Beam Therapeutics Inc. (NASDAQ:BEAM) Stock Holdings Increased by Alliancebernstein L.P.

Alliancebernstein L.P. grew its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 149.4% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 212,804 shares of the company's stock after buying an additional 127,494 shares during the period. Alliancebernstein L.P. owned 0.26% of Beam Therapeutics worth $5,278,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. ARK Investment Management LLC increased its position in Beam Therapeutics by 8.2% during the 4th quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company's stock worth $175,287,000 after purchasing an additional 536,930 shares in the last quarter. State Street Corp grew its holdings in shares of Beam Therapeutics by 12.5% during the third quarter. State Street Corp now owns 3,929,557 shares of the company's stock worth $96,274,000 after buying an additional 437,402 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Beam Therapeutics by 11.4% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company's stock valued at $98,149,000 after buying an additional 404,782 shares during the last quarter. Nikko Asset Management Americas Inc. lifted its stake in shares of Beam Therapeutics by 11.4% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company's stock valued at $98,109,000 after buying an additional 404,782 shares during the period. Finally, Peregrine Investment Management Inc. acquired a new stake in Beam Therapeutics during the fourth quarter worth approximately $3,932,000. 99.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on BEAM. Sanford C. Bernstein raised Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 7th. Guggenheim reiterated a "buy" rating and set a $78.00 target price on shares of Beam Therapeutics in a research report on Thursday, February 27th. Jones Trading upgraded Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 price target for the company in a report on Monday, March 10th. Scotiabank upgraded shares of Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 price objective on the stock in a report on Monday, March 10th. Finally, HC Wainwright reissued a "buy" rating and issued a $80.00 target price on shares of Beam Therapeutics in a research report on Monday, April 7th. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $49.45.

Beam Therapeutics Trading Up 2.3 %

Shares of BEAM traded up $0.38 during midday trading on Friday, reaching $17.00. 1,136,488 shares of the company were exchanged, compared to its average volume of 1,389,215. Beam Therapeutics Inc. has a 1-year low of $13.53 and a 1-year high of $35.25. The stock has a 50-day moving average price of $23.35 and a 200-day moving average price of $24.86. The company has a market cap of $1.70 billion, a price-to-earnings ratio of -9.66 and a beta of 2.02.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its quarterly earnings results on Tuesday, February 25th. The company reported ($1.09) EPS for the quarter, topping the consensus estimate of ($1.25) by $0.16. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The firm had revenue of $30.00 million for the quarter, compared to analyst estimates of $16.47 million. During the same period in the previous year, the company posted $1.73 EPS. Beam Therapeutics's revenue for the quarter was down 90.5% on a year-over-year basis. Equities research analysts anticipate that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Insider Activity

In other Beam Therapeutics news, President Giuseppe Ciaramella sold 7,434 shares of Beam Therapeutics stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total transaction of $136,413.90. Following the sale, the president now directly owns 190,216 shares in the company, valued at $3,490,463.60. The trade was a 3.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christine Bellon sold 5,674 shares of the stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $104,117.90. Following the transaction, the insider now owns 117,294 shares of the company's stock, valued at approximately $2,152,344.90. This trade represents a 4.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 73,771 shares of company stock worth $1,605,698. 4.20% of the stock is currently owned by company insiders.

Beam Therapeutics 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.