92,754 Shares in Beam Therapeutics Inc. $BEAM Bought by Allostery Investments LP

Key Points

• Allostery Investments LP purchased 92,754 shares of Beam Therapeutics Inc. for approximately $1.81 million, making it the firm's 14th largest investment position.
• Several analysts have downgraded their price targets for Beam Therapeutics, with Guggenheim setting a target of $55 and Wells Fargo at $70, while Cantor Fitzgerald upgraded the stock to a "strong-buy" rating.
• Beam Therapeutics reported a loss of $1.00 per share for the last quarter, exceeding analysts' expectations, while revenues were down 28% from the previous year.

Allostery Investments LP bought a new stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 92,754 shares of the company's stock, valued at approximately $1,811,000. Beam Therapeutics makes up about 2.6% of Allostery Investments LP's investment portfolio, making the stock its 14th biggest position. Allostery Investments LP owned approximately 0.09% of Beam Therapeutics as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Amalgamated Bank lifted its holdings in shares of Beam Therapeutics by 20.4% during the first quarter. Amalgamated Bank now owns 3,153 shares of the company's stock worth $62,000 after purchasing an additional 534 shares during the period. Martingale Asset Management L P increased its position in shares of Beam Therapeutics by 5.2% in the first quarter. Martingale Asset Management L P now owns 12,038 shares of the company's stock valued at $235,000 after buying an additional 600 shares in the last quarter. Avanza Fonder AB increased its position in shares of Beam Therapeutics by 1.6% in the first quarter. Avanza Fonder AB now owns 51,077 shares of the company's stock valued at $944,000 after buying an additional 792 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Beam Therapeutics by 9.1% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 10,492 shares of the company's stock valued at $205,000 after buying an additional 879 shares in the last quarter. Finally, CWM LLC increased its position in shares of Beam Therapeutics by 79.8% in the first quarter. CWM LLC now owns 2,684 shares of the company's stock valued at $52,000 after buying an additional 1,191 shares in the last quarter. Institutional investors and hedge funds own 99.68% of the company's stock.

Beam Therapeutics Trading Down 3.1%

NASDAQ:BEAM traded down $0.65 on Monday, hitting $20.23. 1,072,475 shares of the company's stock traded hands, compared to its average volume of 2,142,069. Beam Therapeutics Inc. has a 1 year low of $13.52 and a 1 year high of $35.25. The firm has a 50-day moving average price of $18.84 and a 200-day moving average price of $19.38. The company has a market cap of $2.05 billion, a PE ratio of -4.50 and a beta of 2.14.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported ($1.00) earnings per share for the quarter, beating analysts' consensus estimates of ($1.04) by $0.04. The business had revenue of $8.47 million for the quarter, compared to the consensus estimate of $13.29 million. Beam Therapeutics had a negative return on equity of 43.15% and a negative net margin of 661.31%.The firm's revenue was down 28.0% compared to the same quarter last year. During the same period last year, the business earned ($1.11) EPS. On average, research analysts forecast that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Insiders Place Their Bets

In other Beam Therapeutics news, insider Fmr Llc sold 48,374 shares of the company's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $20.50, for a total value of $991,667.00. Following the sale, the insider directly owned 2,073,665 shares in the company, valued at $42,510,132.50. This represents a 2.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders sold 49,624 shares of company stock valued at $1,015,628 in the last quarter. Corporate insiders own 3.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Wall Street Zen raised Beam Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday. Barclays reduced their price target on Beam Therapeutics from $25.00 to $21.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 6th. Finally, Cantor Fitzgerald raised Beam Therapeutics to a "strong-buy" rating in a research report on Monday, July 21st. Three equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Buy" and an average target price of $48.45.

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.