Arizona State Retirement System Grows Stock Holdings in Beam Therapeutics Inc. (NASDAQ:BEAM)

Arizona State Retirement System lifted its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 25.6% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 25,534 shares of the company’s stock after buying an additional 5,197 shares during the quarter. Arizona State Retirement System’s holdings in Beam Therapeutics were worth $499,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Northern Trust Corp increased its holdings in shares of Beam Therapeutics by 7.2% in the 4th quarter. Northern Trust Corp now owns 740,506 shares of the company’s stock worth $18,365,000 after buying an additional 49,415 shares during the last quarter. Teacher Retirement System of Texas grew its holdings in Beam Therapeutics by 18.4% during the 4th quarter. Teacher Retirement System of Texas now owns 20,767 shares of the company’s stock valued at $515,000 after purchasing an additional 3,222 shares during the last quarter. GAMMA Investing LLC grew its holdings in Beam Therapeutics by 549.9% during the 1st quarter. GAMMA Investing LLC now owns 37,185 shares of the company’s stock valued at $726,000 after purchasing an additional 31,463 shares during the last quarter. Amalgamated Bank grew its holdings in Beam Therapeutics by 20.4% during the 1st quarter. Amalgamated Bank now owns 3,153 shares of the company’s stock valued at $62,000 after purchasing an additional 534 shares during the last quarter. Finally, Stifel Financial Corp grew its holdings in Beam Therapeutics by 27.8% during the 4th quarter. Stifel Financial Corp now owns 13,662 shares of the company’s stock valued at $339,000 after purchasing an additional 2,976 shares during the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Price Performance

Shares of BEAM opened at $21.03 on Tuesday. The stock has a market cap of $2.11 billion, a PE ratio of -4.56 and a beta of 2.07. The firm has a 50-day simple moving average of $18.09 and a two-hundred day simple moving average of $21.47. Beam Therapeutics Inc. has a 1-year low of $13.53 and a 1-year high of $35.25.

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

Analyst Ratings Changes

BEAM has been the subject of several research reports. Guggenheim lowered their price target on shares of Beam Therapeutics from $78.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, May 7th. Wells Fargo & Company decreased their target price on shares of Beam Therapeutics from $75.00 to $70.00 and set an “overweight” rating for the company in a research report on Wednesday, May 7th. Barclays cut their price target on shares of Beam Therapeutics from $31.00 to $25.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 7th. Bank of America upgraded shares of Beam Therapeutics from a “neutral” rating to a “buy” rating and set a $42.00 price target on the stock in a research note on Friday, March 28th. Finally, HC Wainwright reiterated a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research note on Monday, April 7th. Two investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Beam Therapeutics has an average rating of “Buy” and a consensus target price of $48.75.

About Beam Therapeutics

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.