Beam Therapeutics Inc. $BEAM Shares Acquired by Concurrent Investment Advisors LLC

Key Points

• Concurrent Investment Advisors increased its Beam Therapeutics stake by 448.7% in the second quarter to 63,879 shares, while institutional investors and hedge funds collectively own 99.68% of the stock.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and a $49 target price, although individual ratings range from “sell” to “buy.”
• Beam reported weaker-than-expected quarterly results, including an adjusted loss of $1.18 per share and revenue of $0.49 million, while insiders sold approximately $10.5 million of stock over the past 90 days.

Concurrent Investment Advisors LLC grew its stake in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 448.7% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 63,879 shares of the company's stock after acquiring an additional 52,238 shares during the period. Concurrent Investment Advisors LLC owned about 0.06% of Beam Therapeutics worth $2,192,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in the stock. ARK Investment Management LLC increased its holdings in Beam Therapeutics by 12.9% in the 4th 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 during the last quarter. BlackRock Inc. acquired a new position in Beam Therapeutics during the second quarter worth $308,796,000. State Street Corp lifted its stake in Beam Therapeutics by 30.4% during the fourth quarter. State Street Corp now owns 5,228,529 shares of the company's stock worth $144,935,000 after purchasing an additional 1,219,871 shares in the last quarter. ARCH Venture Management LLC purchased a new position in shares of Beam Therapeutics during the second quarter worth $155,771,929. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Beam Therapeutics by 20.6% during the fourth 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. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Wall Street Zen upgraded Beam Therapeutics from a "strong sell" rating to a "sell" rating in a report on Saturday. Sanford C. Bernstein lowered their target price on Beam Therapeutics from $40.00 to $39.00 and set an "outperform" rating for the company in a report on Wednesday, May 13th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Beam Therapeutics in a research report on Friday, July 17th. HC Wainwright reiterated a "buy" rating and set a $80.00 price target on shares of Beam Therapeutics in a research note on Tuesday, August 25th. Finally, Tudor Pickering set a $39.00 price target on shares of Beam Therapeutics in a research report on Wednesday, May 13th. Ten research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Beam Therapeutics has a consensus rating of "Moderate Buy" and a consensus target price of $49.00.

Insider Activity

In other Beam Therapeutics news, insider Fmr Llc sold 251,488 shares of the company's 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 sale, the insider owned 854,583 shares in the company, valued at $30,132,596.58. This represents a 22.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 value of $429,008.58. Following the completion of the sale, 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 disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 301,527 shares of company stock worth $10,468,500. 3.80% of the stock is owned by company insiders.

Beam Therapeutics Stock Performance

NASDAQ:BEAM opened at $26.83 on Wednesday. Beam Therapeutics Inc. has a 52 week low of $19.35 and a 52 week high of $38.26. The company has a fifty day simple moving average of $29.09 and a two-hundred day simple moving average of $28.96. The company has a quick ratio of 14.57, a current ratio of 14.57 and a debt-to-equity ratio of 0.09. The company has a market cap of $2.77 billion, a price-to-earnings ratio of -31.20 and a beta of 2.22.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its quarterly earnings data 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). The company had revenue of $0.49 million during the quarter, compared to analyst estimates of $16.37 million. Beam Therapeutics had a negative net margin of 54.75% and a negative return on equity of 30.71%. The firm's revenue was down 94.2% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.00) earnings per share. As a group, equities analysts anticipate that Beam Therapeutics Inc. will post -4.49 earnings per share for the current fiscal year.

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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