199,880 Shares in Beam Therapeutics Inc. $BEAM Acquired by Nuveen LLC

Key Points

• Nuveen LLC acquired nearly 200,000 shares of Beam Therapeutics, valued at approximately $3.9 million, bringing its stake to 0.20% of the company.
• Beam Therapeutics posted a quarterly earnings result of ($1.00) EPS, beating expectations, but reported a 28% decline in revenue compared to the previous year.
• Analysts have mixed ratings for Beam Therapeutics, with price targets ranging from $21.00 to $70.00, reflecting varying levels of confidence in the company's stock performance.

Nuveen LLC purchased a new stake in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 199,880 shares of the company's stock, valued at approximately $3,904,000. Nuveen LLC owned approximately 0.20% of Beam Therapeutics at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. ARK Investment Management LLC grew its stake in Beam Therapeutics by 20.0% during the first quarter. ARK Investment Management LLC now owns 8,480,089 shares of the company's stock worth $165,616,000 after buying an additional 1,412,060 shares in the last quarter. Vanguard Group Inc. grew its stake in Beam Therapeutics by 16.4% during the first quarter. Vanguard Group Inc. now owns 8,871,292 shares of the company's stock worth $173,256,000 after buying an additional 1,249,303 shares in the last quarter. Casdin Capital LLC grew its stake in Beam Therapeutics by 61.3% during the fourth quarter. Casdin Capital LLC now owns 1,250,000 shares of the company's stock worth $31,000,000 after buying an additional 475,000 shares in the last quarter. Nikko Asset Management Americas Inc. grew its stake in Beam Therapeutics by 7.9% during the first quarter. Nikko Asset Management Americas Inc. now owns 4,270,020 shares of the company's stock worth $83,265,000 after buying an additional 312,409 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. grew its stake in Beam Therapeutics by 7.8% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,266,871 shares of the company's stock worth $83,332,000 after buying an additional 309,260 shares in the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Fmr Llc sold 48,374 shares of the company's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $20.50, for a total value of $991,667.00. Following the completion of the transaction, the insider owned 2,073,665 shares of the company's stock, valued at $42,510,132.50. This represents a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders sold a total of 49,624 shares of company stock valued at $1,015,628 over the last three months. Corporate insiders own 3.50% of the company's stock.

Beam Therapeutics Stock Performance

Shares of BEAM traded down $0.49 during mid-day trading on Friday, reaching $16.36. The company had a trading volume of 1,897,598 shares, compared to its average volume of 2,433,811. The company's 50 day simple moving average is $18.72 and its 200 day simple moving average is $19.96. Beam Therapeutics Inc. has a 1-year low of $13.52 and a 1-year high of $35.25. The company has a market capitalization of $1.65 billion, a price-to-earnings ratio of -3.64 and a beta of 2.22.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported ($1.00) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.04) by $0.04. Beam Therapeutics had a negative return on equity of 43.15% and a negative net margin of 661.31%.The company had revenue of $8.47 million during the quarter, compared to the consensus estimate of $13.29 million. During the same quarter in the prior year, the firm posted ($1.11) earnings per share. The firm's revenue was down 28.0% compared to the same quarter last year. As a group, equities analysts forecast that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Guggenheim reduced their price objective on shares of Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Barclays reduced their price objective on shares of Beam Therapeutics from $25.00 to $21.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 6th. Wells Fargo & Company reduced their price objective on shares of Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 7th. Finally, Cantor Fitzgerald raised shares of Beam Therapeutics to a "strong-buy" rating in a report on Monday, July 21st. Three analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $48.45.

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.