40,000 Shares in Beam Therapeutics Inc. $BEAM Purchased by Canal Insurance CO

Key Points

• Canal Insurance CO opened a new position in Beam Therapeutics during the first quarter, buying 40,000 shares valued at about $953,000.
• Institutional ownership remains extremely high, with hedge funds and other institutions holding 99.68% of Beam Therapeutics’ stock. Several large investors increased their stakes, though Fmr LLC recently sold 251,488 shares.
• Analyst sentiment is mostly positive: Beam has an average rating of “Moderate Buy” and an average price target of $46.85, while shares recently traded around $31 after the company reported stronger-than-expected quarterly revenue and EPS.

Canal Insurance CO acquired a new position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 40,000 shares of the company's stock, valued at approximately $953,000.

Several 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 12.9% in the 4th quarter. ARK Investment Management LLC now owns 12,467,189 shares of the company's stock valued at $345,590,000 after purchasing an additional 1,428,355 shares during the period. MWG Caph Ltd acquired a new stake in shares of Beam Therapeutics during the fourth quarter worth approximately $35,119,000. State Street Corp boosted its holdings in shares of Beam Therapeutics by 30.4% during the fourth quarter. State Street Corp now owns 5,228,529 shares of the company's stock worth $144,935,000 after purchasing an additional 1,219,871 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Beam Therapeutics by 237.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,665,385 shares of the company's stock valued at $40,419,000 after purchasing an additional 1,171,977 shares in the last quarter. Finally, Marshall Wace LLP purchased a new position in Beam Therapeutics during the fourth quarter valued at approximately $26,218,000. Hedge funds and other institutional investors own 99.68% of the company's stock.

Insider Transactions at Beam Therapeutics

In other news, insider Fmr Llc sold 251,488 shares of the firm's stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $35.26, for a total value of $8,867,466.88. Following the sale, the insider directly owned 854,583 shares of the company's stock, valued at approximately $30,132,596.58. This trade represents a 22.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.80% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have issued reports on BEAM. Sanford C. Bernstein cut their target price on shares of Beam Therapeutics from $40.00 to $39.00 and set an "outperform" rating for the company in a research report on Wednesday, May 13th. Citigroup boosted their price target on shares of Beam Therapeutics from $64.00 to $68.00 and gave the company a "buy" rating in a report on Thursday, March 26th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Beam Therapeutics in a research note on Monday, April 20th. Bank of America reiterated a "buy" rating and set a $47.00 price objective on shares of Beam Therapeutics in a report on Wednesday, July 8th. Finally, Tudor Pickering set a $39.00 price objective on Beam Therapeutics in a research report on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $46.85.

Beam Therapeutics Price Performance

Shares of Beam Therapeutics stock opened at $31.00 on Tuesday. The company has a current ratio of 16.99, a quick ratio of 16.99 and a debt-to-equity ratio of 0.09. The firm has a fifty day simple moving average of $31.73 and a 200-day simple moving average of $29.28. The stock has a market capitalization of $3.19 billion, a price-to-earnings ratio of -45.59 and a beta of 2.18. Beam Therapeutics Inc. has a 1-year low of $15.60 and a 1-year high of $38.26.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported ($0.91) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.03) by $0.12. The business had revenue of $31.74 million for the quarter, compared to analyst estimates of $10.98 million. Beam Therapeutics had a negative net margin of 39.66% and a negative return on equity of 29.00%. Beam Therapeutics's revenue was up 323.2% compared to the same quarter last year. During the same period last year, the business posted ($1.23) EPS. On average, sell-side analysts expect that Beam Therapeutics Inc. will post -4.16 earnings per share for the current year.

Beam Therapeutics Profile

Beam Therapeutics, Inc NASDAQ: BEAM is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.

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