Beam Therapeutics Inc. $BEAM Shares Purchased by Northern Trust Corp

Key Points

• Northern Trust Corp has increased its holdings in Beam Therapeutics by 15.3%, owning approximately 0.85% of the company, valued at $16.67 million, as of their recent SEC filing.
• Several institutional investors, including Vanguard Group and ARK Investment Management, have also boosted their stakes in Beam Therapeutics during the first quarter of the year.
• Beam Therapeutics reported a loss of ($1.00) EPS for the last quarter, which was better than analysts' expectations, but revenue fell by 28.0% year-over-year.

Northern Trust Corp increased its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 15.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 853,549 shares of the company's stock after purchasing an additional 113,043 shares during the quarter. Northern Trust Corp owned 0.85% of Beam Therapeutics worth $16,670,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. GF Fund Management CO. LTD. bought a new position in Beam Therapeutics during the fourth quarter worth $43,000. CWM LLC lifted its stake in Beam Therapeutics by 79.8% during the first quarter. CWM LLC now owns 2,684 shares of the company's stock worth $52,000 after purchasing an additional 1,191 shares during the last quarter. Amalgamated Bank lifted its stake in Beam Therapeutics by 20.4% during the first quarter. Amalgamated Bank now owns 3,153 shares of the company's stock worth $62,000 after purchasing an additional 534 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Beam Therapeutics during the first quarter worth $87,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Beam Therapeutics during the fourth quarter worth $191,000. 99.68% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on BEAM. Wall Street Zen upgraded Beam Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday. Barclays cut their target price on Beam Therapeutics from $25.00 to $21.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 6th. Finally, Cantor Fitzgerald upgraded Beam Therapeutics to a "strong-buy" rating in a research note on Monday, July 21st. Three analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Beam Therapeutics has a consensus rating of "Buy" and an average target price of $48.45.

Insider Buying and Selling at Beam Therapeutics

In related news, insider Fmr Llc sold 48,374 shares of Beam Therapeutics stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $20.50, for a total transaction of $991,667.00. Following 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 49,624 shares of company stock worth $1,015,628 in the last quarter. 3.50% of the stock is owned by insiders.

Beam Therapeutics Price Performance

Shares of NASDAQ BEAM traded up $2.34 during midday trading on Friday, reaching $20.88. 4,720,561 shares of the company traded hands, compared to its average volume of 2,594,498. Beam Therapeutics Inc. has a 52 week low of $13.52 and a 52 week high of $35.25. The stock has a 50-day moving average price of $18.84 and a 200 day moving average price of $19.57. The company has a market cap of $2.11 billion, a price-to-earnings ratio of -4.64 and a beta of 2.14.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported ($1.00) earnings per share for the quarter, beating 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 business had revenue of $8.47 million for the quarter, compared to analysts' expectations of $13.29 million. During the same period in the previous year, the business earned ($1.11) earnings per share. The company's revenue was down 28.0% on a year-over-year basis. As a group, analysts expect that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Beam Therapeutics Profile

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.