Farallon Capital Management LLC Boosts Holdings in Beam Therapeutics Inc. (NASDAQ:BEAM)

Farallon Capital Management LLC raised its stake in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 0.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,239,123 shares of the company's stock after acquiring an additional 31,000 shares during the period. Farallon Capital Management LLC owned approximately 9.95% of Beam Therapeutics worth $204,330,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of BEAM. ARK Investment Management LLC increased its holdings in shares of Beam Therapeutics by 8.2% in the 4th quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company's stock worth $175,287,000 after buying an additional 536,930 shares during the last quarter. Casdin Capital LLC increased its holdings in shares of Beam Therapeutics by 61.3% in the 4th quarter. Casdin Capital LLC now owns 1,250,000 shares of the company's stock worth $31,000,000 after buying an additional 475,000 shares during the last quarter. Nikko Asset Management Americas Inc. increased its holdings in shares of Beam Therapeutics by 11.4% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company's stock worth $98,109,000 after buying an additional 404,782 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Beam Therapeutics by 11.4% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company's stock worth $98,149,000 after buying an additional 404,782 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Beam Therapeutics by 24.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,538,398 shares of the company's stock worth $38,155,000 after buying an additional 298,067 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on BEAM shares. Royal Bank of Canada boosted their target price on shares of Beam Therapeutics from $24.00 to $26.00 and gave the stock a "sector perform" rating in a report on Wednesday, February 26th. Jones Trading raised shares of Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 price target for the company in a research note on Monday, March 10th. Wedbush reaffirmed an "outperform" rating and set a $57.00 price target on shares of Beam Therapeutics in a research note on Monday, March 10th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Beam Therapeutics in a research note on Wednesday, March 12th. Finally, Scotiabank raised shares of Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 price target for the company in a research note on Monday, March 10th. Two analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Beam Therapeutics has an average rating of "Buy" and a consensus price target of $48.75.

Beam Therapeutics Price Performance

Shares of NASDAQ:BEAM traded down $1.07 during trading hours on Wednesday, hitting $16.98. The company's stock had a trading volume of 1,066,447 shares, compared to its average volume of 1,434,531. Beam Therapeutics Inc. has a 52 week low of $13.53 and a 52 week high of $35.25. The company has a market capitalization of $1.71 billion, a price-to-earnings ratio of -9.65 and a beta of 2.35. The firm's fifty day moving average price is $19.73 and its 200 day moving average price is $24.29.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($1.24) EPS for the quarter, missing the consensus estimate of ($1.11) by ($0.13). Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business had revenue of $7.47 million during the quarter, compared to the consensus estimate of $14.69 million. During the same quarter in the prior year, the firm posted ($1.21) EPS. The company's revenue for the quarter was up 1.4% compared to the same quarter last year. On average, equities research analysts predict that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, President Giuseppe Ciaramella sold 7,434 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 transaction of $136,413.90. Following the completion of the transaction, the president now 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 legal filing with the SEC, which is available through this link. Also, insider Christine Bellon sold 5,674 shares of the business'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 $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 position. The disclosure for this sale can be found here. Insiders sold a total of 43,771 shares of company stock worth $803,198 in the last 90 days. 4.20% of the stock is owned by corporate 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.