Cinctive Capital Management LP Purchases Shares of 65,242 Beam Therapeutics Inc. (NASDAQ:BEAM)

Cinctive Capital Management LP acquired a new stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 65,242 shares of the company's stock, valued at approximately $1,618,000. Cinctive Capital Management LP owned 0.08% of Beam Therapeutics at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of BEAM. Charles Schwab Investment Management Inc. raised its holdings in Beam Therapeutics by 6.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company's stock valued at $15,423,000 after acquiring an additional 36,226 shares during the period. The Manufacturers Life Insurance Company boosted its stake in Beam Therapeutics by 6.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 145,851 shares of the company's stock worth $3,573,000 after purchasing an additional 8,762 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Beam Therapeutics by 2.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,396 shares of the company's stock valued at $524,000 after buying an additional 516 shares in the last quarter. Verition Fund Management LLC bought a new stake in shares of Beam Therapeutics during the third quarter valued at about $368,000. Finally, Erste Asset Management GmbH bought a new stake in shares of Beam Therapeutics during the third quarter valued at about $544,000. 99.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Jones Trading raised shares of Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 target price on the stock 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 for the company in a report on Monday, March 10th. Guggenheim reaffirmed a "buy" rating and set a $78.00 target price on shares of Beam Therapeutics in a report on Thursday, February 27th. Cantor Fitzgerald reissued an "overweight" rating on shares of Beam Therapeutics in a research note on Wednesday, March 12th. Finally, Wedbush reaffirmed an "outperform" rating and set a $57.00 price objective on shares of Beam Therapeutics in a research note on Monday, March 10th. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Beam Therapeutics presently has a consensus rating of "Buy" and a consensus price target of $49.45.

Beam Therapeutics Price Performance

BEAM stock traded up $1.83 during trading on Wednesday, reaching $16.37. The company had a trading volume of 4,936,935 shares, compared to its average volume of 1,380,790. Beam Therapeutics Inc. has a 52 week low of $13.53 and a 52 week high of $35.25. The company has a market cap of $1.63 billion, a P/E ratio of -9.30 and a beta of 2.02. The business has a 50 day moving average of $24.80 and a 200 day moving average of $25.26.

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

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 30,000 shares of Beam Therapeutics stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $26.75, for a total value of $802,500.00. Following the completion of the transaction, the chief executive officer now directly owns 908,659 shares of the company's stock, valued at approximately $24,306,628.25. The trade was a 3.20 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President Giuseppe Ciaramella sold 7,434 shares of the company's 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 completion of the transaction, the president now owns 190,216 shares in the company, valued at approximately $3,490,463.60. This represents a 3.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 73,771 shares of company stock valued at $1,605,698 in the last three months. Company insiders own 4.20% of the company's stock.

About Beam Therapeutics

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.