Renaissance Technologies LLC Invests $568,000 in Beam Therapeutics Inc. (NASDAQ:BEAM)

Renaissance Technologies LLC purchased a new position in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 22,907 shares of the company's stock, valued at approximately $568,000.

Several other institutional investors also recently bought and sold shares of the company. Wealthfront Advisers LLC purchased a new position in shares of Beam Therapeutics in the 4th quarter worth $41,000. KBC Group NV raised its position in Beam Therapeutics by 103.2% in the fourth quarter. KBC Group NV now owns 4,143 shares of the company's stock worth $103,000 after acquiring an additional 2,104 shares during the period. Blue Trust Inc. grew its position in shares of 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 during the period. GAMMA Investing LLC lifted 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 valued at $142,000 after purchasing an additional 1,102 shares in the last quarter. Finally, Atria Investments Inc lifted its position in shares of Beam Therapeutics by 17.1% during the 4th quarter. Atria Investments Inc now owns 9,562 shares of the company's stock valued at $237,000 after buying an additional 1,395 shares in the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

Beam Therapeutics Stock Performance

Shares of NASDAQ:BEAM traded up $0.55 on Friday, hitting $17.80. 1,156,476 shares of the company's stock were exchanged, compared to its average volume of 1,426,838. The company has a market capitalization of $1.79 billion, a PE ratio of -10.11 and a beta of 2.35. Beam Therapeutics Inc. has a 1-year low of $13.53 and a 1-year high of $35.25. The firm's 50-day moving average is $20.25 and its 200 day moving average is $24.36.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($1.24) EPS for the quarter, missing the consensus estimate 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 during the quarter, compared to analyst estimates of $14.69 million. During the same quarter last year, the business earned ($1.21) EPS. The firm's revenue for the quarter was up 1.4% on a year-over-year basis. On average, analysts anticipate that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Insider Activity

In related news, 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 transaction, the chief executive officer now owns 986,249 shares in the company, valued at approximately $18,097,669.15. The trade was a 3.02 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Giuseppe Ciaramella sold 7,434 shares of the stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total transaction of $136,413.90. Following the transaction, the president now directly owns 190,216 shares in the company, valued at $3,490,463.60. The trade was a 3.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 43,771 shares of company stock valued at $803,198 over the last 90 days. Insiders own 4.20% of the company's stock.

Analyst Ratings Changes

BEAM has been the topic of a number of research analyst reports. Bank of America upgraded Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 target price on the stock in a research report on Friday, March 28th. Guggenheim decreased their price objective on shares of Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating for the company in a research report on Wednesday. HC Wainwright reaffirmed a "buy" rating and set a $80.00 price target on shares of Beam Therapeutics in a research report on Monday, April 7th. Royal Bank of Canada boosted their price objective on Beam Therapeutics from $24.00 to $26.00 and gave the company a "sector perform" rating in a report on Wednesday, February 26th. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of Beam Therapeutics in a research report on Wednesday, March 12th. Two research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $48.75.

About Beam Therapeutics

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.