BlackRock Inc. Makes New Investment in Beam Therapeutics Inc. $BEAM

Key Points

• BlackRock acquired 8.997 million Beam Therapeutics shares worth approximately $308.8 million, giving it an 8.71% stake. Institutional investors collectively own 99.68% of the company.
• Beam reported a quarterly loss of $1.18 per share, missing estimates by $0.07, while revenue of $0.49 million fell 94.2% year over year and significantly missed expectations.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $49 versus the reported share price of $30.19, although insiders sold about $10.5 million of stock in the past 90 days.

BlackRock Inc. acquired a new stake in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 8,997,542 shares of the company's stock, valued at approximately $308,796,000. BlackRock Inc. owned approximately 8.71% of Beam Therapeutics at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Bank Julius Baer & Co. Ltd Zurich bought a new stake in Beam Therapeutics during the 4th quarter worth about $47,000. Hollencrest Capital Management bought a new position in shares of Beam Therapeutics in the 1st quarter valued at about $43,000. Larson Financial Group LLC boosted its stake in shares of Beam Therapeutics by 4,370.5% in the 3rd quarter. Larson Financial Group LLC now owns 1,967 shares of the company's stock valued at $48,000 after purchasing an additional 1,923 shares during the last quarter. Kestra Advisory Services LLC acquired a new stake in shares of Beam Therapeutics during the 4th quarter worth approximately $59,000. Finally, Van ECK Associates Corp grew its position in shares of Beam Therapeutics by 48.7% during the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company's stock worth $52,000 after buying an additional 707 shares during the period. Institutional investors own 99.68% of the company's stock.

Beam Therapeutics Stock Performance

Shares of BEAM stock opened at $30.19 on Thursday. The company has a debt-to-equity ratio of 0.09, a current ratio of 14.57 and a quick ratio of 14.57. The stock has a market cap of $3.12 billion, a PE ratio of -35.10 and a beta of 2.23. The stock has a 50-day moving average of $30.01 and a 200-day moving average of $28.83. Beam Therapeutics Inc. has a one year low of $16.02 and a one year high of $38.26.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($1.18) earnings per share for the quarter, missing analysts' consensus estimates 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 prior year, the business earned ($1.00) earnings per share. The business's revenue was down 94.2% on a year-over-year basis. As a group, sell-side analysts expect that Beam Therapeutics Inc. will post -4.49 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Bank of America restated a "buy" rating and issued a $47.00 price objective on shares of Beam Therapeutics in a report on Wednesday, July 8th. Tudor Pickering set a $39.00 target price on shares of Beam Therapeutics in a report on Wednesday, May 13th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Beam Therapeutics in a research report on Friday, July 17th. HC Wainwright reissued a "buy" rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Tuesday. Finally, Sanford C. Bernstein reduced their price target on Beam Therapeutics from $40.00 to $39.00 and set an "outperform" rating on the stock in a research 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 assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $49.00.

Insider Activity at Beam Therapeutics

In other news, insider Fmr Llc sold 251,488 shares of Beam Therapeutics 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 directly owned 854,583 shares of the company's stock, valued at $30,132,596.58. This trade represents a 22.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Amy Simon sold 16,667 shares of the business's stock in a transaction on Monday, July 27th. The shares were sold at an average price of $25.74, for a total transaction of $429,008.58. Following the completion of the transaction, the insider directly owned 85,696 shares of the company's stock, valued at $2,205,815.04. This trade represents a 16.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 301,527 shares of company stock valued at $10,468,500 in the last ninety days. 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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