Swiss National Bank Purchases 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 raised its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 25.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 172,600 shares of the company's stock after buying an additional 34,800 shares during the quarter. Swiss National Bank owned about 0.17% of Beam Therapeutics worth $3,371,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in BEAM. GF Fund Management CO. LTD. bought a new position in Beam Therapeutics in the fourth quarter worth $43,000. CWM LLC raised its holdings in Beam Therapeutics by 79.8% in the first quarter. CWM LLC now owns 2,684 shares of the company's stock worth $52,000 after purchasing an additional 1,191 shares in the last quarter. Sterling Capital Management LLC raised its holdings in 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 in the last quarter. Amalgamated Bank raised its holdings in Beam Therapeutics by 20.4% in the first quarter. Amalgamated Bank now owns 3,153 shares of the company's stock worth $62,000 after purchasing an additional 534 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Beam Therapeutics in the fourth quarter worth $191,000. 99.68% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on BEAM shares. Wells Fargo & Company reduced their price objective 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. Cantor Fitzgerald raised Beam Therapeutics to a "strong-buy" rating in a research report on Monday, July 21st. Guggenheim reduced their price objective 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. Finally, Barclays reduced their price objective 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. Three investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $48.45.

Beam Therapeutics Price Performance

NASDAQ BEAM traded down $0.20 during trading hours on Monday, hitting $16.44. The company's stock had a trading volume of 2,052,823 shares, compared to its average volume of 2,099,331. Beam Therapeutics Inc. has a 12 month low of $13.52 and a 12 month high of $35.25. The company's 50 day simple moving average is $18.74 and its two-hundred day simple moving average is $20.28. The company has a market cap of $1.66 billion, a P/E ratio of -3.65 and a beta of 2.22.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported ($1.00) EPS for the quarter, topping the consensus estimate 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 company had revenue of $8.47 million during the quarter, compared to the consensus estimate of $13.29 million. During the same period last year, the company earned ($1.11) EPS. Beam Therapeutics's revenue for the quarter was down 28.0% on a year-over-year basis. As a group, research analysts predict that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Insider Transactions at Beam Therapeutics

In other news, insider Fmr Llc sold 48,374 shares of the stock in a transaction 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 transaction, the insider directly owned 2,073,665 shares of the company's stock, valued at $42,510,132.50. This represents a 2.28% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 49,624 shares of company stock valued at $1,015,628 in the last 90 days. Company 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.