Raymond James Financial Inc. Takes Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

Raymond James Financial Inc. purchased a new position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 28,328 shares of the company's stock, valued at approximately $703,000.

Several other hedge funds also recently modified their holdings of the company. ARK Investment Management LLC raised its holdings in Beam Therapeutics by 8.2% in the fourth quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company's stock valued at $175,287,000 after buying an additional 536,930 shares during the period. Nikko Asset Management Americas Inc. raised its holdings in Beam Therapeutics by 11.4% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company's stock valued at $98,109,000 after buying an additional 404,782 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its holdings in Beam Therapeutics by 11.4% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company's stock valued at $98,149,000 after buying an additional 404,782 shares during the period. Peregrine Investment Management Inc. purchased a new position in Beam Therapeutics in the fourth quarter valued at approximately $3,932,000. Finally, Alliancebernstein L.P. raised its holdings in Beam Therapeutics by 149.4% in the fourth quarter. Alliancebernstein L.P. now owns 212,804 shares of the company's stock valued at $5,278,000 after buying an additional 127,494 shares during the period. 99.68% of the stock is owned by institutional investors and hedge funds.

Beam Therapeutics Stock Up 4.7%

BEAM stock traded up $0.81 during mid-day trading on Monday, reaching $18.22. The company had a trading volume of 282,312 shares, compared to its average volume of 1,428,466. The stock has a market capitalization of $1.83 billion, a P/E ratio of -10.34 and a beta of 2.35. Beam Therapeutics Inc. has a one year low of $13.53 and a one year high of $35.25. The stock's 50-day simple moving average is $20.07 and its two-hundred day simple moving average is $24.36.

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

Insider Buying and Selling

In related news, President Giuseppe Ciaramella sold 7,434 shares of Beam Therapeutics stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total value of $136,413.90. Following the transaction, the president now owns 190,216 shares of the company's stock, valued at approximately $3,490,463.60. This trade represents a 3.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO John M. Evans sold 30,663 shares of Beam Therapeutics 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 completion of the transaction, the chief executive officer now directly owns 986,249 shares in the company, valued at $18,097,669.15. This represents a 3.02% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,771 shares of company stock valued at $803,198 over the last three months. Company insiders own 4.20% of the company's stock.

Wall Street Analysts Forecast Growth

BEAM has been the topic of several research reports. Cantor Fitzgerald restated an "overweight" rating on shares of Beam Therapeutics in a report on Wednesday, March 12th. Bank of America upgraded shares of Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 price target on the stock in a report on Friday, March 28th. Jones Trading upgraded shares of Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 price objective on the stock in a research note on Monday, March 10th. Wedbush reiterated an "outperform" rating and set a $57.00 price objective on shares of Beam Therapeutics in a research note on Monday, March 10th. Finally, Scotiabank upgraded shares of Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 price objective on the stock in a research note on Monday, March 10th. Two equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Buy" and an average target price of $48.75.

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.