ARK Investment Management LLC Increases Stake in Beam Therapeutics Inc. (NASDAQ:BEAM)

Key Points

• ARK Investment Management LLC has increased its stake in Beam Therapeutics by 20.0%, owning 8,480,089 shares after acquiring an additional 1,412,060 shares in the first quarter.
• Beam Therapeutics reported a quarterly loss of ($1.24) per share, missing analysts' estimates, with revenue of $7.47 million compared to expected $14.69 million.
• Following recent price adjustments by several brokerages, Beam Therapeutics has a consensus rating of "Buy" with an average price target of $48.75.

ARK Investment Management LLC increased its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 20.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,480,089 shares of the company's stock after purchasing an additional 1,412,060 shares during the quarter. Beam Therapeutics makes up approximately 1.6% of ARK Investment Management LLC's portfolio, making the stock its 19th biggest position. ARK Investment Management LLC owned approximately 8.43% of Beam Therapeutics worth $165,616,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Farallon Capital Management LLC increased its holdings in shares of Beam Therapeutics by 0.4% in the fourth quarter. Farallon Capital Management LLC now owns 8,239,123 shares of the company's stock valued at $204,330,000 after purchasing an additional 31,000 shares during the period. Nikko Asset Management Americas Inc. increased its holdings in shares of Beam Therapeutics by 7.9% in the first quarter. Nikko Asset Management Americas Inc. now owns 4,270,020 shares of the company's stock valued at $83,265,000 after purchasing an additional 312,409 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Beam Therapeutics by 7.8% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,266,871 shares of the company's stock valued at $83,332,000 after purchasing an additional 309,260 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Beam Therapeutics by 18.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,753,142 shares of the company's stock valued at $43,479,000 after purchasing an additional 266,834 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Beam Therapeutics by 24.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,538,398 shares of the company's stock valued at $38,155,000 after purchasing an additional 298,067 shares during the period. Institutional investors and hedge funds own 99.68% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Cantor Fitzgerald upgraded Beam Therapeutics to a "strong-buy" rating in a research note on Monday, July 21st. Guggenheim reduced their price target on Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Barclays reduced their target price on Beam Therapeutics from $31.00 to $25.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 7th. HC Wainwright reiterated a "buy" rating and set a $80.00 price target on shares of Beam Therapeutics in a research report on Monday, April 7th. Finally, Wells Fargo & Company lowered their target price on Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 7th. Two research analysts have rated the stock with a hold rating, ten have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $48.75.

Beam Therapeutics Price Performance

NASDAQ BEAM traded up $1.23 during trading hours on Wednesday, reaching $21.16. 1,306,379 shares of the company's stock traded hands, compared to its average volume of 2,030,670. Beam Therapeutics Inc. has a 52-week low of $13.52 and a 52-week high of $35.25. The firm has a market cap of $2.13 billion, a PE ratio of -4.56 and a beta of 2.07. The firm has a 50-day simple moving average of $18.52 and a 200 day simple moving average of $21.28.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.11) by ($0.13). The business had revenue of $7.47 million for the quarter, compared to the consensus estimate of $14.69 million. Beam Therapeutics had a negative net margin of 609.24% and a negative return on equity of 44.24%. The business's quarterly revenue was up 1.4% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.21) earnings per share. Sell-side analysts forecast that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

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.