TD Asset Management Inc Has $4.14 Million Holdings in Beam Therapeutics Inc. (NASDAQ:BEAM)

Key Points

• TD Asset Management Inc has increased its stake in Beam Therapeutics Inc. by 14.9%, owning approximately 211,780 shares valued at $4.13 million as of the latest filing.
• Despite a rise in revenue by 1.4% from the previous year, Beam Therapeutics reported a loss of ($1.24) EPS, missing analysts' estimates.
• The company has a market capitalization of $1.89 billion and approximately 99.68% of its stock is owned by institutional investors.

TD Asset Management Inc lifted its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 14.9% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 211,780 shares of the company's stock after buying an additional 27,474 shares during the period. TD Asset Management Inc owned approximately 0.21% of Beam Therapeutics worth $4,136,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently added to or reduced their stakes in BEAM. Raymond James Financial Inc. purchased a new position in shares of Beam Therapeutics during the fourth quarter worth $703,000. American Century Companies Inc. grew its position in Beam Therapeutics by 13.2% in the 4th quarter. American Century Companies Inc. now owns 135,380 shares of the company's stock valued at $3,357,000 after acquiring an additional 15,774 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in Beam Therapeutics during the fourth quarter worth about $332,000. LPL Financial LLC lifted its position in shares of Beam Therapeutics by 5.6% during the fourth quarter. LPL Financial LLC now owns 27,698 shares of the company's stock worth $687,000 after purchasing an additional 1,462 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Beam Therapeutics during the fourth quarter worth about $461,000. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

BEAM has been the subject of a number of research reports. HC Wainwright restated a "buy" rating and issued a $80.00 price objective on shares of Beam Therapeutics in a report on Monday, April 7th. Wells Fargo & Company cut their price objective on Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 7th. Guggenheim decreased their target price on Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Barclays cut their price target on Beam Therapeutics from $31.00 to $25.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 7th. Finally, Cantor Fitzgerald upgraded Beam Therapeutics to a "strong-buy" rating in a research note on Monday, July 21st. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $48.75.

Beam Therapeutics Stock Performance

Shares of Beam Therapeutics stock traded up $0.29 on Monday, reaching $19.12. 1,586,884 shares of the company were exchanged, compared to its average volume of 2,045,214. The firm has a market cap of $1.92 billion, a price-to-earnings ratio of -4.15 and a beta of 2.22. Beam Therapeutics Inc. has a 1-year low of $13.52 and a 1-year high of $35.25. The company's 50-day moving average is $18.67 and its two-hundred day moving average is $21.17.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly 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 analyst estimates of $14.69 million. Beam Therapeutics had a negative net margin of 609.24% and a negative return on equity of 44.24%. Beam Therapeutics's revenue for the quarter was up 1.4% on a year-over-year basis. During the same period last year, the business posted ($1.21) earnings per share. As a group, sell-side analysts forecast that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, insider Fmr Llc sold 48,374 shares of the business's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $20.50, for a total value of $991,667.00. Following the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Over the last 90 days, insiders sold 49,624 shares of company stock valued at $1,015,628. 3.50% of the stock is currently owned by insiders.

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.