Rhumbline Advisers Has $2.76 Million Stake in Beam Therapeutics Inc. $BEAM

Key Points

• Rhumbline Advisers increased its stake in Beam Therapeutics by 11.9%, now holding approximately $2.76 million in shares, representing 0.14% of the company's stock.
• Beam Therapeutics' stock has received mixed ratings with three analysts
• The company's latest earnings report showed a loss of ($1.00) earnings per share, surpassing consensus estimates but indicating a 28% decrease in revenue year-over-year.

Rhumbline Advisers lifted its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 11.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 141,204 shares of the company's stock after acquiring an additional 14,971 shares during the period. Rhumbline Advisers owned 0.14% of Beam Therapeutics worth $2,758,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. GF Fund Management CO. LTD. purchased a new position in shares of Beam Therapeutics during the 4th quarter worth about $43,000. CWM LLC lifted its holdings in shares of Beam Therapeutics by 79.8% during the 1st quarter. CWM LLC now owns 2,684 shares of the company's stock worth $52,000 after acquiring an additional 1,191 shares during the period. Amalgamated Bank lifted its holdings in shares of Beam Therapeutics by 20.4% during the 1st quarter. Amalgamated Bank now owns 3,153 shares of the company's stock worth $62,000 after acquiring an additional 534 shares during the period. Caitong International Asset Management Co. Ltd acquired a new stake in Beam Therapeutics during the 1st quarter worth approximately $87,000. Finally, Quarry LP increased its position in Beam Therapeutics by 200.0% during the 1st quarter. Quarry LP now owns 4,500 shares of the company's stock worth $88,000 after purchasing an additional 3,000 shares in the last quarter. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Beam Therapeutics news, insider Fmr Llc sold 48,374 shares of Beam Therapeutics stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $20.50, for a total transaction of $991,667.00. Following the transaction, the insider owned 2,073,665 shares of the company's stock, valued at $42,510,132.50. The trade was a 2.28% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last 90 days, insiders sold 49,624 shares of company stock worth $1,015,628. Insiders own 3.50% of the company's stock.

Beam Therapeutics Trading Down 3.1%

NASDAQ:BEAM traded down $0.78 during mid-day trading on Friday, reaching $24.32. 4,269,109 shares of the stock were exchanged, compared to its average volume of 2,846,288. The business has a fifty day moving average price of $19.24 and a 200 day moving average price of $19.07. The firm has a market capitalization of $2.46 billion, a PE ratio of -5.40 and a beta of 2.14. Beam Therapeutics Inc. has a 1-year low of $13.52 and a 1-year high of $35.25.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported ($1.00) earnings per share for the quarter, topping analysts' consensus estimates of ($1.04) by $0.04. Beam Therapeutics had a negative return on equity of 43.15% and a negative net margin of 661.31%.The firm had revenue of $8.47 million for the quarter, compared to analysts' expectations of $13.29 million. During the same quarter last year, the business posted ($1.11) EPS. Beam Therapeutics's revenue was down 28.0% on a year-over-year basis. On average, sell-side analysts forecast that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts recently issued reports on the stock. Wall Street Zen downgraded shares of Beam Therapeutics from a "hold" rating to a "sell" rating in a research report on Sunday, September 14th. HC Wainwright reaffirmed a "buy" rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research report on Monday, September 15th. Barclays lowered their price objective on shares of Beam Therapeutics from $25.00 to $21.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 6th. Finally, Cantor Fitzgerald raised shares of Beam Therapeutics to a "strong-buy" rating in a research report on Monday, July 21st. Three investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $46.40.

About Beam Therapeutics

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.