New York State Common Retirement Fund Boosts Stake in Beam Therapeutics Inc. (NASDAQ:BEAM)

New York State Common Retirement Fund lifted its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 14.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 26,029 shares of the company’s stock after acquiring an additional 3,300 shares during the quarter. New York State Common Retirement Fund’s holdings in Beam Therapeutics were worth $508,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of BEAM. Raymond James Financial Inc. acquired a new position in shares of Beam Therapeutics during the 4th quarter worth about $703,000. Teacher Retirement System of Texas raised its position in shares of Beam Therapeutics by 18.4% during the 4th quarter. Teacher Retirement System of Texas now owns 20,767 shares of the company’s stock worth $515,000 after purchasing an additional 3,222 shares during the last quarter. American Century Companies Inc. raised its position in shares of Beam Therapeutics by 13.2% during the 4th quarter. American Century Companies Inc. now owns 135,380 shares of the company’s stock worth $3,357,000 after purchasing an additional 15,774 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Beam Therapeutics during the 4th quarter worth about $332,000. Finally, LPL Financial LLC raised its position in shares of Beam Therapeutics by 5.6% during the 4th quarter. LPL Financial LLC now owns 27,698 shares of the company’s stock worth $687,000 after purchasing an additional 1,462 shares during the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

Beam Therapeutics Price Performance

Beam Therapeutics stock opened at $21.72 on Friday. The firm has a 50 day simple moving average of $18.41 and a 200-day simple moving average of $21.40. Beam Therapeutics Inc. has a 1-year low of $13.52 and a 1-year high of $35.25. The stock has a market cap of $2.18 billion, a price-to-earnings ratio of -4.71 and a beta of 2.07.

Beam Therapeutics (NASDAQ:BEAM) last posted 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). Beam Therapeutics had a negative net margin of 609.24% and a negative return on equity of 44.24%. The firm had revenue of $7.47 million during the quarter, compared to analysts’ expectations of $14.69 million. During the same period last year, the company earned ($1.21) EPS. The business’s quarterly revenue was up 1.4% on a year-over-year basis. Equities analysts expect that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently weighed in on BEAM. Wells Fargo & Company reduced their price target 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. Cantor Fitzgerald upgraded shares of Beam Therapeutics to a “strong-buy” rating in a research report on Monday, July 21st. Bank of America upgraded shares of Beam Therapeutics from a “neutral” rating to a “buy” rating and set a $42.00 price target for the company in a research report on Friday, March 28th. Barclays cut their price objective on shares of Beam Therapeutics from $31.00 to $25.00 and set an “equal weight” rating for the company in a report on Wednesday, May 7th. Finally, Guggenheim cut their price objective on shares of Beam Therapeutics from $78.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, May 7th. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $48.75.

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.