Beam Therapeutics Inc. (NASDAQ:BEAM) Shares Purchased by Crestline Management LP

Crestline Management LP lifted its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 261.6% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 62,969 shares of the company's stock after purchasing an additional 45,554 shares during the quarter. Crestline Management LP owned about 0.08% of Beam Therapeutics worth $1,562,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BEAM. Horizon Kinetics Asset Management LLC increased its stake in Beam Therapeutics by 4.4% during the 4th quarter. Horizon Kinetics Asset Management LLC now owns 9,597 shares of the company's stock valued at $238,000 after purchasing an additional 403 shares in the last quarter. Summit Investment Advisors Inc. raised its holdings in Beam Therapeutics by 6.6% in the 4th quarter. Summit Investment Advisors Inc. now owns 7,999 shares of the company's stock worth $198,000 after acquiring an additional 496 shares during the last quarter. Martingale Asset Management L P boosted its stake in Beam Therapeutics by 8.6% during the 4th quarter. Martingale Asset Management L P now owns 11,438 shares of the company's stock valued at $284,000 after purchasing an additional 909 shares during the last quarter. Swiss National Bank increased its holdings in shares of Beam Therapeutics by 0.8% in the 4th quarter. Swiss National Bank now owns 137,800 shares of the company's stock worth $3,417,000 after purchasing an additional 1,100 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Beam Therapeutics by 23.9% in the 4th quarter. GAMMA Investing LLC now owns 5,722 shares of the company's stock worth $142,000 after purchasing an additional 1,102 shares in the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on BEAM. Guggenheim reduced their price objective on Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. 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. Bank of America upgraded Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 price target for the company in a research note on Friday, March 28th. Jones Trading upgraded shares of Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 price objective on the stock in a research note on Monday, March 10th. Finally, Wells Fargo & Company reduced their target price on shares of Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. Two analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $48.75.

Beam Therapeutics Trading Up 4.8%

BEAM traded up $0.83 on Monday, hitting $18.24. 2,231,538 shares of the company's stock traded hands, compared to its average volume of 1,435,975. Beam Therapeutics Inc. has a one year low of $13.53 and a one year high of $35.25. The company's 50 day simple moving average is $20.07 and its 200-day simple moving average is $24.36. The firm has a market cap of $1.83 billion, a price-to-earnings ratio of -10.36 and a beta of 2.35.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported ($1.24) EPS for the quarter, missing the consensus estimate of ($1.11) by ($0.13). The company had revenue of $7.47 million for the quarter, compared to the consensus estimate of $14.69 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The firm's revenue for the quarter was up 1.4% on a year-over-year basis. During the same period last year, the company earned ($1.21) EPS. As a group, equities analysts anticipate that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, President Giuseppe Ciaramella sold 7,434 shares of the firm's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $136,413.90. Following the transaction, the president now owns 190,216 shares of the company's stock, valued at $3,490,463.60. This trade represents a 3.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO John M. Evans sold 30,663 shares of the business's 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 $562,666.05. Following the completion of the sale, the chief executive officer now owns 986,249 shares of the company's stock, valued at $18,097,669.15. The trade was a 3.02% decrease in their position. The disclosure for this sale can be found here. Insiders sold 43,771 shares of company stock valued at $803,198 over the last three months. 4.20% of the stock is owned by company insiders.

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.