Legal & General Group Plc Takes Position in Beam Therapeutics Inc. $BEAM

Key Points

• Legal & General Group Plc acquired 79,179 shares of Beam Therapeutics during the second quarter, valued at approximately $2.7 million. Institutional investors and hedge funds collectively own 99.68% of the company.
• Beam Therapeutics reported a quarterly loss of $1.18 per share, missing estimates, while revenue fell 94.2% year over year to $0.49 million. Analysts expect a full-year loss of approximately $4.49 per share.
• Wall Street maintains a generally positive outlook, with 10 Buy, two Hold, and one Sell rating; the stock has a “Moderate Buy” consensus and an average price target of $49 versus a recent price of $29.66.

Legal & General Group Plc acquired a new position in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 79,179 shares of the company's stock, valued at approximately $2,717,000. Legal & General Group Plc owned approximately 0.08% of Beam Therapeutics as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Beam Therapeutics during the 2nd quarter worth about $308,796,000. ADAR1 Capital Management LLC bought a new position in shares of Beam Therapeutics in the 1st quarter valued at about $34,467,000. ARK Investment Management LLC increased its position in shares of Beam Therapeutics by 12.9% in the fourth quarter. ARK Investment Management LLC now owns 12,467,189 shares of the company's stock valued at $345,590,000 after acquiring an additional 1,428,355 shares during the last quarter. MWG Caph Ltd acquired a new stake in shares of Beam Therapeutics in the fourth quarter valued at about $35,119,000. Finally, State Street Corp raised its holdings in Beam Therapeutics by 30.4% during the fourth quarter. State Street Corp now owns 5,228,529 shares of the company's stock worth $144,935,000 after acquiring an additional 1,219,871 shares in the last quarter. Institutional investors and hedge funds own 99.68% of the company's stock.

Beam Therapeutics Trading Up 0.7%

Shares of BEAM stock opened at $29.66 on Friday. The stock has a market cap of $3.06 billion, a P/E ratio of -34.49 and a beta of 2.22. Beam Therapeutics Inc. has a 1 year low of $18.72 and a 1 year high of $38.26. The company has a current ratio of 14.57, a quick ratio of 14.57 and a debt-to-equity ratio of 0.09. The stock has a 50 day simple moving average of $29.35 and a 200 day simple moving average of $28.94.

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

Insider Transactions at Beam Therapeutics

In related news, insider Amy Simon sold 16,667 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $25.74, for a total transaction of $429,008.58. Following the sale, the insider owned 85,696 shares in the company, valued at approximately $2,205,815.04. This trade represents a 16.28% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Fmr Llc sold 251,488 shares of Beam Therapeutics stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $35.26, for a total transaction of $8,867,466.88. Following the completion of the transaction, the insider directly owned 854,583 shares in the company, valued at $30,132,596.58. This trade represents a 22.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 301,527 shares of company stock worth $10,468,500 over the last quarter. Corporate insiders own 3.80% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on BEAM. Weiss Ratings reissued a "sell (d-)" rating on shares of Beam Therapeutics in a research report on Friday, July 17th. Tudor Pickering set a $39.00 price objective on shares of Beam Therapeutics in a research note on Wednesday, May 13th. Bank of America restated a "buy" rating and issued a $47.00 price objective on shares of Beam Therapeutics in a research note on Wednesday, July 8th. HC Wainwright reaffirmed a "buy" rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research report on Tuesday, August 25th. Finally, Sanford C. Bernstein reduced their target price on Beam Therapeutics from $40.00 to $39.00 and set an "outperform" rating for the company in a research note on Wednesday, May 13th. Ten 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. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $49.00.

About Beam Therapeutics

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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