ARK Investment Management LLC Acquires 1,412,060 Shares of 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 grew its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 20.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm 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 investment portfolio, making the stock its 19th largest position. ARK Investment Management LLC owned approximately 8.43% of Beam Therapeutics worth $165,616,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the stock. Casdin Capital LLC boosted its position in Beam Therapeutics by 61.3% in the 4th quarter. Casdin Capital LLC now owns 1,250,000 shares of the company's stock valued at $31,000,000 after buying an additional 475,000 shares during the period. Nikko Asset Management Americas Inc. raised its stake in shares of Beam Therapeutics by 7.9% during 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 acquiring an additional 312,409 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted 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. Dimensional Fund Advisors LP grew its stake in Beam Therapeutics by 24.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,538,398 shares of the company's stock worth $38,155,000 after purchasing an additional 298,067 shares in the last quarter. Finally, Woodline Partners LP purchased a new position in Beam Therapeutics during the 4th quarter worth $6,997,000. 99.68% of the stock is currently owned by institutional investors.

Beam Therapeutics Trading Up 3.7%

NASDAQ BEAM opened at $21.72 on Friday. The firm's fifty day simple moving average is $18.41 and its two-hundred day simple moving average is $21.40. The firm has a market capitalization of $2.18 billion, a P/E ratio of -4.71 and a beta of 2.07. Beam Therapeutics Inc. has a 12-month low of $13.52 and a 12-month high of $35.25.

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

Analyst Ratings Changes

Several brokerages have weighed in on BEAM. Guggenheim lowered their target price 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 dropped their target price on shares of Beam Therapeutics from $31.00 to $25.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 7th. Bank of America upgraded shares of Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 price target for the company in a report on Friday, March 28th. Wells Fargo & Company lowered their price target on shares of Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating for the company in a research report on Wednesday, May 7th. Finally, Cantor Fitzgerald raised shares of Beam Therapeutics to a "strong-buy" rating in a report on Monday, July 21st. Two research analysts have rated the stock with a hold rating, ten have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $48.75.

Beam Therapeutics Company 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.

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