Voya Investment Management LLC Has $686,000 Holdings in Beam Therapeutics Inc. $BEAM

Key Points

• Voya Investment Management LLC increased its holdings in Beam Therapeutics by 52.6%, owning 35,117 shares valued at approximately $686,000 as of the end of the first quarter.
• Multiple hedge funds, including CWM LLC and AlphaQuest LLC, significantly raised their stakes in Beam Therapeutics, indicating strong institutional interest with 99.68% of the stock held by institutional investors.
• Wall Street analysts have mixed opinions on Beam Therapeutics, with some calling it a "buy" while others downgraded their ratings, highlighting the volatility and varying outlook on the company’s performance.

Voya Investment Management LLC grew its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 52.6% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 35,117 shares of the company's stock after purchasing an additional 12,102 shares during the period. Voya Investment Management LLC's holdings in Beam Therapeutics were worth $686,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. CWM LLC raised its holdings in shares of Beam Therapeutics by 79.8% in the first quarter. CWM LLC now owns 2,684 shares of the company's stock valued at $52,000 after purchasing an additional 1,191 shares during the last quarter. Amalgamated Bank grew 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 valued at $62,000 after buying an additional 534 shares in the last quarter. Caitong International Asset Management Co. Ltd bought a new position in shares of Beam Therapeutics in the first quarter valued at $87,000. Quarry LP grew its stake in shares of Beam Therapeutics by 200.0% in the first quarter. Quarry LP now owns 4,500 shares of the company's stock valued at $88,000 after buying an additional 3,000 shares in the last quarter. Finally, AlphaQuest LLC grew its stake in shares of Beam Therapeutics by 216.6% in the first quarter. AlphaQuest LLC now owns 8,262 shares of the company's stock valued at $161,000 after buying an additional 5,652 shares in the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

BEAM has been the subject of several analyst reports. HC Wainwright reissued a "buy" rating and issued a $80.00 target price on shares of Beam Therapeutics in a research note on Monday, September 15th. Wall Street Zen cut shares of Beam Therapeutics from a "hold" rating to a "sell" rating in a research note on Sunday, September 14th. Barclays decreased their target price on shares of Beam Therapeutics from $25.00 to $21.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 6th. Finally, Cantor Fitzgerald raised shares of Beam Therapeutics to a "strong-buy" rating in a research note on Monday, July 21st. Three equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $46.40.

Insider Activity

In other news, insider Fmr Llc sold 48,374 shares of the business's stock in a transaction dated 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 owned 2,073,665 shares of the company's stock, valued at approximately $42,510,132.50. The trade was a 2.28% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 49,624 shares of company stock valued at $1,015,628 over the last three months. Insiders own 3.50% of the company's stock.

Beam Therapeutics Price Performance

BEAM stock opened at $23.09 on Friday. The company has a fifty day moving average price of $19.51 and a two-hundred day moving average price of $18.98. Beam Therapeutics Inc. has a one year low of $13.52 and a one year high of $35.25. The stock has a market cap of $2.34 billion, a price-to-earnings ratio of -5.13 and a beta of 2.14.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported ($1.00) EPS for the quarter, topping analysts' consensus estimates of ($1.04) by $0.04. Beam Therapeutics had a negative net margin of 661.31% and a negative return on equity of 43.15%. 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 business posted ($1.11) earnings per share. The company's revenue for the quarter was down 28.0% compared to the same quarter last year. Research analysts anticipate that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal 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.

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