TD Asset Management Inc Has $4.14 Million Stock Position 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 increased its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 14.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 211,780 shares of the company's stock after purchasing an additional 27,474 shares during the quarter. TD Asset Management Inc owned 0.21% of Beam Therapeutics worth $4,136,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of BEAM. Farallon Capital Management LLC raised its holdings in shares of Beam Therapeutics by 0.4% in the 4th quarter. Farallon Capital Management LLC now owns 8,239,123 shares of the company's stock valued at $204,330,000 after purchasing an additional 31,000 shares in the last quarter. Nikko Asset Management Americas Inc. increased its stake 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 valued at $83,265,000 after buying an additional 312,409 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Beam Therapeutics by 7.8% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,266,871 shares of the company's stock valued at $83,332,000 after acquiring an additional 309,260 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Beam Therapeutics by 18.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,753,142 shares of the company's stock valued at $43,479,000 after purchasing an additional 266,834 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Beam Therapeutics by 24.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,538,398 shares of the company's stock worth $38,155,000 after buying an additional 298,067 shares in the last quarter. Institutional investors and hedge funds own 99.68% of the company's stock.

Analysts Set New Price Targets

Several brokerages have weighed in on BEAM. Wells Fargo & Company lowered their target price on shares of 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 cut their target price on shares of Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Cantor Fitzgerald raised Beam Therapeutics to a "strong-buy" rating in a research report on Monday, July 21st. Finally, Barclays reduced their target price on Beam Therapeutics from $25.00 to $21.00 and set an "equal weight" rating on the stock in a research report on Wednesday. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $48.42.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, insider Fmr Llc sold 48,374 shares of the company'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 sale, the insider owned 2,073,665 shares of the company's stock, valued at $42,510,132.50. This represents a 2.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Over the last quarter, insiders sold 49,624 shares of company stock worth $1,015,628. Corporate insiders own 3.50% of the company's stock.

Beam Therapeutics Price Performance

BEAM traded down $0.37 during trading on Wednesday, reaching $18.33. 1,161,085 shares of the stock traded hands, compared to its average volume of 2,050,414. Beam Therapeutics Inc. has a fifty-two week low of $13.52 and a fifty-two week high of $35.25. The stock's 50-day simple moving average is $18.74 and its two-hundred day simple moving average is $21.12. The stock has a market cap of $1.84 billion, a price-to-earnings ratio of -3.97 and a beta of 2.22.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported ($1.00) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.04) by $0.04. Beam Therapeutics had a negative net margin of 609.24% and a negative return on equity of 44.24%. The firm had revenue of $8.47 million during the quarter, compared to analysts' expectations of $13.29 million. During the same period in the previous year, the company earned ($1.11) earnings per share. The company's revenue was down 28.0% compared to the same quarter last year. Research analysts anticipate that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

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.