Amova Asset Management Americas Inc. Buys 103,939 Shares of Beam Therapeutics Inc. $BEAM

Amova Asset Management Americas Inc. raised its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 2.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,830,738 shares of the company’s stock after purchasing an additional 103,939 shares during the period. Beam Therapeutics makes up approximately 1.1% of Amova Asset Management Americas Inc.’s holdings, making the stock its 23rd largest holding. Amova Asset Management Americas Inc. owned approximately 4.76% of Beam Therapeutics worth $117,242,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. ARK Investment Management LLC increased its position in shares of Beam Therapeutics by 24.8% during the 3rd quarter. ARK Investment Management LLC now owns 11,038,834 shares of the company’s stock valued at $267,913,000 after purchasing an additional 2,190,993 shares during the last quarter. Contrarius Group Holdings Ltd bought a new position in Beam Therapeutics during the third quarter valued at approximately $37,212,000. Rafferty Asset Management LLC lifted its holdings in shares of Beam Therapeutics by 11.7% in the 3rd quarter. Rafferty Asset Management LLC now owns 137,152 shares of the company’s stock worth $3,329,000 after acquiring an additional 14,320 shares during the last quarter. Handelsbanken Fonder AB boosted its stake in shares of Beam Therapeutics by 76.9% in the 3rd quarter. Handelsbanken Fonder AB now owns 51,123 shares of the company’s stock valued at $1,241,000 after purchasing an additional 22,223 shares in the last quarter. Finally, IvyRock Asset Management HK Ltd purchased a new stake in shares of Beam Therapeutics in the 3rd quarter valued at $209,000. Institutional investors own 99.68% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on BEAM shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Wednesday, January 21st. Sanford C. Bernstein raised their price target on Beam Therapeutics from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 20th. Benchmark reaffirmed a “speculative buy” rating on shares of Beam Therapeutics in a research note on Monday, November 17th. Evercore initiated coverage on Beam Therapeutics in a research note on Monday, November 24th. They set an “outperform” rating and a $35.00 price objective for the company. Finally, Wedbush raised their target price on shares of Beam Therapeutics from $57.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, February 25th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $46.19.

Beam Therapeutics Trading Up 0.8%

Shares of BEAM opened at $27.44 on Thursday. Beam Therapeutics Inc. has a 1-year low of $13.52 and a 1-year high of $36.44. The firm’s 50-day moving average price is $28.91 and its 200-day moving average price is $25.40. The firm has a market capitalization of $2.80 billion, a price-to-earnings ratio of -27.17 and a beta of 2.12.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results on Tuesday, February 24th. The company reported $2.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.13) by $3.46. The company had revenue of $114.11 million during the quarter, compared to the consensus estimate of $13.22 million. Beam Therapeutics had a negative net margin of 57.24% and a negative return on equity of 30.65%. Beam Therapeutics’s revenue was up 280.3% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.09) earnings per share. On average, research analysts forecast that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Insider Activity at Beam Therapeutics

In other news, insider Christine Bellon sold 18,629 shares of the firm’s stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $34.61, for a total value of $644,749.69. Following the completion of the transaction, the insider owned 97,038 shares in the company, valued at $3,358,485.18. This trade represents a 16.11% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.50% of the stock is currently owned by insiders.

Beam Therapeutics Profile

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.