Polar Asset Management Partners Inc. Buys 187,455 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

Polar Asset Management Partners Inc. boosted its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 901.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 208,255 shares of the company's stock after purchasing an additional 187,455 shares during the quarter. Polar Asset Management Partners Inc. owned about 0.25% of Beam Therapeutics worth $5,165,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. ProShare Advisors LLC boosted its position in Beam Therapeutics by 31.7% during the fourth quarter. ProShare Advisors LLC now owns 25,446 shares of the company's stock worth $631,000 after purchasing an additional 6,127 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Beam Therapeutics by 3.9% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 162,407 shares of the company's stock worth $4,030,000 after purchasing an additional 6,128 shares during the period. Graham Capital Management L.P. boosted its position in shares of Beam Therapeutics by 18.8% in the fourth quarter. Graham Capital Management L.P. now owns 12,364 shares of the company's stock valued at $307,000 after acquiring an additional 1,954 shares during the period. Farallon Capital Management LLC boosted its position in shares of Beam Therapeutics by 0.4% in the fourth quarter. Farallon Capital Management LLC now owns 8,239,123 shares of the company's stock valued at $204,330,000 after acquiring an additional 31,000 shares during the period. Finally, Deutsche Bank AG boosted its position in shares of Beam Therapeutics by 54.7% in the fourth quarter. Deutsche Bank AG now owns 67,508 shares of the company's stock valued at $1,674,000 after acquiring an additional 23,871 shares during the period. 99.68% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on BEAM. Cantor Fitzgerald reissued an "overweight" rating on shares of Beam Therapeutics in a research report on Wednesday, March 12th. Bank of America raised shares of Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 target price for the company in a research report on Friday, March 28th. HC Wainwright reissued a "buy" rating and issued a $80.00 target price on shares of Beam Therapeutics in a research report on Monday, April 7th. Wells Fargo & Company reduced their target price on shares of Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating for the company in a research report on Wednesday, May 7th. Finally, Scotiabank raised shares of Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 target price for the company in a research report on Monday, March 10th. Two investment 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. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $48.75.

Beam Therapeutics Trading Down 1.8%

NASDAQ BEAM traded down $0.33 during trading on Wednesday, hitting $17.43. 642,667 shares of the company's stock were exchanged, compared to its average volume of 1,441,259. The company has a market cap of $1.75 billion, a PE ratio of -9.92 and a beta of 2.35. Beam Therapeutics Inc. has a fifty-two week low of $13.53 and a fifty-two week high of $35.25. The stock's 50 day moving average price is $18.83 and its two-hundred day moving average price is $24.12.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported ($1.24) EPS for the quarter, missing the consensus estimate of ($1.11) by ($0.13). The business had revenue of $7.47 million for the quarter, compared to analyst estimates of $14.69 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The firm's revenue was up 1.4% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.21) EPS. Analysts forecast that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Insider Transactions at Beam Therapeutics

In other news, insider Christine Bellon sold 5,674 shares of the business's 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 sale, the insider now directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO John M. Evans sold 30,663 shares of the business's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total value of $562,666.05. Following the sale, the chief executive officer now owns 986,249 shares in the company, valued at approximately $18,097,669.15. This trade represents a 3.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 43,771 shares of company stock worth $803,198. Insiders own 4.20% of the company's stock.

Beam Therapeutics 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.