Renaissance Technologies LLC Boosts Stake in Beam Therapeutics Inc. $BEAM

Key Points

• Renaissance Technologies increased its Beam Therapeutics stake by 228.2% in the first quarter, reaching 513,578 shares valued at approximately $12.2 million. Institutional investors collectively own 99.68% of BEAM’s outstanding stock.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $46.85, although targets range from $39 to $80 and one firm maintains a sell rating.
• BEAM shares opened at $25.52, down 3.7%, while the company reported a quarterly revenue increase of 323.2% year over year and an adjusted loss of $0.91 per share, beating analysts’ expectations.

Renaissance Technologies LLC lifted its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 228.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 513,578 shares of the company's stock after purchasing an additional 357,078 shares during the quarter. Renaissance Technologies LLC owned about 0.50% of Beam Therapeutics worth $12,239,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Hollencrest Capital Management acquired a new position in Beam Therapeutics in the first quarter valued at about $43,000. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in shares of Beam Therapeutics during the fourth quarter valued at about $47,000. Larson Financial Group LLC increased its position in shares of Beam Therapeutics by 4,370.5% during the third quarter. Larson Financial Group LLC now owns 1,967 shares of the company's stock valued at $48,000 after acquiring an additional 1,923 shares during the last quarter. Van ECK Associates Corp raised its stake in shares of Beam Therapeutics by 48.7% in the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company's stock valued at $52,000 after acquiring an additional 707 shares during the period. Finally, Kestra Advisory Services LLC acquired a new position in shares of Beam Therapeutics in the 4th quarter worth approximately $59,000. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Amy Simon sold 16,667 shares of Beam Therapeutics stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $25.74, for a total value of $429,008.58. Following the completion of the transaction, the insider owned 85,696 shares in the company, valued at approximately $2,205,815.04. This trade represents a 16.28% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Fmr Llc sold 251,488 shares of the company's stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $35.26, for a total transaction of $8,867,466.88. Following the sale, the insider owned 854,583 shares in the company, valued at $30,132,596.58. The trade was a 22.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 301,527 shares of company stock valued at $10,468,500 in the last quarter. Company insiders own 3.80% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on BEAM shares. Bank of America reaffirmed a "buy" rating and set a $47.00 price objective on shares of Beam Therapeutics in a research report on Wednesday, July 8th. Tudor Pickering set a $39.00 price target on Beam Therapeutics in a research note on Wednesday, May 13th. Sanford C. Bernstein lowered their price target on Beam Therapeutics from $40.00 to $39.00 and set an "outperform" rating for the company in a research report on Wednesday, May 13th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Beam Therapeutics in a research note on Friday, July 17th. Finally, HC Wainwright reiterated a "buy" rating and issued a $80.00 price objective on shares of Beam Therapeutics in a report on Tuesday, July 7th. Ten investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $46.85.

Beam Therapeutics Stock Down 3.7%

Shares of NASDAQ BEAM opened at $25.52 on Friday. The stock has a market cap of $2.63 billion, a P/E ratio of -37.53 and a beta of 2.18. The business's fifty day simple moving average is $31.01 and its 200-day simple moving average is $29.19. Beam Therapeutics Inc. has a 12-month low of $15.60 and a 12-month high of $38.26. The company has a current ratio of 16.99, a quick ratio of 16.99 and a debt-to-equity ratio of 0.09.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported ($0.91) EPS for the quarter, topping the consensus estimate of ($1.03) by $0.12. Beam Therapeutics had a negative return on equity of 29.00% and a negative net margin of 39.66%.The firm had revenue of $31.74 million during the quarter, compared to analysts' expectations of $10.98 million. During the same period in the previous year, the firm posted ($1.23) EPS. Beam Therapeutics's revenue for the quarter was up 323.2% on a year-over-year basis. As a group, equities analysts predict that Beam Therapeutics Inc. will post -4.16 EPS for the current fiscal year.

Beam Therapeutics Profile

Beam Therapeutics, Inc NASDAQ: BEAM is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.

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