Beam Therapeutics Inc. (NASDAQ:BEAM) Stake Raised by Wells Fargo & Company MN

Wells Fargo & Company MN lifted its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 17.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 128,002 shares of the company's stock after acquiring an additional 19,158 shares during the quarter. Wells Fargo & Company MN owned 0.15% of Beam Therapeutics worth $3,174,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of BEAM. Wealthfront Advisers LLC purchased a new stake in shares of Beam Therapeutics during the fourth quarter worth about $41,000. KBC Group NV increased its position in shares of Beam Therapeutics by 103.2% during 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 last quarter. Blue Trust Inc. increased its position in shares of Beam Therapeutics by 36.3% during the fourth quarter. Blue Trust Inc. now owns 4,274 shares of the company's stock worth $105,000 after acquiring an additional 1,139 shares during the last quarter. GAMMA Investing LLC increased its position in shares of 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 increased its position in shares of Beam Therapeutics by 17.1% during the fourth quarter. Atria Investments Inc now owns 9,562 shares of the company's stock worth $237,000 after acquiring an additional 1,395 shares during the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Beam Therapeutics

In related news, CEO John M. Evans sold 30,663 shares of Beam Therapeutics stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $562,666.05. Following the sale, the chief executive officer now directly owns 986,249 shares in the company, valued at $18,097,669.15. The trade was a 3.02 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christine Bellon sold 5,674 shares of Beam Therapeutics stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $104,117.90. Following the sale, the insider now owns 117,294 shares in the company, valued at approximately $2,152,344.90. This represents a 4.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 73,771 shares of company stock worth $1,605,698 over the last ninety days. 4.20% of the stock is currently owned by corporate insiders.

Beam Therapeutics Stock Up 1.4 %

BEAM stock traded up $0.28 during mid-day trading on Monday, reaching $19.80. The company had a trading volume of 1,269,897 shares, compared to its average volume of 1,385,762. The stock has a market capitalization of $1.99 billion, a P/E ratio of -11.25 and a beta of 2.02. 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 $21.89 and its two-hundred day simple moving average is $24.71.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.25) by $0.16. The company had revenue of $30.00 million for the quarter, compared to analysts' expectations of $16.47 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The firm's quarterly revenue was down 90.5% compared to the same quarter last year. During the same period last year, the business posted $1.73 earnings per share. On average, research analysts forecast that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on BEAM shares. Wedbush reissued an "outperform" rating and issued a $57.00 price objective on shares of Beam Therapeutics in a report on Monday, March 10th. Jones Trading raised Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 price objective for the company in a report on Monday, March 10th. Guggenheim reissued a "buy" rating and issued a $78.00 price objective on shares of Beam Therapeutics in a report on Thursday, February 27th. Scotiabank raised Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 price objective for the company in a report on Monday, March 10th. Finally, HC Wainwright reissued a "buy" rating and issued a $80.00 price objective on shares of Beam Therapeutics in a report on Monday, April 7th. Two investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $49.45.

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.