SteelPeak Wealth LLC Invests $391,000 in Beam Therapeutics Inc. $BEAM

Key Points

• SteelPeak Wealth LLC has made a significant investment of $391,000 in Beam Therapeutics, acquiring 22,962 shares of the company's stock during the second quarter.
• Beam Therapeutics' stock has recently increased by 7.4% and it posted a quarterly EPS of ($1.00), beating analysts' expectations of ($1.04).
• Institutional investors own 99.68% of Beam Therapeutics' stock, showcasing strong institutional interest in the company.

SteelPeak Wealth LLC acquired a new position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 22,962 shares of the company's stock, valued at approximately $391,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in BEAM. Amalgamated Bank lifted its position in Beam Therapeutics by 20.4% in the 1st quarter. Amalgamated Bank now owns 3,153 shares of the company's stock valued at $62,000 after acquiring an additional 534 shares in the last quarter. Martingale Asset Management L P lifted its position in Beam Therapeutics by 5.2% in the 1st quarter. Martingale Asset Management L P now owns 12,038 shares of the company's stock valued at $235,000 after acquiring an additional 600 shares in the last quarter. Avanza Fonder AB lifted its position in Beam Therapeutics by 1.6% in the 1st quarter. Avanza Fonder AB now owns 51,077 shares of the company's stock valued at $944,000 after acquiring an additional 792 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Beam Therapeutics by 9.1% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 10,492 shares of the company's stock valued at $205,000 after acquiring an additional 879 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in Beam Therapeutics by 43.4% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,884 shares of the company's stock valued at $66,000 after acquiring an additional 1,175 shares in the last quarter. Institutional investors own 99.68% of the company's stock.

Beam Therapeutics Stock Up 7.4%

Shares of BEAM stock opened at $27.00 on Thursday. The company has a 50 day moving average of $20.22 and a 200-day moving average of $19.02. Beam Therapeutics Inc. has a 12-month low of $13.52 and a 12-month high of $35.25. The firm has a market cap of $2.73 billion, a P/E ratio of -6.00 and a beta of 2.25.

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 (EPS) for the quarter, topping the consensus estimate of ($1.04) by $0.04. Beam Therapeutics had a negative net margin of 661.31% and a negative return on equity of 43.15%. The company had revenue of $8.47 million during the quarter, compared to analyst estimates of $13.29 million. During the same quarter last year, the business posted ($1.11) EPS. Beam Therapeutics's quarterly revenue was down 28.0% compared to the same quarter last year. As a group, equities analysts expect that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Insider Activity

In other news, insider Fmr Llc sold 48,374 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $20.50, for a total transaction of $991,667.00. Following the completion of the sale, the insider owned 2,073,665 shares in the company, valued at $42,510,132.50. This trade represents a 2.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.50% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $80.00 price target on shares of Beam Therapeutics in a research report on Monday, September 15th. Cantor Fitzgerald upgraded shares of Beam Therapeutics to a "strong-buy" rating in a research note on Monday, July 21st. Wall Street Zen lowered shares of Beam Therapeutics from a "hold" rating to a "sell" rating in a research note on Sunday, September 14th. Barclays decreased 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 note on Wednesday, August 6th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Beam Therapeutics in a research note on Wednesday. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $46.40.

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.

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