The Manufacturers Life Insurance Company Acquires Shares of 123,425 Beam Therapeutics Inc. $BEAM

Key Points

• The Manufacturers Life Insurance Company acquired 123,425 Beam Therapeutics shares worth approximately $4.24 million, giving it a 0.12% stake. Institutional investors and hedge funds collectively own 99.68% of the company.
• Beam insiders sold 301,527 shares valued at about $10.47 million during the last quarter, while insiders retain 3.80% ownership.
• Analysts remain broadly positive, with a “Moderate Buy” consensus and an average price target of $49.00, but Beam recently missed earnings and revenue expectations, reporting a quarterly loss of $1.18 per share and revenue of just $0.49 million.

The Manufacturers Life Insurance Company acquired a new position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 123,425 shares of the company's stock, valued at approximately $4,236,000. The Manufacturers Life Insurance Company owned about 0.12% of Beam Therapeutics as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. Hollencrest Capital Management acquired a new stake in shares of Beam Therapeutics during the first quarter worth approximately $43,000. Northwestern Mutual Wealth Management Co. acquired a new stake in Beam Therapeutics in the second quarter valued at $43,000. Bank Julius Baer & Co. Ltd Zurich bought a new position in Beam Therapeutics during the 4th quarter valued at $47,000. Larson Financial Group LLC boosted its stake in Beam Therapeutics by 4,370.5% during the 3rd quarter. Larson Financial Group LLC now owns 1,967 shares of the company's stock valued at $48,000 after acquiring an additional 1,923 shares during the last quarter. Finally, Van ECK Associates Corp grew its holdings in Beam Therapeutics by 48.7% during the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company's stock worth $52,000 after acquiring an additional 707 shares in the last quarter. 99.68% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Amy Simon sold 16,667 shares of the stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $25.74, for a total value of $429,008.58. Following the sale, the insider owned 85,696 shares of the company's stock, valued at $2,205,815.04. This trade represents a 16.28% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Fmr Llc sold 251,488 shares of Beam Therapeutics stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $35.26, for a total transaction of $8,867,466.88. Following the completion of the sale, the insider owned 854,583 shares in the company, valued at approximately $30,132,596.58. This represents a 22.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 301,527 shares of company stock worth $10,468,500 over the last quarter. 3.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on BEAM. Tudor Pickering set a $39.00 target price on shares of Beam Therapeutics in a research report on Wednesday, May 13th. Bank of America reaffirmed a "buy" rating and set a $47.00 price target on shares of Beam Therapeutics in a research report on Wednesday, July 8th. Sanford C. Bernstein decreased their price target on Beam Therapeutics from $40.00 to $39.00 and set an "outperform" rating for the company in a research note on Wednesday, May 13th. HC Wainwright reissued a "buy" rating and issued a $80.00 price objective on shares of Beam Therapeutics in a report on Tuesday, August 25th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Beam Therapeutics in a research note on Friday, July 17th. Ten investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Beam Therapeutics has a consensus rating of "Moderate Buy" and an average target price of $49.00.

Beam Therapeutics Stock Performance

Shares of BEAM stock opened at $29.43 on Tuesday. The company has a quick ratio of 14.57, a current ratio of 14.57 and a debt-to-equity ratio of 0.09. The business has a 50 day moving average of $29.72 and a two-hundred day moving average of $28.89. The company has a market cap of $3.04 billion, a P/E ratio of -34.22 and a beta of 2.23. Beam Therapeutics Inc. has a 52 week low of $16.02 and a 52 week high of $38.26.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.11) by ($0.07). Beam Therapeutics had a negative return on equity of 30.71% and a negative net margin of 54.75%.The company had revenue of $0.49 million during the quarter, compared to the consensus estimate of $16.37 million. During the same period last year, the business posted ($1.00) EPS. The company's revenue for the quarter was down 94.2% on a year-over-year basis. As a group, analysts anticipate that Beam Therapeutics Inc. will post -4.49 EPS for the current year.

Beam Therapeutics Profile

Beam Therapeutics, Inc NASDAQ: BEAM is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.

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