Polar Asset Management Partners Inc. Has $5.17 Million Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

Polar Asset Management Partners Inc. grew its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 901.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 208,255 shares of the company's stock after purchasing an additional 187,455 shares during the period. Polar Asset Management Partners Inc. owned about 0.25% of Beam Therapeutics worth $5,165,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in BEAM. Horizon Kinetics Asset Management LLC increased its stake in shares of Beam Therapeutics by 4.4% in the fourth quarter. Horizon Kinetics Asset Management LLC now owns 9,597 shares of the company's stock worth $238,000 after acquiring an additional 403 shares during the last quarter. Summit Investment Advisors Inc. raised its position in 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 acquiring an additional 496 shares in the last quarter. Martingale Asset Management L P raised its position in Beam Therapeutics by 8.6% during the fourth quarter. Martingale Asset Management L P now owns 11,438 shares of the company's stock valued at $284,000 after acquiring an additional 909 shares in the last quarter. Swiss National Bank lifted its stake in Beam Therapeutics by 0.8% in the fourth quarter. Swiss National Bank now owns 137,800 shares of the company's stock valued at $3,417,000 after acquiring an additional 1,100 shares during the last quarter. Finally, Blue Trust Inc. grew its position in Beam Therapeutics by 36.3% in the fourth quarter. Blue Trust Inc. now owns 4,274 shares of the company's stock worth $105,000 after acquiring an additional 1,139 shares in the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

Beam Therapeutics Price Performance

Shares of BEAM traded down $0.49 on Friday, reaching $15.83. 2,293,162 shares of the stock traded hands, compared to its average volume of 1,464,921. Beam Therapeutics Inc. has a 12 month low of $13.53 and a 12 month high of $35.25. The firm has a market cap of $1.59 billion, a price-to-earnings ratio of -8.99 and a beta of 2.35. The stock's 50-day moving average price is $17.89 and its 200-day moving average price is $23.68.

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

Insider Buying and Selling at Beam Therapeutics

In other news, insider Christine Bellon sold 5,674 shares of the company's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $104,117.90. Following the sale, the insider now owns 117,294 shares of the company's stock, valued at approximately $2,152,344.90. This represents a 4.61% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Giuseppe Ciaramella sold 7,434 shares of Beam Therapeutics stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $136,413.90. Following the transaction, the president now directly 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 have sold 43,771 shares of company stock worth $803,198 over the last three months. Company insiders own 4.20% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. 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 report on Wednesday, February 26th. Bank of America raised Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 price objective on the stock in a report on Friday, March 28th. Jones Trading raised Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 target price for the company in a research report on Monday, March 10th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Beam Therapeutics in a report on Wednesday, March 12th. Finally, Barclays reduced their price objective on shares of Beam Therapeutics from $31.00 to $25.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 7th. Two investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus target price of $48.75.

Beam Therapeutics Company 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.