Two Sigma Investments LP Boosts Holdings in Beam Therapeutics Inc. (NASDAQ:BEAM)

Two Sigma Investments LP increased its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 75.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 117,088 shares of the company's stock after acquiring an additional 50,271 shares during the quarter. Two Sigma Investments LP owned approximately 0.14% of Beam Therapeutics worth $2,904,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. ARK Investment Management LLC increased its stake in Beam Therapeutics by 8.2% in the 4th quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company's stock valued at $175,287,000 after buying an additional 536,930 shares during the period. Casdin Capital LLC increased its stake in Beam Therapeutics by 61.3% in the 4th quarter. Casdin Capital LLC now owns 1,250,000 shares of the company's stock valued at $31,000,000 after buying an additional 475,000 shares during the period. Nikko Asset Management Americas Inc. increased its stake in Beam Therapeutics by 11.4% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company's stock valued at $98,109,000 after buying an additional 404,782 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its stake in Beam Therapeutics by 11.4% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company's stock valued at $98,149,000 after buying an additional 404,782 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Beam Therapeutics by 24.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,538,398 shares of the company's stock valued at $38,155,000 after buying an additional 298,067 shares during the period. 99.68% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Beam Therapeutics

In other news, CEO John M. Evans sold 30,663 shares of the stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $562,666.05. Following the transaction, the chief executive officer now directly owns 986,249 shares in the company, valued at $18,097,669.15. This represents a 3.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Christine Bellon sold 5,674 shares of the stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total transaction of $104,117.90. Following the transaction, the insider now owns 117,294 shares in the company, valued at approximately $2,152,344.90. The trade was a 4.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 43,771 shares of company stock worth $803,198 in the last three months. Company insiders own 3.50% of the company's stock.

Beam Therapeutics Price Performance

NASDAQ:BEAM traded up $0.27 on Wednesday, reaching $17.15. The stock had a trading volume of 1,351,962 shares, compared to its average volume of 1,472,704. The company has a market cap of $1.72 billion, a price-to-earnings ratio of -9.74 and a beta of 2.35. Beam Therapeutics Inc. has a 12-month low of $13.53 and a 12-month high of $35.25. The firm's fifty day moving average is $17.42 and its two-hundred day moving average is $23.41.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($1.24) earnings per share for the quarter, missing the consensus estimate of ($1.11) by ($0.13). The company had revenue of $7.47 million for the quarter, compared to analysts' expectations of $14.69 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company's revenue was up 1.4% on a year-over-year basis. During the same quarter in the previous year, the company earned ($1.21) earnings per share. As a group, research analysts forecast that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on BEAM. Wells Fargo & Company lowered their price target on shares of Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 7th. Bank of America raised shares of Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 price target on the stock in a research note on Friday, March 28th. HC Wainwright reaffirmed a "buy" rating and set a $80.00 price target on shares of Beam Therapeutics in a research note on Monday, April 7th. Royal Bank of Canada increased their price objective on shares of Beam Therapeutics from $24.00 to $26.00 and gave the company a "sector perform" rating in a research note on Wednesday, February 26th. Finally, Guggenheim lowered their price objective on shares of Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating on the stock in a research note on Wednesday, May 7th. Two analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus price target of $48.75.

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.