Amalgamated Bank Acquires 534 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

Amalgamated Bank boosted its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 20.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,153 shares of the company’s stock after buying an additional 534 shares during the period. Amalgamated Bank’s holdings in Beam Therapeutics were worth $62,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Farallon Capital Management LLC boosted its stake in Beam Therapeutics by 0.4% during the fourth quarter. Farallon Capital Management LLC now owns 8,239,123 shares of the company’s stock valued at $204,330,000 after buying an additional 31,000 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in Beam Therapeutics by 7.8% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,266,871 shares of the company’s stock valued at $83,332,000 after buying an additional 309,260 shares during the last quarter. Nikko Asset Management Americas Inc. boosted its stake in 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. Price T Rowe Associates Inc. MD boosted its stake in Beam Therapeutics by 18.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,753,142 shares of the company’s stock valued at $43,479,000 after buying an additional 266,834 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Beam Therapeutics by 24.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,538,398 shares of the company’s stock valued at $38,155,000 after buying an additional 298,067 shares during the last quarter. 99.68% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on BEAM shares. Bank of America raised Beam Therapeutics from a “neutral” rating to a “buy” rating and set a $42.00 price target for the company in a research note on Friday, March 28th. Guggenheim lowered their price objective on Beam Therapeutics from $78.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, May 7th. Wells Fargo & Company lowered their price objective on Beam Therapeutics from $75.00 to $70.00 and set an “overweight” rating for the company in a research note on Wednesday, May 7th. Barclays lowered their price objective on Beam Therapeutics from $31.00 to $25.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 7th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research note on Monday, April 7th. Two equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $48.75.

Beam Therapeutics Stock Performance

Shares of NASDAQ BEAM opened at $21.16 on Friday. The business’s 50 day moving average price is $17.73 and its 200-day moving average price is $21.77. Beam Therapeutics Inc. has a fifty-two week low of $13.53 and a fifty-two week high of $35.25. The company has a market cap of $2.13 billion, a price-to-earnings ratio of -4.59 and a beta of 2.07.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($1.24) earnings per share for the quarter, missing the consensus estimate of ($1.11) by ($0.13). The business had revenue of $7.47 million during the quarter, compared to analysts’ expectations of $14.69 million. Beam Therapeutics had a negative return on equity of 44.24% and a negative net margin of 609.24%. The company’s quarterly revenue was up 1.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.21) earnings per share. Sell-side analysts predict that Beam Therapeutics Inc. will post -4.57 earnings per share 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.