Beam Therapeutics Inc. (NASDAQ:BEAM) Position raised by Blue Trust Inc.

VaselineAugust 26, 2024

0 4 minutes read

Blue Trust Inc. increased its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM – Free Report) by 2,648.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,704 shares of the company’s stock after acquiring an additional 1,642 shares during the period. Holdings of Blue Trust Inc. in Beam Therapeutics were worth $40,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have recently modified their holdings of BEAM. Russell Investments Group Ltd. lifted its position in shares of Beam Therapeutics by 4.4% in the first quarter. Russell Investments Group Ltd. now owns 143,828 shares of the company’s stock worth $4,752,000 after purchasing an additional 6,102 shares in the last quarter. Vestmark Advisory Solutions Inc. bought a new position in Beam Therapeutics in the 4th quarter valued at about $2,673,000. Vanguard Group Inc. grew its position in shares of Beam Therapeutics by 5.8% in the first quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company’s stock worth $250,402,000 after purchasing an additional 413,892 shares in the last quarter. UBS Group AG boosted its holdings in shares of Beam Therapeutics by 118.2% in the fourth quarter. UBS Group AG now owns 260,500 shares of the company’s stock valued at $7,091,000 after acquiring an additional 141,102 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Beam Therapeutics by 34.6% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 223,929 shares of the company’s stock valued at $6,782,000 after purchasing an additional 57,554 shares during the last quarter. Institutional investors own 99.68% of the company’s shares.

Beam Therapeutics Trading Up 9.3%

Shares of NASDAQ BEAM opened at $26.81 on Friday. Beam Therapeutics Inc. has a 12-month low of $16.95 and a 12-month high of $49.50. The company has a market cap of $2.21 billion, a PE ratio of -15.06 and a beta of 1.87. The stock has a 50-day simple moving average of $25.74 and a 200-day simple moving average of $27.73.

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Beam Therapeutics (NASDAQ:BEAM – Get Free Report ) last announced its earnings results on Tuesday, August 6th. The company reported ($1.11) earnings per share for the quarter, topping the consensus estimate of ($1.13) by $0.02. Beam Therapeutics had a negative return on equity of 15.46% and a negative net margin of 37.33%. The firm had revenue of $11.80 million for the quarter, compared to the consensus estimate of $14.18 million. In the same quarter last year, the business earned ($1.08) EPS. The company’s revenue for the quarter was down 41.3% on a year-over-year basis. Sell-side analysts forecast that Beam Therapeutics Inc. will post -4.68 earnings per share for the current fiscal year.

Analysts on Wall Street are forecasting an increase

BEAM has been the subject of a number of research reports. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a report on Thursday. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $27.00 price objective on shares of Beam Therapeutics in a research report on Wednesday, August 7th. Wedbush reiterated an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research note on Tuesday, August 6th. JPMorgan Chase & Co. lifted their price target on Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Finally, Barclays decreased their price target on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 7th. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $41.70, based on data from MarketBeat.

Check out our latest research report on BEAM

Insider buying and selling

In related news, CEO John M. Evans sold 60,000 shares of the stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $24.50, for a total value of $1,470,000.00. Following the completion of the transaction, the chief executive officer now owns 998,343 shares in the company, valued at approximately $24,459,403.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible via this link. Corporate insiders own 4.20% of the company’s shares.

Beam Therapeutics Company Profile

(Free report)

Beam Therapeutics Inc, a biotechnology company, is committed to developing precision genetic medicines for patients suffering from serious diseases in the United States. It is developing BEAM-101 for the treatment of sickle cell disease or beta-thalassemia; and BEAM-302, a formulation of LNP targeting the liver 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.