Alphabet Inc. Purchases New Shares in Beam Therapeutics Inc. $BEAM

Key Points

• Alphabet acquired 321,604 Beam Therapeutics shares worth approximately $11.0 million, giving it a 0.31% stake and making Beam its 20th-largest portfolio position.
• Beam reported a quarterly loss of $1.18 per share, below the $1.11 consensus estimate, while revenue plunged 94.2% year over year to $0.49 million. Analysts expect a full-year loss of $4.49 per share.
• Institutional investors own 99.68% of Beam, and analysts maintain a “Moderate Buy” consensus with an average $49 price target, despite recent insider selling and mixed individual ratings.

Alphabet Inc. bought a new stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 321,604 shares of the company's stock, valued at approximately $11,037,000. Beam Therapeutics makes up about 0.0% of Alphabet Inc.'s investment portfolio, making the stock its 20th largest position. Alphabet Inc. owned 0.31% of Beam Therapeutics as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in Beam Therapeutics in the fourth quarter worth about $47,000. Hollencrest Capital Management purchased a new stake in shares of Beam Therapeutics in the first quarter worth approximately $43,000. Larson Financial Group LLC grew its holdings in shares of Beam Therapeutics by 4,370.5% in the third quarter. Larson Financial Group LLC now owns 1,967 shares of the company's stock worth $48,000 after purchasing an additional 1,923 shares during the last quarter. Kestra Advisory Services LLC purchased a new position in shares of Beam Therapeutics during the fourth quarter valued at $59,000. Finally, Van ECK Associates Corp boosted its stake in shares of Beam Therapeutics by 48.7% during the third quarter. Van ECK Associates Corp now owns 2,158 shares of the company's stock valued at $52,000 after purchasing an additional 707 shares in the last quarter. Institutional investors own 99.68% of the company's stock.

Beam Therapeutics Trading Up 1.3%

Shares of BEAM opened at $27.10 on Tuesday. Beam Therapeutics Inc. has a 12-month low of $15.60 and a 12-month high of $38.26. The company has a current ratio of 14.57, a quick ratio of 14.57 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $2.80 billion, a P/E ratio of -31.51 and a beta of 2.23. The firm has a 50-day moving average price of $30.20 and a 200 day moving average price of $28.76.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($1.11) by ($0.07). Beam Therapeutics had a negative net margin of 54.75% and a negative return on equity of 30.71%. The business had revenue of $0.49 million during the quarter, compared to analyst estimates of $16.37 million. During the same period last year, the company earned ($1.00) EPS. The business's revenue for the quarter was down 94.2% on a year-over-year basis. Sell-side analysts forecast that Beam Therapeutics Inc. will post -4.49 EPS for the current year.

Insider Activity

In other Beam Therapeutics news, insider Amy Simon sold 16,667 shares of Beam Therapeutics stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $25.74, for a total value of $429,008.58. Following the completion of the transaction, the insider directly owned 85,696 shares of the company's stock, valued at $2,205,815.04. The trade was a 16.28% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Fmr Llc sold 251,488 shares of the firm's stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $35.26, for a total transaction of $8,867,466.88. Following the completion of the transaction, the insider directly owned 854,583 shares of the company's stock, valued at $30,132,596.58. This represents a 22.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 301,527 shares of company stock valued at $10,468,500. 3.80% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on BEAM. HC Wainwright reissued a "buy" rating on shares of Beam Therapeutics in a research note on Monday, August 10th. Weiss Ratings reissued a "sell (d-)" rating on shares of Beam Therapeutics in a research report on Friday, July 17th. Wall Street Zen lowered Beam Therapeutics from a "sell" rating to a "strong sell" rating in a research report on Sunday. Tudor Pickering set a $39.00 price target on Beam Therapeutics in a report on Wednesday, May 13th. Finally, Sanford C. Bernstein dropped their price objective on Beam Therapeutics from $40.00 to $39.00 and set an "outperform" rating on the stock in a report on Wednesday, May 13th. Ten equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $49.00.

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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