Invesco Ltd. Increases Position in Beam Therapeutics Inc. $BEAM

Key Points

• Invesco Ltd. increased its stake in Beam Therapeutics by 33.2% during the first quarter, owning approximately 0.09% of the company with a value of about $1.72 million.
• Beam Therapeutics' shares are currently trading at $16.36, representing a 2.9% decline, with a market cap of $1.66 billion and losses reported in its latest quarterly earnings.
• Analysts have adjusted their price targets for Beam Therapeutics, with Barclays lowering it from $25.00 to $21.00, while maintaining an "equal weight" rating.

Invesco Ltd. increased its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 33.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 88,291 shares of the company's stock after purchasing an additional 22,026 shares during the period. Invesco Ltd. owned 0.09% of Beam Therapeutics worth $1,724,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of BEAM. ARK Investment Management LLC raised its holdings in Beam Therapeutics by 20.0% in the 1st quarter. ARK Investment Management LLC now owns 8,480,089 shares of the company's stock valued at $165,616,000 after acquiring an additional 1,412,060 shares during the last quarter. Vanguard Group Inc. increased its holdings in Beam Therapeutics by 16.4% in the 1st quarter. Vanguard Group Inc. now owns 8,871,292 shares of the company's stock valued at $173,256,000 after purchasing an additional 1,249,303 shares during the last quarter. Casdin Capital LLC increased its holdings 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 purchasing an additional 475,000 shares during the last quarter. Nikko Asset Management Americas Inc. increased its holdings in Beam Therapeutics by 7.9% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 4,270,020 shares of the company's stock valued at $83,265,000 after purchasing an additional 312,409 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in Beam Therapeutics by 7.8% in the 1st 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 last quarter. Institutional investors and hedge funds own 99.68% of the company's stock.

Beam Therapeutics Trading Down 2.8%

Shares of Beam Therapeutics stock traded down $0.53 on Thursday, reaching $18.23. 1,619,473 shares of the stock were exchanged, compared to its average volume of 2,122,732. The firm has a market capitalization of $1.84 billion, a PE ratio of -4.03 and a beta of 2.14. Beam Therapeutics Inc. has a 1-year low of $13.52 and a 1-year high of $35.25. The business has a fifty day moving average price of $18.73 and a two-hundred day moving average price of $19.76.

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

Wall Street Analysts Forecast Growth

BEAM has been the subject of several research reports. Guggenheim dropped 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. Barclays decreased their price target on shares of Beam Therapeutics from $25.00 to $21.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 6th. Cantor Fitzgerald raised shares of Beam Therapeutics to a "strong-buy" rating in a research report on Monday, July 21st. Finally, Wells Fargo & Company decreased 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. Three research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Beam Therapeutics has an average rating of "Buy" and an average price target of $48.45.

Insider Activity

In other Beam Therapeutics news, insider Fmr Llc sold 48,374 shares of the company's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $20.50, for a total value of $991,667.00. Following the sale, the insider owned 2,073,665 shares of the company's stock, valued at $42,510,132.50. This represents a 2.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 49,624 shares of company stock valued at $1,015,628 over the last quarter. 3.50% of the stock is owned by corporate 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.