Y Intercept Hong Kong Ltd Takes $1.27 Million Position in Beam Therapeutics Inc. $BEAM

Key Points

• Y Intercept Hong Kong Ltd opened a new position in Beam Therapeutics during the first quarter, buying 53,164 shares worth about $1.27 million.
• Beam Therapeutics shares fell 8.8% to $32.68 in Friday trading, with the stock still showing a wide 52-week range of $15.60 to $38.26.
• The company recently reported better-than-expected quarterly results, posting a smaller-than-expected loss and revenue of $31.74 million, while analysts currently rate the stock a Moderate Buy with an average target price of $46.85.

Y Intercept Hong Kong Ltd purchased a new position in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 53,164 shares of the company's stock, valued at approximately $1,267,000. Y Intercept Hong Kong Ltd owned 0.05% of Beam Therapeutics at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BEAM. ARK Investment Management LLC boosted its position in Beam Therapeutics by 12.9% in the 4th quarter. ARK Investment Management LLC now owns 12,467,189 shares of the company's stock valued at $345,590,000 after buying an additional 1,428,355 shares during the period. MWG Caph Ltd purchased a new position in shares of Beam Therapeutics during the fourth quarter worth approximately $35,119,000. State Street Corp raised its stake in shares of Beam Therapeutics by 30.4% during the fourth quarter. State Street Corp now owns 5,228,529 shares of the company's stock valued at $144,935,000 after acquiring an additional 1,219,871 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Beam Therapeutics by 237.5% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,665,385 shares of the company's stock valued at $40,419,000 after purchasing an additional 1,171,977 shares during the period. Finally, Marshall Wace LLP purchased a new stake in shares of Beam Therapeutics in the fourth quarter valued at approximately $26,218,000. Institutional investors own 99.68% of the company's stock.

Beam Therapeutics Stock Down 8.8%

Beam Therapeutics stock traded down $3.14 during mid-day trading on Friday, reaching $32.68. 2,832,978 shares of the company were exchanged, compared to its average volume of 2,470,542. The business has a fifty day moving average of $31.72 and a 200 day moving average of $29.24. The company has a debt-to-equity ratio of 0.09, a quick ratio of 16.99 and a current ratio of 16.99. The firm has a market cap of $3.36 billion, a P/E ratio of -48.06 and a beta of 2.18. Beam Therapeutics Inc. has a 12-month low of $15.60 and a 12-month high of $38.26.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.91) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.03) by $0.12. The business had revenue of $31.74 million for the quarter, compared to the consensus estimate of $10.98 million. Beam Therapeutics had a negative return on equity of 29.00% and a negative net margin of 39.66%.The business's revenue was up 323.2% compared to the same quarter last year. During the same period last year, the business posted ($1.23) EPS. Research analysts anticipate that Beam Therapeutics Inc. will post -4.16 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Beam Therapeutics news, insider Fmr Llc sold 251,488 shares of the 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 directly owned 854,583 shares of the company's stock, valued at approximately $30,132,596.58. This represents a 22.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 3.80% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have commented on BEAM. HC Wainwright restated a "buy" rating and set a $80.00 price objective on shares of Beam Therapeutics in a report on Tuesday. Tudor Pickering set a $39.00 price target on Beam Therapeutics in a research report on Wednesday, May 13th. Citigroup lifted their price objective on Beam Therapeutics from $64.00 to $68.00 and gave the company a "buy" rating in a report on Thursday, March 26th. Sanford C. Bernstein lowered their price objective on shares of Beam Therapeutics from $40.00 to $39.00 and set an "outperform" rating for the company in a research note on Wednesday, May 13th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Beam Therapeutics in a report on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $46.85.

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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