Bank of New York Mellon Corp Takes $12.45 Million Position in Beam Therapeutics Inc. $BEAM

Key Points

• Bank of New York Mellon acquired 362,800 Beam Therapeutics shares worth approximately $12.45 million, representing about 0.35% of the company. Institutional investors and hedge funds collectively own 99.68% of BEAM.
• Analyst sentiment is generally positive, with an average rating of “Moderate Buy” and an average price target of $49.00, although one research firm issued a “Strong Sell” downgrade.
• Beam reported a quarterly loss of $1.18 per share, missing estimates, while revenue fell 94.2% year over year to $0.49 million. The stock opened at $29.02 and remains unprofitable, with analysts expecting a full-year loss of $4.49 per share.

Bank of New York Mellon Corp acquired 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 Form 13F filing with the SEC. The firm acquired 362,800 shares of the company's stock, valued at approximately $12,451,000. Bank of New York Mellon Corp owned approximately 0.35% of Beam Therapeutics as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. ARK Investment Management LLC boosted its stake in shares of Beam Therapeutics by 12.9% during the fourth quarter. ARK Investment Management LLC now owns 12,467,189 shares of the company's stock valued at $345,590,000 after purchasing an additional 1,428,355 shares in the last quarter. State Street Corp increased 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 buying an additional 1,219,871 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Beam Therapeutics by 20.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,730,282 shares of the company's stock valued at $75,684,000 after buying an additional 467,133 shares during the period. Dimensional Fund Advisors LP raised its holdings 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 valued at $51,327,000 after buying an additional 206,696 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Beam Therapeutics by 2.8% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,712,359 shares of the company's stock valued at $47,467,000 after buying an additional 46,974 shares during the last quarter. Institutional investors and hedge funds own 99.68% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. HC Wainwright reissued a "buy" rating and set a $80.00 target price on shares of Beam Therapeutics in a report on Tuesday, August 25th. Bank of America reaffirmed a "buy" rating and set a $47.00 price target on shares of Beam Therapeutics in a research note on Wednesday, July 8th. Sanford C. Bernstein reduced their price objective 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. Wall Street Zen downgraded Beam Therapeutics from a "sell" rating to a "strong sell" rating in a report on Sunday, August 16th. Finally, Tudor Pickering set a $39.00 price objective on Beam Therapeutics in a report on Wednesday, May 13th. 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 stock. According to data from MarketBeat.com, Beam Therapeutics presently has an average rating of "Moderate Buy" and an average target price of $49.00.

Beam Therapeutics Trading Down 1.4%

BEAM opened at $29.02 on Wednesday. Beam Therapeutics Inc. has a twelve month low of $16.02 and a twelve month high of $38.26. The company has a fifty day moving average of $29.64 and a 200-day moving average of $28.91. The stock has a market cap of $3.00 billion, a PE ratio of -33.74 and a beta of 2.22. The company has a quick ratio of 14.57, a current ratio of 14.57 and a debt-to-equity ratio of 0.09.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released 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 firm had revenue of $0.49 million during the quarter, compared to analyst estimates of $16.37 million. During the same quarter in the previous year, the firm earned ($1.00) EPS. Beam Therapeutics's quarterly revenue was down 94.2% on a year-over-year basis. On average, sell-side analysts predict that Beam Therapeutics Inc. will post -4.49 EPS for the current year.

Insider Activity at Beam Therapeutics

In other news, insider Amy Simon sold 16,667 shares of Beam Therapeutics stock in a transaction on Monday, July 27th. The shares were sold at an average price of $25.74, for a total value of $429,008.58. Following the completion of the sale, the insider owned 85,696 shares in the company, 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 business's stock in a transaction 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 transaction, the insider owned 854,583 shares in the company, valued at $30,132,596.58. The trade was a 22.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 301,527 shares of company stock valued at $10,468,500. Insiders own 3.80% of the company's stock.

About Beam Therapeutics

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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