Renaissance Technologies LLC Takes Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

Renaissance Technologies LLC acquired a new position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 22,907 shares of the company's stock, valued at approximately $568,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Wealthfront Advisers LLC purchased a new position in Beam Therapeutics in the fourth quarter valued at about $41,000. KBC Group NV grew its stake in Beam Therapeutics by 103.2% in the 4th quarter. KBC Group NV now owns 4,143 shares of the company's stock valued at $103,000 after acquiring an additional 2,104 shares during the last quarter. Blue Trust Inc. increased its holdings in Beam Therapeutics by 36.3% during the 4th quarter. Blue Trust Inc. now owns 4,274 shares of the company's stock valued at $105,000 after acquiring an additional 1,139 shares in the last quarter. GAMMA Investing LLC raised its position in Beam Therapeutics by 23.9% during the fourth quarter. GAMMA Investing LLC now owns 5,722 shares of the company's stock worth $142,000 after acquiring an additional 1,102 shares during the last quarter. Finally, Atria Investments Inc lifted its holdings in shares of Beam Therapeutics by 17.1% in the fourth quarter. Atria Investments Inc now owns 9,562 shares of the company's stock valued at $237,000 after purchasing an additional 1,395 shares in the last quarter. Institutional investors and hedge funds own 99.68% of the company's stock.

Insider Activity

In related news, CEO John M. Evans sold 30,663 shares of the stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total transaction of $562,666.05. Following the completion of the sale, the chief executive officer now owns 986,249 shares in the company, valued at $18,097,669.15. This represents a 3.02 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Giuseppe Ciaramella sold 7,434 shares of the company's stock in a transaction that occurred on 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 ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 43,771 shares of company stock valued at $803,198. Insiders own 4.20% of the company's stock.

Beam Therapeutics Stock Down 19.7 %

Shares of NASDAQ BEAM traded down $3.90 during mid-day trading on Tuesday, hitting $15.92. 5,148,572 shares of the company traded hands, compared to its average volume of 1,413,797. Beam Therapeutics Inc. has a 1 year low of $13.53 and a 1 year high of $35.25. The stock has a market capitalization of $1.60 billion, a price-to-earnings ratio of -9.04 and a beta of 2.35. The business has a 50 day moving average of $20.84 and a two-hundred day moving average of $24.52.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its quarterly earnings results 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). The business had revenue of $7.47 million for the quarter, compared to the consensus estimate of $14.69 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The firm's revenue for the quarter was up 1.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($1.21) EPS. As a group, research analysts anticipate that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on BEAM shares. Wedbush reiterated an "outperform" rating and set a $57.00 price objective on shares of Beam Therapeutics in a research report on Monday, March 10th. Bank of America raised Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 price objective on the stock in a research note on Friday, March 28th. Guggenheim reaffirmed a "buy" rating and set a $78.00 price target on shares of Beam Therapeutics in a research report on Thursday, February 27th. HC Wainwright reiterated a "buy" rating and set a $80.00 price objective on shares of Beam Therapeutics in a research note on Monday, April 7th. Finally, Sanford C. Bernstein upgraded Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 7th. Two analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Beam Therapeutics currently has a consensus rating of "Buy" and an average target price of $49.45.

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.