Intech Investment Management LLC Purchases 8,509 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

Intech Investment Management LLC boosted its position in Beam Therapeutics Inc. (NASDAQ:BEAM) by 40.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 29,401 shares of the company’s stock after buying an additional 8,509 shares during the quarter. Intech Investment Management LLC’s holdings in Beam Therapeutics were worth $729,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of BEAM. ARK Investment Management LLC grew its position in shares of Beam Therapeutics by 8.2% in the fourth quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company’s stock valued at $175,287,000 after purchasing an additional 536,930 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in Beam Therapeutics by 11.4% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock valued at $98,149,000 after purchasing an additional 404,782 shares during the period. Nikko Asset Management Americas Inc. grew its holdings in Beam Therapeutics by 11.4% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company’s stock valued at $98,109,000 after buying an additional 404,782 shares during the last quarter. State Street Corp increased its position in Beam Therapeutics by 12.5% in the 3rd quarter. State Street Corp now owns 3,929,557 shares of the company’s stock worth $96,274,000 after buying an additional 437,402 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in shares of Beam Therapeutics by 4.5% during the third quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock worth $44,297,000 after buying an additional 78,102 shares during the last quarter. Institutional investors own 99.68% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on BEAM. Wedbush reaffirmed an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Monday, March 10th. Cantor Fitzgerald restated an “overweight” rating on shares of Beam Therapeutics in a report on Wednesday, March 12th. Scotiabank upgraded shares of Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 target price for the company in a research note on Monday, March 10th. Jones Trading upgraded Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a research note on Monday, March 10th. Finally, HC Wainwright reiterated a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research report on Monday, March 10th. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $50.82.

Insider Buying and Selling

In related news, CEO John M. Evans sold 30,000 shares of Beam Therapeutics stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $26.75, for a total value of $802,500.00. Following the completion of the transaction, the chief executive officer now directly owns 908,659 shares of the company’s stock, valued at $24,306,628.25. The trade was a 3.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Christine Bellon sold 1,241 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total transaction of $30,627.88. Following the sale, the insider now directly owns 102,968 shares in the company, valued at approximately $2,541,250.24. This represents a 1.19 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is owned by corporate insiders.

Beam Therapeutics Stock Performance

Shares of NASDAQ:BEAM opened at $23.30 on Monday. The company’s fifty day moving average is $26.76 and its 200-day moving average is $25.93. Beam Therapeutics Inc. has a 52 week low of $20.84 and a 52 week high of $35.25. The company has a market capitalization of $2.32 billion, a PE ratio of -13.24 and a beta of 1.91.

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

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.