Bank of America Corp DE Invests $24.73 Million in Beam Therapeutics Inc. $BEAM

Key Points

• Bank of America purchased 720,648 Beam Therapeutics shares worth approximately $24.73 million, giving it a 0.70% stake. Institutional investors collectively own 99.68% of the company.
• Analyst sentiment is generally positive, with ten Buy ratings, two Holds and one Sell; the stock has a “Moderate Buy” consensus and an average price target of $49.
• Beam reported a quarterly loss of $1.18 per share and revenue of just $0.49 million, missing analyst expectations, while insiders have recently sold shares.

Bank of America Corp DE bought a new stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 720,648 shares of the company's stock, valued at approximately $24,733,000. Bank of America Corp DE owned approximately 0.70% of Beam Therapeutics at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Beam Therapeutics during the 2nd quarter worth approximately $308,796,000. ARCH Venture Management LLC acquired a new position in shares of Beam Therapeutics during the 2nd quarter valued at $155,771,929. Dimensional Fund Advisors LP lifted its position in shares of Beam Therapeutics by 10.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,154,575 shares of the company's stock valued at $51,327,000 after acquiring an additional 206,696 shares during the period. MWG Caph Ltd bought a new position in Beam Therapeutics during the fourth quarter worth $35,119,000. Finally, ADAR1 Capital Management LLC bought a new position in Beam Therapeutics during the first quarter worth $34,467,000. Institutional investors and hedge funds own 99.68% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on BEAM. Wall Street Zen lowered shares of Beam Therapeutics from a "sell" rating to a "strong sell" rating in a report on Sunday, September 13th. Weiss Ratings restated a "sell (d-)" rating on shares of Beam Therapeutics in a research note on Friday, July 17th. Bank of America reaffirmed a "buy" rating and issued a $47.00 target price on shares of Beam Therapeutics in a research report on Wednesday, July 8th. HC Wainwright reaffirmed a "buy" rating and set a $80.00 price target on shares of Beam Therapeutics in a research note on Tuesday, August 25th. Finally, Wedbush reiterated an "outperform" rating and issued a $65.00 price target on shares of Beam Therapeutics in a report on Wednesday, September 9th. Ten equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $49.00.

Beam Therapeutics Stock Performance

Shares of BEAM opened at $24.37 on Thursday. The firm has a market capitalization of $2.52 billion, a P/E ratio of -28.34 and a beta of 2.22. Beam Therapeutics Inc. has a 52 week low of $20.23 and a 52 week high of $38.26. The stock has a 50 day moving average price of $26.99 and a two-hundred day moving average price of $28.66. The company has a debt-to-equity ratio of 0.09, a quick ratio of 14.57 and a current ratio of 14.57.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced 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 net margin of 54.75% and a negative return on equity of 30.71%. The company had revenue of $0.49 million for the quarter, compared to analysts' expectations of $16.37 million. During the same period in the previous year, the firm earned ($1.00) EPS. The firm's quarterly revenue was down 94.2% on a year-over-year basis. Equities analysts forecast that Beam Therapeutics Inc. will post -4.49 earnings per share for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other news, insider Fmr Llc sold 251,488 shares of the stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $35.26, for a total value of $8,867,466.88. Following the completion of the sale, the insider owned 854,583 shares in the company, valued at $30,132,596.58. This represents a 22.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Amy Simon sold 16,667 shares of the firm's 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. The trade was a 16.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 3.80% of the stock is currently owned by company insiders.

About Beam Therapeutics

Beam Therapeutics Inc is a biotechnology company focused on developing genetic medicines using its proprietary base-editing technology. Unlike conventional gene-editing approaches that can make double-strand breaks in DNA, base editing is designed to make targeted changes to individual DNA letters, with the goal of treating diseases at their genetic source.

The company is developing both ex vivo and in vivo therapies. Its pipeline has included programs for sickle cell disease, beta thalassemia, alpha-1 antitrypsin deficiency, glycogen storage disease type Ia and certain cancers.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.