ARCH Venture Management LLC bought a new stake in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 4,540,132 shares of the company's stock, valued at approximately $155,771,929. Beam Therapeutics accounts for about 0.0% of ARCH Venture Management LLC's portfolio, making the stock its 2nd biggest position. ARCH Venture Management LLC owned about 4.40% of Beam Therapeutics at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. ARK Investment Management LLC raised its stake in shares of Beam Therapeutics by 12.9% in the fourth quarter. ARK Investment Management LLC now owns 12,467,189 shares of the company's stock valued at $345,590,000 after acquiring an additional 1,428,355 shares during the period. BlackRock Inc. purchased a new stake in shares of Beam Therapeutics in the second quarter valued at $308,796,000. State Street Corp raised its stake in shares of Beam Therapeutics by 30.4% in the fourth quarter. State Street Corp now owns 5,228,529 shares of the company's stock valued at $144,935,000 after acquiring an additional 1,219,871 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Beam Therapeutics by 20.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,730,282 shares of the company's stock worth $75,684,000 after buying an additional 467,133 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Beam Therapeutics by 10.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,154,575 shares of the company's stock worth $51,327,000 after buying an additional 206,696 shares during the period. Hedge funds and other institutional investors own 99.68% of the company's stock.
Insider Activity
In other Beam Therapeutics news, insider Amy Simon sold 16,667 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $25.74, for a total transaction of $429,008.58. Following the transaction, the insider directly owned 85,696 shares in the company, valued at $2,205,815.04. This represents a 16.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Fmr Llc sold 251,488 shares of the stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $35.26, for a total transaction of $8,867,466.88. Following the transaction, the insider owned 854,583 shares in the company, valued at approximately $30,132,596.58. The trade was a 22.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 301,527 shares of company stock worth $10,468,500. 3.80% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
Several research firms recently commented on BEAM. HC Wainwright reaffirmed a "buy" rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Tuesday. Wall Street Zen downgraded shares of Beam Therapeutics from a "sell" rating to a "strong sell" rating in a research note on Sunday, August 16th. Tudor Pickering set a $39.00 price target on shares of Beam Therapeutics in a research note on Wednesday, May 13th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Beam Therapeutics in a research note on Friday, July 17th. Finally, Sanford C. Bernstein reduced their price target on shares of Beam Therapeutics from $40.00 to $39.00 and set an "outperform" rating on the stock in a research note on Wednesday, May 13th. Ten analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $49.00.
Get Our Latest Research Report on Beam Therapeutics
Beam Therapeutics Stock Down 3.8%
Shares of Beam Therapeutics stock opened at $29.32 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 14.57 and a quick ratio of 14.57. Beam Therapeutics Inc. has a 1 year low of $16.02 and a 1 year high of $38.26. The firm's 50-day moving average is $29.84 and its two-hundred day moving average is $28.86. The stock has a market cap of $3.03 billion, a price-to-earnings ratio of -34.09 and a beta of 2.23.
Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.11) by ($0.07). Beam Therapeutics had a negative return on equity of 30.71% and a negative net margin of 54.75%.The business had revenue of $0.49 million for the quarter, compared to the consensus estimate of $16.37 million. During the same quarter in the previous year, the company earned ($1.00) earnings per share. The firm's revenue was down 94.2% on a year-over-year basis. As a group, research analysts expect that Beam Therapeutics Inc. will post -4.49 earnings per share for the current fiscal year.
About Beam Therapeutics
(
Free Report)
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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