Beam Therapeutics Inc. (NASDAQ:BEAM) Shares Purchased by Quarry LP

Quarry LP increased its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 66.7% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,000 shares of the company’s stock after purchasing an additional 2,400 shares during the quarter. Quarry LP’s holdings in Beam Therapeutics were worth $147,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of BEAM. Arizona State Retirement System boosted its stake in shares of Beam Therapeutics by 2.1% in the second quarter. Arizona State Retirement System now owns 19,431 shares of the company’s stock valued at $455,000 after purchasing an additional 392 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Beam Therapeutics by 2.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,396 shares of the company’s stock valued at $524,000 after buying an additional 516 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Beam Therapeutics by 21.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock valued at $75,000 after acquiring an additional 524 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Beam Therapeutics by 13.3% during the third quarter. GAMMA Investing LLC now owns 4,620 shares of the company’s stock worth $113,000 after acquiring an additional 544 shares during the last quarter. Finally, Green Alpha Advisors LLC lifted its stake in shares of Beam Therapeutics by 5.9% in the third quarter. Green Alpha Advisors LLC now owns 12,475 shares of the company’s stock worth $306,000 after acquiring an additional 698 shares in the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Leerink Partners upgraded Beam Therapeutics from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $27.00 to $39.00 in a research note on Wednesday, November 6th. Wedbush restated an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a research note on Tuesday, November 5th. Leerink Partnrs upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Scotiabank started coverage on shares of Beam Therapeutics in a research report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 target price for the company. Finally, Stifel Nicolaus upped their target price on shares of Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Four investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $44.91.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, President Giuseppe Ciaramella sold 51,110 shares of the business’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $26.36, for a total transaction of $1,347,259.60. Following the completion of the transaction, the president now directly owns 109,150 shares of the company’s stock, valued at $2,877,194. The trade was a 31.89 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the transaction, the chief executive officer now directly owns 938,659 shares of the company’s stock, valued at $23,091,011.40. The trade was a 6.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 162,894 shares of company stock valued at $4,181,745 in the last ninety days. Company insiders own 4.20% of the company’s stock.

Beam Therapeutics Stock Up 5.5 %

Shares of NASDAQ:BEAM opened at $26.71 on Friday. Beam Therapeutics Inc. has a fifty-two week low of $20.84 and a fifty-two week high of $49.50. The firm has a 50-day simple moving average of $24.79 and a 200 day simple moving average of $25.14. The company has a market cap of $2.21 billion, a PE ratio of -15.18 and a beta of 1.90.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). The business had revenue of $14.30 million for the quarter, compared to the consensus estimate of $14.52 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. Beam Therapeutics’s quarterly revenue was down 16.9% on a year-over-year basis. During the same period in the prior year, the company earned ($1.22) EPS. As a group, research analysts forecast that Beam Therapeutics Inc. will post -4.66 EPS for the current fiscal year.

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.