.