Swiss National Bank Buys 34,800 Shares of Beam Therapeutics Inc. $BEAM

Key Points

• The Swiss National Bank has increased its stake in Beam Therapeutics Inc. by 25.3%, now owning a total of 172,600 shares valued at approximately $3.37 million.
• Beam Therapeutics reported a quarterly loss of ($1.00) earnings per share, exceeding analysts' expectations of ($1.04), with a revenue drop of 28% year-over-year.
• Institutional investors own 99.68% of Beam Therapeutics, reflecting significant interest from hedge funds and investment firms in the biotechnology sector.

Swiss National Bank increased its position in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 25.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 172,600 shares of the company's stock after purchasing an additional 34,800 shares during the period. Swiss National Bank owned approximately 0.17% of Beam Therapeutics worth $3,371,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of BEAM. ARK Investment Management LLC raised its position in Beam Therapeutics by 20.0% in the 1st quarter. ARK Investment Management LLC now owns 8,480,089 shares of the company's stock worth $165,616,000 after buying an additional 1,412,060 shares during the last quarter. Vanguard Group Inc. raised its position in Beam Therapeutics by 16.4% in the 1st quarter. Vanguard Group Inc. now owns 8,871,292 shares of the company's stock worth $173,256,000 after buying an additional 1,249,303 shares during the last quarter. Casdin Capital LLC raised its position in Beam Therapeutics by 61.3% in the 4th quarter. Casdin Capital LLC now owns 1,250,000 shares of the company's stock worth $31,000,000 after buying an additional 475,000 shares during the last quarter. Nikko Asset Management Americas Inc. raised its position in Beam Therapeutics by 7.9% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 4,270,020 shares of the company's stock worth $83,265,000 after buying an additional 312,409 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in Beam Therapeutics by 7.8% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,266,871 shares of the company's stock worth $83,332,000 after buying an additional 309,260 shares during the last quarter. Hedge funds and other institutional investors own 99.68% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on BEAM. Barclays decreased their target price on 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. Cantor Fitzgerald raised Beam Therapeutics to a "strong-buy" rating in a research report on Monday, July 21st. Wells Fargo & Company decreased their target price on Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating for the company in a research report on Wednesday, May 7th. Finally, Guggenheim decreased their target price on Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Three analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $48.45.

Beam Therapeutics Stock Performance

Shares of NASDAQ BEAM traded up $0.22 during midday trading on Wednesday, hitting $16.86. 1,524,534 shares of the company's stock traded hands, compared to its average volume of 2,529,203. Beam Therapeutics Inc. has a 1 year low of $13.52 and a 1 year high of $35.25. The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of -3.75 and a beta of 2.22. The firm has a fifty day moving average of $18.73 and a 200 day moving average of $20.16.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported ($1.00) EPS for the quarter, beating 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 firm had revenue of $8.47 million during the quarter, compared to analyst estimates of $13.29 million. During the same quarter in the prior year, the firm earned ($1.11) EPS. The business's revenue for the quarter was down 28.0% compared to the same quarter last year. On average, equities analysts anticipate that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Insider Activity

In related news, insider Fmr Llc sold 48,374 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $20.50, for a total transaction of $991,667.00. Following the completion of the transaction, the insider directly owned 2,073,665 shares in the company, valued at approximately $42,510,132.50. The trade was a 2.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last ninety days, insiders sold 49,624 shares of company stock worth $1,015,628. Insiders own 3.50% of the company's stock.

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.