Elmind Capital LP Purchases Shares of 476,338 Beam Therapeutics Inc. $BEAM

Elmind Capital LP purchased a new stake in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 476,338 shares of the company's stock, valued at approximately $16,347,920. Beam Therapeutics accounts for about 0.0% of Elmind Capital LP's investment portfolio, making the stock its 12th largest position. Elmind Capital LP owned approximately 0.46% of Beam Therapeutics as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. ARCH Venture Management LLC acquired a new position in Beam Therapeutics in the 2nd quarter valued at $155,771,929. Canada Pension Plan Investment Board purchased a new stake in shares of Beam Therapeutics in the 2nd quarter worth about $223,000. Legal & General Group Plc purchased a new stake in Beam Therapeutics during the 2nd quarter valued at $2,717,000. The Manufacturers Life Insurance Company purchased a new position in shares of Beam Therapeutics during the 2nd quarter valued at about $4,236,000. Finally, Brandywine Managers LLC bought a new stake in Beam Therapeutics during the second quarter worth approximately $874,000. Institutional investors and hedge funds own 99.68% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on BEAM shares. Wall Street Zen downgraded shares of Beam Therapeutics from a "sell" rating to a "strong sell" rating in a report on Sunday, August 16th. Sanford C. Bernstein decreased their price target on shares of Beam Therapeutics from $40.00 to $39.00 and set an "outperform" rating for the company in a research report on Wednesday, May 13th. HC Wainwright restated a "buy" rating and set a $80.00 price target on shares of Beam Therapeutics in a report on Tuesday. Bank of America reiterated a "buy" rating and set a $47.00 target price on shares of Beam Therapeutics in a research report on Wednesday, July 8th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Beam Therapeutics in a research report on Friday, July 17th. Ten equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Beam Therapeutics has a consensus rating of "Moderate Buy" and an average target price of $49.00.

Insider Buying and Selling at Beam Therapeutics

In related news, insider Fmr Llc sold 251,488 shares of the firm's stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $35.26, for a total value of $8,867,466.88. Following the completion of the transaction, the insider owned 854,583 shares of the company's stock, valued at approximately $30,132,596.58. This trade represents a 22.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Amy Simon sold 16,667 shares of Beam Therapeutics stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $25.74, for a total transaction of $429,008.58. Following the transaction, the insider directly owned 85,696 shares of the company's stock, valued at $2,205,815.04. This represents a 16.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 301,527 shares of company stock valued at $10,468,500. Company insiders own 3.80% of the company's stock.

Beam Therapeutics Price Performance

BEAM stock traded down $1.11 during trading on Friday, hitting $29.37. 1,011,202 shares of the company's stock traded hands, compared to its average volume of 2,071,121. The company has a debt-to-equity ratio of 0.09, a quick ratio of 14.57 and a current ratio of 14.57. The business has a fifty day simple moving average of $29.94 and a 200 day simple moving average of $28.86. The stock has a market capitalization of $3.03 billion, a price-to-earnings ratio of -34.15 and a beta of 2.23. Beam Therapeutics Inc. has a 52 week low of $16.02 and a 52 week high of $38.26.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($1.18) earnings per share for the quarter, missing the consensus estimate of ($1.11) by ($0.07). The business had revenue of $0.49 million during the quarter, compared to analysts' expectations of $16.37 million. Beam Therapeutics had a negative net margin of 54.75% and a negative return on equity of 30.71%. Beam Therapeutics's revenue for the quarter was down 94.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($1.00) EPS. As a group, research analysts expect that Beam Therapeutics Inc. will post -4.49 EPS for the current fiscal year.

Beam Therapeutics Company Profile

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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