Point72 Asset Management L.P. Buys Shares of 193,356 Beam Therapeutics Inc. (NASDAQ:BEAM)

Point72 Asset Management L.P. bought a new stake in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 193,356 shares of the company's stock, valued at approximately $4,795,000. Point72 Asset Management L.P. owned approximately 0.23% of Beam Therapeutics at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Wealthfront Advisers LLC acquired a new position in shares of Beam Therapeutics during the fourth quarter worth $41,000. Sterling Capital Management LLC lifted its holdings in Beam Therapeutics by 816.0% in the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company's stock valued at $60,000 after buying an additional 2,146 shares during the period. KBC Group NV lifted its holdings in Beam Therapeutics by 103.2% in the fourth quarter. KBC Group NV now owns 4,143 shares of the company's stock valued at $103,000 after buying an additional 2,104 shares during the period. Blue Trust Inc. lifted its holdings in Beam Therapeutics by 36.3% in the fourth quarter. Blue Trust Inc. now owns 4,274 shares of the company's stock valued at $105,000 after buying an additional 1,139 shares during the period. Finally, Summit Investment Advisors Inc. raised its holdings in shares of Beam Therapeutics by 6.6% during 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 period. Institutional investors and hedge funds own 99.68% of the company's stock.

Insider Activity

In other Beam Therapeutics news, CEO John M. Evans sold 30,663 shares of the firm's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $562,666.05. Following the sale, the chief executive officer now owns 986,249 shares of the company's stock, valued at $18,097,669.15. This trade represents a 3.02% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christine Bellon sold 5,674 shares of the firm's stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total transaction of $104,117.90. Following the completion of the sale, the insider now directly owns 117,294 shares in the company, valued at approximately $2,152,344.90. This trade represents a 4.61% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 43,771 shares of company stock worth $803,198. 4.20% of the stock is currently owned by corporate insiders.

Beam Therapeutics Trading Down 1.3%

Shares of BEAM stock opened at $17.66 on Tuesday. Beam Therapeutics Inc. has a 12 month low of $13.53 and a 12 month high of $35.25. The stock has a market capitalization of $1.78 billion, a P/E ratio of -10.03 and a beta of 2.35. The firm's 50 day moving average is $18.97 and its 200 day moving average is $24.17.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its earnings results on Tuesday, May 6th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.11) by ($0.13). The firm had revenue of $7.47 million during the quarter, compared to analysts' expectations of $14.69 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The business's revenue for the quarter was up 1.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.21) earnings per share. On average, equities analysts predict that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Analyst Ratings Changes

BEAM has been the topic of several research reports. HC Wainwright reiterated a "buy" rating and set a $80.00 price objective on shares of Beam Therapeutics in a report on Monday, April 7th. Scotiabank raised shares of Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 target price for the company in a research report on Monday, March 10th. Bank of America raised shares of Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 target price for the company in a research report on Friday, March 28th. Royal Bank of Canada upped their price objective on shares of Beam Therapeutics from $24.00 to $26.00 and gave the stock a "sector perform" rating in a research report on Wednesday, February 26th. Finally, Wells Fargo & Company reduced their price objective on shares of Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating for the company in a research report on Wednesday, May 7th. Two analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Beam Therapeutics currently has a consensus rating of "Buy" and a consensus price target of $48.75.

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.

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