193,356 Shares in Beam Therapeutics Inc. (NASDAQ:BEAM) Bought by Point72 Asset Management L.P.

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

Several other institutional investors have also recently made changes to their positions in BEAM. ARK Investment Management LLC lifted its position in shares of Beam Therapeutics by 8.2% during the fourth quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company's stock worth $175,287,000 after acquiring an additional 536,930 shares in the last quarter. Casdin Capital LLC increased its holdings in Beam Therapeutics by 61.3% during the 4th quarter. Casdin Capital LLC now owns 1,250,000 shares of the company's stock worth $31,000,000 after acquiring an additional 475,000 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its holdings in Beam Therapeutics by 11.4% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company's stock worth $98,149,000 after acquiring an additional 404,782 shares during the period. Nikko Asset Management Americas Inc. increased its holdings in Beam Therapeutics by 11.4% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company's stock worth $98,109,000 after acquiring an additional 404,782 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in Beam Therapeutics by 24.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,538,398 shares of the company's stock worth $38,155,000 after acquiring an additional 298,067 shares during the period. Hedge funds and other institutional investors own 99.68% of the company's stock.

Beam Therapeutics Stock Performance

Shares of BEAM stock traded down $0.41 on Friday, hitting $16.83. 962,009 shares of the company's stock traded hands, compared to its average volume of 1,453,560. Beam Therapeutics Inc. has a one year low of $13.53 and a one year high of $35.25. The company's fifty day simple moving average is $18.43 and its 200 day simple moving average is $23.94. The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of -9.56 and a beta of 2.35.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its quarterly 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). Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business had revenue of $7.47 million for the quarter, compared to analysts' expectations of $14.69 million. During the same quarter in the previous year, the company earned ($1.21) earnings per share. The business's quarterly revenue was up 1.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

BEAM has been the topic of a number of recent analyst reports. Barclays lowered their price objective on Beam Therapeutics from $31.00 to $25.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 7th. Guggenheim lowered their price objective on Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Scotiabank upgraded Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 price objective on the stock in a research report on Monday, March 10th. Royal Bank of Canada increased their price objective on 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, Bank of America upgraded Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 price objective on the stock in a research report on Friday, March 28th. Two analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $48.75.

Insiders Place Their Bets

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, President Giuseppe Ciaramella sold 7,434 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 $136,413.90. Following the completion of the sale, the president now directly owns 190,216 shares in the company, valued at approximately $3,490,463.60. This trade represents a 3.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,771 shares of company stock valued at $803,198 in the last ninety days. Company insiders own 4.20% of the company's stock.

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.