Beam Therapeutics Inc. $BEAM Position Boosted by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. has increased its ownership in Beam Therapeutics Inc. by 16.4% during the first quarter, bringing its total shares to approximately 8.82% of the company, valued at $173.3 million.
• Beam's stock has experienced a 1.8% decline, currently trading at around $16.06, with a market cap of $1.62 billion and a P/E ratio of -3.57.
• Despite a narrow earnings beat, Beam Therapeutics reported a 28% drop in revenue year-over-year, signalling challenges ahead as analysts predict a negative EPS for the current year.

Vanguard Group Inc. grew its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 16.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,871,292 shares of the company's stock after purchasing an additional 1,249,303 shares during the quarter. Vanguard Group Inc. owned 8.82% of Beam Therapeutics worth $173,256,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of BEAM. GF Fund Management CO. LTD. acquired a new position in shares of Beam Therapeutics in the fourth quarter worth about $43,000. Sterling Capital Management LLC lifted its stake in shares of 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 acquiring an additional 2,146 shares in the last quarter. CWM LLC lifted its stake in shares of 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 acquiring an additional 1,191 shares in the last quarter. Amalgamated Bank lifted its stake in shares of 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 acquiring an additional 534 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Beam Therapeutics in the fourth quarter worth about $191,000. Institutional investors and hedge funds own 99.68% of the company's stock.

Insider Activity at Beam Therapeutics

In other 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 transaction, the insider directly owned 2,073,665 shares of the company's stock, valued at approximately $42,510,132.50. This represents a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold 49,624 shares of company stock worth $1,015,628 over the last three months. 3.50% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts recently commented on the company. Cantor Fitzgerald upgraded Beam Therapeutics to a "strong-buy" rating in a research note on Monday, July 21st. Wells Fargo & Company cut their price target on Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 7th. Guggenheim lowered their price objective on Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Finally, Barclays lowered their price objective on Beam Therapeutics from $25.00 to $21.00 and set an "equal weight" rating for the company in a 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 assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $48.45.

Beam Therapeutics Stock Down 0.2%

Shares of NASDAQ:BEAM traded down $0.03 during trading on Monday, hitting $16.61. 1,201,826 shares of the company traded hands, compared to its average volume of 2,093,424. The stock has a market capitalization of $1.68 billion, a price-to-earnings ratio of -3.69 and a beta of 2.22. The business's fifty day moving average is $18.74 and its 200-day moving average is $20.28. Beam Therapeutics Inc. has a one year low of $13.52 and a one year high of $35.25.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported ($1.00) EPS for the quarter, beating the consensus estimate of ($1.04) by $0.04. The company had revenue of $8.47 million during the quarter, compared to analyst estimates of $13.29 million. Beam Therapeutics had a negative return on equity of 43.15% and a negative net margin of 661.31%.The business's revenue was down 28.0% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.11) earnings per share. On average, analysts forecast that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

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.