GAMMA Investing LLC Grows Stake in Beam Therapeutics Inc. (NASDAQ:BEAM)

GAMMA Investing LLC boosted its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 549.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 37,185 shares of the company's stock after acquiring an additional 31,463 shares during the period. GAMMA Investing LLC's holdings in Beam Therapeutics were worth $726,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Wealthfront Advisers LLC bought a new stake in Beam Therapeutics during the fourth quarter worth about $41,000. GF Fund Management CO. LTD. acquired a new position in Beam Therapeutics during the fourth quarter worth approximately $43,000. Sterling Capital Management LLC increased its position in Beam Therapeutics by 816.0% during the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company's stock worth $60,000 after buying an additional 2,146 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Beam Therapeutics in the fourth quarter valued at approximately $191,000. Finally, Summit Investment Advisors Inc. grew its position in shares of Beam Therapeutics by 6.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 7,999 shares of the company's stock valued at $198,000 after purchasing an additional 496 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on BEAM. Wedbush reiterated an "outperform" rating and issued a $57.00 price target on shares of Beam Therapeutics in a research note on Monday, March 10th. Scotiabank upgraded Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 price objective for the company in a report on Monday, March 10th. Royal Bank Of Canada increased their price target on Beam Therapeutics from $24.00 to $26.00 and gave the stock a "sector perform" rating in a report on Wednesday, February 26th. Wells Fargo & Company decreased their price target on Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. Finally, Guggenheim reduced their target price on Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Two analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Beam Therapeutics presently has an average rating of "Buy" and an average target price of $48.75.

Beam Therapeutics Stock Performance

Shares of Beam Therapeutics stock traded down $0.23 during mid-day trading on Friday, hitting $16.76. 2,187,249 shares of the stock were exchanged, compared to its average volume of 1,490,839. Beam Therapeutics Inc. has a 12 month low of $13.53 and a 12 month high of $35.25. The company has a 50-day simple moving average of $17.69 and a 200 day simple moving average of $22.67. The company has a market capitalization of $1.69 billion, a P/E ratio of -3.64 and a beta of 2.08.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported ($1.24) 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 firm 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 earned ($1.21) EPS. Beam Therapeutics's quarterly revenue was up 1.4% compared to the same quarter last year. Analysts predict that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Insider Transactions at Beam Therapeutics

In related news, insider Christine Bellon sold 5,674 shares of Beam Therapeutics stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $104,117.90. Following the completion of the transaction, the insider now directly owns 117,294 shares in the company, valued at approximately $2,152,344.90. The trade was a 4.61% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Giuseppe Ciaramella sold 7,434 shares of Beam Therapeutics stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $136,413.90. Following the completion of the transaction, the president now owns 190,216 shares of the company's stock, valued at $3,490,463.60. This represents a 3.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,771 shares of company stock worth $803,198 in the last quarter. Insiders own 3.50% of the company's stock.

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.