Rhumbline Advisers Acquires 14,971 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

Rhumbline Advisers raised its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 11.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 141,204 shares of the company's stock after acquiring an additional 14,971 shares during the quarter. Rhumbline Advisers owned approximately 0.14% of Beam Therapeutics worth $2,758,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Wealthfront Advisers LLC bought a new stake in Beam Therapeutics during the fourth quarter valued at about $41,000. GF Fund Management CO. LTD. bought a new stake in shares of Beam Therapeutics in the fourth quarter worth about $43,000. Sterling Capital Management LLC increased its holdings in shares of Beam Therapeutics by 816.0% in the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company's stock worth $60,000 after purchasing an additional 2,146 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Beam Therapeutics in the fourth quarter worth about $191,000. Finally, Summit Investment Advisors Inc. increased its holdings in shares of Beam Therapeutics by 6.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 7,999 shares of the company's stock worth $198,000 after purchasing an additional 496 shares during the last quarter. 99.68% of the stock is owned by institutional investors.

Insider Activity

In related news, President Giuseppe Ciaramella sold 7,434 shares of the 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 $136,413.90. Following the transaction, the president now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO John M. Evans sold 30,663 shares of the 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 transaction, the chief executive officer now directly owns 986,249 shares in the company, valued at approximately $18,097,669.15. This trade represents a 3.02% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,771 shares of company stock valued at $803,198. 3.50% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on BEAM. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Beam Therapeutics in a report on Wednesday, March 12th. Royal Bank of Canada lifted their target price on Beam Therapeutics from $24.00 to $26.00 and gave the stock a "sector perform" rating in a report on Wednesday, February 26th. Guggenheim reduced their target price on Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Jones Trading raised Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 target price on the stock in a report on Monday, March 10th. Finally, 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 research note on Friday, March 28th. Two equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $48.75.

Beam Therapeutics Stock Performance

BEAM opened at $17.06 on Monday. The stock has a market cap of $1.72 billion, a price-to-earnings ratio of -9.69 and a beta of 2.08. The stock's 50 day moving average price is $17.56 and its 200-day moving average price is $23.00. Beam Therapeutics Inc. has a one year low of $13.53 and a one year high of $35.25.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported ($1.24) EPS for the quarter, missing analysts' consensus estimates of ($1.11) by ($0.13). The business had revenue of $7.47 million for 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 quarterly revenue was up 1.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.21) EPS. As a group, analysts predict that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

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.

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