Concurrent Investment Advisors LLC Takes Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

Concurrent Investment Advisors LLC purchased a new stake in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 19,000 shares of the company's stock, valued at approximately $371,000.

Other large investors have also made changes to their positions in the company. Wealthfront Advisers LLC purchased a new stake in shares of Beam Therapeutics in the fourth quarter valued at approximately $41,000. GF Fund Management CO. LTD. purchased a new stake in shares of Beam Therapeutics in the fourth quarter valued at approximately $43,000. Sterling Capital Management LLC grew its position 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 valued at $60,000 after purchasing an additional 2,146 shares in the last quarter. Amalgamated Bank grew 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 purchasing 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 fourth quarter valued at approximately $191,000. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Barclays lowered their price objective on 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 Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 price objective for the company in a research report on Friday, March 28th. HC Wainwright reiterated a "buy" rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research report on Monday, April 7th. Wells Fargo & Company lowered 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. Finally, Guggenheim lowered their price objective on 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 investment 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. Based on data from MarketBeat, Beam Therapeutics has an average rating of "Buy" and an average price target of $48.75.

Beam Therapeutics Trading Up 2.7%

Shares of NASDAQ BEAM opened at $22.03 on Friday. The stock has a market cap of $2.22 billion, a P/E ratio of -4.78 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. The business's fifty day simple moving average is $17.71 and its 200-day simple moving average is $21.82.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced 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). The company had revenue of $7.47 million during the quarter, compared to analyst estimates of $14.69 million. Beam Therapeutics had a negative net margin of 609.24% and a negative return on equity of 44.24%. The firm's revenue was up 1.4% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.21) earnings per share. On average, equities analysts forecast that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal 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.

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