Price T Rowe Associates Inc. MD Has $59.11 Million Stock Holdings in Beam Therapeutics Inc. $BEAM

Key Points

• Price T Rowe Associates Inc. MD increased its stake in Beam Therapeutics by 72.6%, acquiring 1,273,559 additional shares in the first quarter, now holding approximately 3.01% of the company valued at $59.1 million.
• Other institutional investors such as Vanguard Group and ARK Investment Management also raised their stakes, contributing to institutional investors owning 99.68% of Beam Therapeutics.
• Beam Therapeutics reported a net loss of ($1.00) EPS for the latest quarter, beating estimates but experiencing a 28.0% decline in revenue year-over-year, with an average rating of "Buy" from analysts.

Price T Rowe Associates Inc. MD lifted its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 72.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,026,701 shares of the company's stock after purchasing an additional 1,273,559 shares during the period. Price T Rowe Associates Inc. MD owned about 3.01% of Beam Therapeutics worth $59,112,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in BEAM. GF Fund Management CO. LTD. acquired a new position in shares of Beam Therapeutics in the fourth quarter worth about $43,000. CWM LLC boosted its holdings in shares of Beam Therapeutics by 79.8% in the first quarter. CWM LLC now owns 2,684 shares of the company's stock worth $52,000 after buying an additional 1,191 shares during the period. Amalgamated Bank boosted its holdings in shares of Beam Therapeutics by 20.4% in the first quarter. Amalgamated Bank now owns 3,153 shares of the company's stock worth $62,000 after buying an additional 534 shares during the period. Caitong International Asset Management Co. Ltd acquired a new position in shares of Beam Therapeutics in the first quarter worth about $87,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Beam Therapeutics in the fourth quarter worth about $191,000. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Beam Therapeutics Trading Down 2.9%

BEAM stock traded down $0.49 during midday trading on Friday, reaching $16.36. The company had a trading volume of 1,897,598 shares, compared to its average volume of 2,433,811. Beam Therapeutics Inc. has a 1 year low of $13.52 and a 1 year high of $35.25. The company has a market capitalization of $1.65 billion, a P/E ratio of -3.64 and a beta of 2.22. The company has a 50 day moving average of $18.72 and a two-hundred day moving average of $19.96.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported ($1.00) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.04) by $0.04. Beam Therapeutics had a negative net margin of 661.31% and a negative return on equity of 43.15%. The company had revenue of $8.47 million during the quarter, compared to the consensus estimate of $13.29 million. During the same quarter in the prior year, the firm earned ($1.11) EPS. The company's revenue was down 28.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have commented on BEAM shares. Cantor Fitzgerald upgraded shares of Beam Therapeutics to a "strong-buy" rating in a report on Monday, July 21st. Guggenheim decreased their target price on shares of Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Wells Fargo & Company decreased their target price on shares of Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. Finally, Barclays decreased their target price on shares of Beam Therapeutics from $25.00 to $21.00 and set an "equal weight" rating for the company in a report on Wednesday, August 6th. Three equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $48.45.

Insider Transactions at Beam Therapeutics

In other Beam Therapeutics news, insider Fmr Llc sold 48,374 shares of Beam Therapeutics stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $20.50, for a total value of $991,667.00. Following the completion of the sale, the insider directly owned 2,073,665 shares in the company, valued at $42,510,132.50. The trade was a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 49,624 shares of company stock valued at $1,015,628 in the last ninety days. 3.50% of the stock is owned by insiders.

About Beam Therapeutics

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.