Concurrent Investment Advisors LLC acquired a new position in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 19,000 shares of the company's stock, valued at approximately $371,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of BEAM. Wealthfront Advisers LLC purchased a new stake in shares of Beam Therapeutics in the fourth quarter worth $41,000. GF Fund Management CO. LTD. purchased a new stake in shares of Beam Therapeutics in the fourth quarter worth $43,000. Sterling Capital Management LLC increased its stake in shares of Beam Therapeutics by 816.0% in the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company's stock worth $60,000 after purchasing an additional 2,146 shares in the last quarter. Amalgamated Bank increased its stake in shares of Beam Therapeutics by 20.4% in the first quarter. Amalgamated Bank now owns 3,153 shares of the company's stock worth $62,000 after purchasing an additional 534 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Beam Therapeutics during the fourth quarter worth $191,000. 99.68% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of equities analysts recently weighed in on BEAM shares. Barclays dropped their target price on shares of Beam Therapeutics from $31.00 to $25.00 and set an "equal weight" rating for the company in a research report on Wednesday, May 7th. Bank of America upgraded shares of Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 target price for the company in a research report on Friday, March 28th. HC Wainwright restated a "buy" rating and set a $80.00 target price on shares of Beam Therapeutics in a research report on Monday, April 7th. Wells Fargo & Company dropped their target price 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. Finally, 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 research report on Wednesday, May 7th. Two research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Beam Therapeutics presently has a consensus rating of "Buy" and a consensus target price of $48.75.
View Our Latest Stock Report on BEAM
Beam Therapeutics Price Performance
Shares of Beam Therapeutics stock traded up $0.01 during trading on Monday, hitting $21.17. The stock had a trading volume of 2,001,143 shares, compared to its average volume of 1,560,937. The firm's fifty day simple moving average is $17.73 and its 200-day simple moving average is $21.67. The stock has a market cap of $2.13 billion, a PE 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 earnings results 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). The firm had revenue of $7.47 million during the quarter, compared to the consensus estimate of $14.69 million. Beam Therapeutics had a negative return on equity of 44.24% and a negative net margin of 609.24%. Beam Therapeutics's revenue was up 1.4% compared to the same quarter last year. During the same quarter last year, the business posted ($1.21) EPS. Analysts expect that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.
Beam Therapeutics Profile
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Free Report)
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.
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