Rafferty Asset Management LLC Has $2.76 Million Stake in Beam Therapeutics Inc. (NASDAQ:BEAM)

Rafferty Asset Management LLC decreased its position in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 40.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 111,100 shares of the company's stock after selling 75,991 shares during the quarter. Rafferty Asset Management LLC owned 0.13% of Beam Therapeutics worth $2,755,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Northern Trust Corp grew its holdings in shares of Beam Therapeutics by 7.2% in the 4th quarter. Northern Trust Corp now owns 740,506 shares of the company's stock valued at $18,365,000 after acquiring an additional 49,415 shares in the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in shares of Beam Therapeutics in the 4th quarter valued at about $330,000. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Beam Therapeutics by 11.4% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company's stock valued at $98,149,000 after acquiring an additional 404,782 shares in the last quarter. Teacher Retirement System of Texas grew its holdings in shares of Beam Therapeutics by 18.4% in the 4th quarter. Teacher Retirement System of Texas now owns 20,767 shares of the company's stock valued at $515,000 after acquiring an additional 3,222 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Beam Therapeutics by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 648,945 shares of the company's stock valued at $16,094,000 after acquiring an additional 19,453 shares in the last quarter. Institutional investors and hedge funds own 99.68% of the company's stock.

Beam Therapeutics Trading Down 2.4%

Shares of NASDAQ:BEAM traded down $0.41 during trading on Friday, reaching $16.83. 962,009 shares of the stock were exchanged, compared to its average volume of 1,453,560. 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 $1.69 billion, a PE ratio of -9.56 and a beta of 2.35. The stock has a 50-day moving average price of $18.43 and a 200-day moving average price of $23.94.

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

Insider Transactions at Beam Therapeutics

In related news, CEO John M. Evans sold 30,663 shares of the business's stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total value of $562,666.05. Following the completion of the sale, the chief executive officer now directly owns 986,249 shares in the company, valued at approximately $18,097,669.15. The trade was a 3.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Christine Bellon sold 5,674 shares of the business's stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $104,117.90. Following the completion of the sale, the insider now owns 117,294 shares of the company's stock, valued at approximately $2,152,344.90. This trade represents a 4.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,771 shares of company stock worth $803,198 over the last quarter. Company insiders own 4.20% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Scotiabank upgraded Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 price objective for the company in a report on Monday, March 10th. Wells Fargo & Company reduced their price target on Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. Barclays reduced their price target on Beam Therapeutics from $31.00 to $25.00 and set an "equal weight" rating for the company in a report on Wednesday, May 7th. Jones Trading upgraded Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 price target for the company in a report on Monday, March 10th. Finally, Bank of America upgraded Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 price target for the company in a report on Friday, March 28th. Two investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price 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.