ARK Investment Management LLC Increases Position in Beam Therapeutics Inc. $BEAM

ARK Investment Management LLC boosted its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM) by 24.8% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 11,038,834 shares of the company’s stock after purchasing an additional 2,190,993 shares during the period. Beam Therapeutics comprises 1.6% of ARK Investment Management LLC’s portfolio, making the stock its 16th largest position. ARK Investment Management LLC owned 10.88% of Beam Therapeutics worth $267,913,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in BEAM. Allworth Financial LP boosted its stake in Beam Therapeutics by 7,080.0% in the second quarter. Allworth Financial LP now owns 2,513 shares of the company’s stock valued at $43,000 after acquiring an additional 2,478 shares during the period. Daiwa Securities Group Inc. increased its holdings in shares of Beam Therapeutics by 1,248.8% during the second quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company’s stock valued at $65,000 after purchasing an additional 3,534 shares during the period. SBI Securities Co. Ltd. raised its stake in shares of Beam Therapeutics by 300.1% during the third quarter. SBI Securities Co. Ltd. now owns 4,009 shares of the company’s stock valued at $97,000 after purchasing an additional 3,007 shares in the last quarter. Bayforest Capital Ltd acquired a new stake in Beam Therapeutics in the third quarter worth about $114,000. Finally, IvyRock Asset Management HK Ltd bought a new position in Beam Therapeutics in the 3rd quarter valued at about $209,000. Institutional investors and hedge funds own 99.68% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Benchmark reaffirmed a “speculative buy” rating on shares of Beam Therapeutics in a research note on Monday, November 17th. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Wednesday, January 21st. Royal Bank Of Canada lifted their price target on Beam Therapeutics from $22.00 to $26.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 25th. Wall Street Zen raised Beam Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Finally, Sanford C. Bernstein raised their target price on Beam Therapeutics from $37.00 to $41.00 and gave the company an “outperform” rating in a research note on Tuesday, January 20th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $46.19.

Insider Transactions at Beam Therapeutics

In other news, insider Christine Bellon sold 1,371 shares of Beam Therapeutics stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $34.00, for a total transaction of $46,614.00. Following the transaction, the insider owned 95,667 shares in the company, valued at approximately $3,252,678. The trade was a 1.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 3.50% of the stock is currently owned by company insiders.

Beam Therapeutics Trading Up 0.8%

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

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, beating analysts’ consensus estimates of ($1.13) by $3.46. Beam Therapeutics had a negative net margin of 57.24% and a negative return on equity of 30.65%. The business had revenue of $114.11 million for the quarter, compared to analyst estimates of $13.22 million. During the same quarter in the previous year, the business earned ($1.09) earnings per share. The firm’s revenue was up 280.3% compared to the same quarter last year. On average, research analysts predict that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

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.