Credit Suisse AG raised its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM – Get Rating) by 6.9% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 57,868 shares of the company’s stock after acquiring an additional 3,725 shares during the period. Credit Suisse AG owned approximately 0.08% of Beam Therapeutics worth $2,757,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also modified their holdings of BEAM. Envestnet Asset Management Inc. purchased a new stake in Beam Therapeutics during the 1st quarter valued at $204,000. Raymond James & Associates raised its holdings in Beam Therapeutics by 43.6% during the 1st quarter. Raymond James & Associates now owns 4,163 shares of the company’s stock valued at $239,000 after buying an additional 1,263 shares during the period. US Bancorp DE raised its holdings in Beam Therapeutics by 5.6% during the 1st quarter. US Bancorp DE now owns 10,802 shares of the company’s stock valued at $619,000 after buying an additional 571 shares during the period. HighTower Advisors LLC raised its holdings in Beam Therapeutics by 15.3% during the 1st quarter. HighTower Advisors LLC now owns 4,352 shares of the company’s stock valued at $251,000 after buying an additional 576 shares during the period. Finally, MetLife Investment Management LLC raised its holdings in Beam Therapeutics by 56.8% during the 1st quarter. MetLife Investment Management LLC now owns 27,129 shares of the company’s stock valued at $1,554,000 after buying an additional 9,829 shares during the period. 76.70% of the stock is owned by hedge funds and other institutional investors.
Beam Therapeutics Trading Up 0.7 %
BEAM opened at $39.10 on Friday. Beam Therapeutics Inc. has a 12-month low of $27.77 and a 12-month high of $73.27. The business’s fifty day simple moving average is $42.10 and its 200-day simple moving average is $46.29. The company has a market capitalization of $2.83 billion, a price-to-earnings ratio of -9.47 and a beta of 1.70.
Beam Therapeutics (NASDAQ:BEAM – Get Rating) last posted its quarterly earnings results on Tuesday, February 28th. The company reported ($0.54) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.34) by $0.80. Beam Therapeutics had a negative return on equity of 37.58% and a negative net margin of 474.54%. The business had revenue of $20.04 million for the quarter, compared to the consensus estimate of $12.73 million. During the same quarter in the prior year, the company earned ($0.95) EPS. The business’s revenue was down 60.8% compared to the same quarter last year. On average, equities research analysts predict that Beam Therapeutics Inc. will post -5.54 EPS for the current year.
Analysts Set New Price Targets
Several analysts recently weighed in on the company. Cantor Fitzgerald assumed coverage on Beam Therapeutics in a report on Tuesday, January 31st. They set an “overweight” rating and a $62.00 price target on the stock. Guggenheim reduced their target price on Beam Therapeutics to $102.00 in a research note on Tuesday, November 15th. BMO Capital Markets upgraded Beam Therapeutics from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $61.00 to $66.00 in a research note on Tuesday, December 20th. Citigroup assumed coverage on Beam Therapeutics in a research note on Tuesday, December 13th. They issued a “buy” rating and a $62.00 target price on the stock. Finally, SVB Leerink reduced their target price on Beam Therapeutics from $81.00 to $77.00 and set an “outperform” rating on the stock in a research note on Monday, January 23rd. Two equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Beam Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $76.33.
Insider Activity at Beam Therapeutics
In related news, CFO Terry-Ann Burrell sold 1,102 shares of the firm’s stock in a transaction dated Thursday, January 26th. The stock was sold at an average price of $45.16, for a total transaction of $49,766.32. Following the sale, the chief financial officer now owns 31,277 shares of the company’s stock, valued at $1,412,469.32. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider Giuseppe Ciaramella sold 51,015 shares of the firm’s stock in a transaction dated Monday, December 12th. The stock was sold at an average price of $42.70, for a total transaction of $2,178,340.50. Following the sale, the insider now owns 91,462 shares of the company’s stock, valued at $3,905,427.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Terry-Ann Burrell sold 1,102 shares of the firm’s stock in a transaction dated Thursday, January 26th. The shares were sold at an average price of $45.16, for a total value of $49,766.32. Following the sale, the chief financial officer now directly owns 31,277 shares in the company, valued at approximately $1,412,469.32. The disclosure for this sale can be found here. Insiders have sold a total of 114,122 shares of company stock valued at $5,025,087 over the last quarter. 4.00% of the stock is owned by corporate insiders.
Beam Therapeutics Company Profile
Beam Therapeutics Inc, a biotechnology company, develops precision genetic medicines for patients suffering from serious diseases in the United States. The company is developing BEAM-101 for the treatment of sickle cell disease and beta thalassemia; BEAM-102 for the treatment of sickle cell disease; and BEAM-201, an allogeneic chimeric antigen receptor T cell for the treatment of relapsed/refractory T-cell acute lymphoblastic leukemia; and BEAM-301, a liver-targeted development candidate for the treatment of patients with Glycogen Storage Disease Type Ia.
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