19,000 Shares in Beam Therapeutics Inc. (NASDAQ:BEAM) Bought by Concurrent Investment Advisors LLC

Concurrent Investment Advisors LLC bought a new position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 19,000 shares of the company's stock, valued at approximately $371,000.

Several other hedge funds and other institutional investors also recently modified their holdings of BEAM. Wealthfront Advisers LLC acquired a new position in shares of Beam Therapeutics during the 4th quarter worth $41,000. GF Fund Management CO. LTD. purchased a new stake in Beam Therapeutics during the fourth quarter worth $43,000. Sterling Capital Management LLC grew its holdings in Beam Therapeutics by 816.0% in the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company's stock valued at $60,000 after purchasing an additional 2,146 shares during the last quarter. Amalgamated Bank increased its position in shares of Beam Therapeutics by 20.4% in the first quarter. Amalgamated Bank now owns 3,153 shares of the company's stock valued at $62,000 after buying an additional 534 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Beam Therapeutics in the 4th quarter worth about $191,000. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on BEAM. HC Wainwright reaffirmed a "buy" rating and issued a $80.00 price target on shares of Beam Therapeutics in a report on Monday, April 7th. Guggenheim reduced their price objective on Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Wells Fargo & Company dropped their price objective on Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating for the company in a research report on Wednesday, May 7th. Barclays reduced their target price on shares of Beam Therapeutics from $31.00 to $25.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 7th. Finally, Bank of America upgraded shares of Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 price target for the company in a report on Friday, March 28th. Two equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of $48.75.

Beam Therapeutics Stock Performance

Shares of NASDAQ:BEAM traded down $0.87 during trading on Friday, reaching $21.16. 2,297,266 shares of the stock were exchanged, compared to its average volume of 1,556,812. The firm's 50-day moving average price is $17.73 and its 200 day moving average price is $21.77. The firm has a market cap of $2.13 billion, a price-to-earnings ratio of -4.59 and a beta of 2.07. Beam Therapeutics Inc. has a 12-month low of $13.53 and a 12-month high of $35.25.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.11) by ($0.13). Beam Therapeutics had a negative return on equity of 44.24% and a negative net margin of 609.24%. The business had revenue of $7.47 million for the quarter, compared to analysts' expectations of $14.69 million. During the same quarter in the prior year, the firm earned ($1.21) earnings per share. Beam Therapeutics's quarterly revenue was up 1.4% compared to the same quarter last year. As a group, equities research analysts forecast that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

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.