Vanguard Group Inc. Purchases 1,249,303 Shares of Beam Therapeutics Inc. $BEAM

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. lifted its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 16.4% during the first quarter, according to 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 period. 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 large investors also recently made changes to their positions in the company. IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its position in shares of Beam Therapeutics by 102.7% during the first quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 65,252 shares of the company's stock valued at $1,274,000 after purchasing an additional 33,054 shares in the last quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych increased its holdings in Beam Therapeutics by 7.1% during the first quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 45,000 shares of the company's stock worth $879,000 after buying an additional 3,000 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Beam Therapeutics by 14.6% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,937 shares of the company's stock worth $507,000 after buying an additional 3,308 shares during the last quarter. ARK Investment Management LLC increased its holdings in Beam Therapeutics by 20.0% during the first quarter. ARK Investment Management LLC now owns 8,480,089 shares of the company's stock worth $165,616,000 after buying an additional 1,412,060 shares during the last quarter. Finally, TD Asset Management Inc increased its holdings in Beam Therapeutics by 14.9% during the first quarter. TD Asset Management Inc now owns 211,780 shares of the company's stock worth $4,136,000 after buying an additional 27,474 shares during the last quarter. 99.68% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Cantor Fitzgerald upgraded shares of Beam Therapeutics to a "strong-buy" rating in a report on Monday, July 21st. Guggenheim decreased their price objective on shares of Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Wells Fargo & Company decreased their price objective on shares of Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. Finally, Barclays decreased their price objective on shares of 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 equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $48.45.

Beam Therapeutics Price Performance

Shares of BEAM traded up $0.20 during trading hours on Tuesday, hitting $16.64. The company's stock had a trading volume of 1,707,761 shares, compared to its average volume of 2,538,536. The company has a market cap of $1.68 billion, a price-to-earnings ratio of -3.70 and a beta of 2.22. The business has a 50 day simple moving average of $18.73 and a two-hundred day simple moving average of $20.18. Beam Therapeutics Inc. has a 52-week low of $13.52 and a 52-week high of $35.25.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings data 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 analysts' expectations of $13.29 million. Beam Therapeutics had a negative net margin of 661.31% and a negative return on equity of 43.15%. Beam Therapeutics's revenue for the quarter was down 28.0% on a year-over-year basis. During the same quarter in the previous year, the company earned ($1.11) earnings per share. Research analysts predict that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Fmr Llc sold 48,374 shares of the business's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $20.50, for a total value of $991,667.00. Following the completion of 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 position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders have sold 49,624 shares of company stock valued at $1,015,628. 3.50% of the stock is 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.