D.A. Davidson & CO. Increases Stake in Beam Therapeutics Inc. (NASDAQ:BEAM)

D.A. Davidson & CO. increased its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 37.8% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 70,857 shares of the company's stock after purchasing an additional 19,448 shares during the period. D.A. Davidson & CO. owned approximately 0.07% of Beam Therapeutics worth $1,384,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its stake in shares of Beam Therapeutics by 21.7% during the fourth quarter. Bank of New York Mellon Corp now owns 276,917 shares of the company's stock valued at $6,868,000 after buying an additional 49,372 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in Beam Therapeutics in the 4th quarter worth approximately $406,000. Charles Schwab Investment Management Inc. increased its stake in Beam Therapeutics by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 648,945 shares of the company's stock worth $16,094,000 after purchasing an additional 19,453 shares during the period. Atria Investments Inc lifted its position in Beam Therapeutics by 17.1% in the fourth quarter. Atria Investments Inc now owns 9,562 shares of the company's stock valued at $237,000 after purchasing an additional 1,395 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Beam Therapeutics during the fourth quarter valued at approximately $703,000. Hedge funds and other institutional investors own 99.68% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on BEAM shares. Guggenheim lowered their price target on shares of Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. HC Wainwright restated a "buy" rating and set a $80.00 price target on shares of Beam Therapeutics in a report on Monday, April 7th. Barclays lowered their price target 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 on the stock in a research report on Friday, March 28th. Finally, Wells Fargo & Company decreased their target price on Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating for the company in a 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 assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $48.75.

Beam Therapeutics Stock Performance

Shares of Beam Therapeutics stock traded down $0.87 during trading on Friday, hitting $21.16. The company's stock had a trading volume of 2,297,266 shares, compared to its average volume of 1,559,170. Beam Therapeutics Inc. has a 52 week low of $13.53 and a 52 week high of $35.25. The company has a market capitalization of $2.13 billion, a PE ratio of -4.59 and a beta of 2.07. The company has a fifty day simple moving average of $17.73 and a two-hundred day simple moving average of $21.72.

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

Beam Therapeutics Profile

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.