Concurrent Investment Advisors LLC Invests $2.13 Million in Beam Therapeutics Inc. $BEAM

Key Points

• Concurrent Investment Advisors acquired 76,825 shares of Beam Therapeutics (NASDAQ:BEAM) in Q4, investing about $2.13 million and owning roughly 0.08% of the company.
• Insiders executed Rule 10b5-1 sales on April 1 — Christine Bellon sold 5,956 shares and CEO John M. Evans sold 30,078 shares to cover tax withholding — and insiders have sold 79,544 shares worth $1.90 million over the last 90 days (insiders own 3.5%).
• Beam reported a large beat with $114.1 million in quarterly revenue (vs. $13.2 million expected) and $2.33 EPS, and analysts maintain a consensus "Moderate Buy" with an average price target of $49.36 while the stock trades near $30.56 (market cap ~ $3.1B).

Concurrent Investment Advisors LLC acquired a new stake in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 76,825 shares of the company's stock, valued at approximately $2,130,000. Concurrent Investment Advisors LLC owned approximately 0.08% of Beam Therapeutics at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. CWM LLC increased its stake in Beam Therapeutics by 15.4% in the 4th quarter. CWM LLC now owns 2,466 shares of the company's stock valued at $68,000 after purchasing an additional 329 shares in the last quarter. Wealth Effects LLC increased its stake in Beam Therapeutics by 4.3% in the 4th quarter. Wealth Effects LLC now owns 9,600 shares of the company's stock valued at $266,000 after purchasing an additional 400 shares in the last quarter. Arizona State Retirement System increased its stake in Beam Therapeutics by 2.2% in the 3rd quarter. Arizona State Retirement System now owns 26,771 shares of the company's stock valued at $650,000 after purchasing an additional 580 shares in the last quarter. Van ECK Associates Corp increased its stake in Beam Therapeutics by 48.7% in the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company's stock valued at $52,000 after purchasing an additional 707 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Beam Therapeutics by 26.1% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,931 shares of the company's stock valued at $137,000 after purchasing an additional 1,020 shares in the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Beam Therapeutics

In other news, insider Christine Bellon sold 5,956 shares of Beam Therapeutics stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total transaction of $146,398.48. Following the sale, the insider directly owned 109,711 shares of the company's stock, valued at approximately $2,696,696.38. The trade was a 5.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO John M. Evans sold 30,078 shares of Beam Therapeutics stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total value of $739,317.24. Following the sale, the chief executive officer directly owned 1,047,205 shares in the company, valued at approximately $25,740,298.90. The trade was a 2.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 79,544 shares of company stock worth $1,899,942 over the last ninety days. 3.50% of the stock is owned by insiders.

Wall Street Analyst Weigh In

BEAM has been the subject of several research analyst reports. UBS Group started coverage on Beam Therapeutics in a research note on Wednesday, January 7th. They issued a "neutral" rating and a $28.00 price objective for the company. Wedbush increased their target price on Beam Therapeutics from $57.00 to $65.00 and gave the company an "outperform" rating in a report on Wednesday, February 25th. Sanford C. Bernstein increased their target price on Beam Therapeutics from $37.00 to $41.00 and gave the company an "outperform" rating in a report on Tuesday, January 20th. Canaccord Genuity Group started coverage on Beam Therapeutics in a report on Friday, February 20th. They set a "buy" rating and a $74.00 target price on the stock. Finally, Tudor Pickering set a $41.00 target price on Beam Therapeutics in a report on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $49.36.

Beam Therapeutics Trading Up 4.8%

Shares of Beam Therapeutics stock opened at $30.56 on Wednesday. Beam Therapeutics Inc. has a twelve month low of $15.35 and a twelve month high of $36.44. The stock has a market capitalization of $3.14 billion, a P/E ratio of -30.26 and a beta of 2.18. The business's fifty day moving average price is $27.03 and its 200 day moving average price is $26.91.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its earnings results on Tuesday, February 24th. The company reported $2.33 earnings per share for the quarter, beating analysts' consensus estimates of ($1.13) by $3.46. Beam Therapeutics had a negative return on equity of 30.65% and a negative net margin of 57.24%.The firm had revenue of $114.11 million for the quarter, compared to analysts' expectations of $13.22 million. During the same quarter last year, the firm earned ($1.09) earnings per share. The firm's revenue for the quarter was up 280.3% compared to the same quarter last year. As a group, sell-side analysts predict that Beam Therapeutics Inc. will post -3.9 EPS for the current 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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