BIT Capital GmbH Invests $878,000 in Beam Therapeutics Inc. (NASDAQ:BEAM)

BIT Capital GmbH bought a new stake in Beam Therapeutics Inc. (NASDAQ:BEAM) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 35,414 shares of the company’s stock, valued at approximately $878,000.

Several other institutional investors and hedge funds have also modified their holdings of BEAM. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in Beam Therapeutics during the fourth quarter worth approximately $330,000. Charles Schwab Investment Management Inc. lifted its position in shares of Beam Therapeutics by 6.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock valued at $15,423,000 after acquiring an additional 36,226 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of 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 worth $98,149,000 after purchasing an additional 404,782 shares in the last quarter. Bellevue Group AG increased its position in shares of Beam Therapeutics by 7.1% in the third quarter. Bellevue Group AG now owns 1,518,121 shares of the company’s stock worth $37,194,000 after purchasing an additional 100,000 shares during the period. Finally, Geode Capital Management LLC raised its stake in Beam Therapeutics by 4.5% in the third quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock valued at $44,297,000 after purchasing an additional 78,102 shares in the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently issued reports on BEAM shares. Wedbush reissued an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research note on Monday, March 10th. Royal Bank of Canada raised their target price on Beam Therapeutics from $24.00 to $26.00 and gave the company a “sector perform” rating in a report on Wednesday, February 26th. Cantor Fitzgerald reissued an “overweight” rating on shares of Beam Therapeutics in a report on Wednesday, March 12th. Sanford C. Bernstein upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Finally, Scotiabank upgraded Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 target price on the stock in a research report on Monday, March 10th. Two research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Beam Therapeutics currently has an average rating of “Buy” and an average target price of $50.82.

Beam Therapeutics Trading Down 5.6 %

NASDAQ BEAM opened at $21.91 on Thursday. The firm has a market capitalization of $2.19 billion, a PE ratio of -12.45 and a beta of 1.91. The business’s 50-day moving average price is $26.70 and its two-hundred day moving average price is $25.90. Beam Therapeutics Inc. has a 12 month low of $20.84 and a 12 month high of $35.25.

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

Insider Activity

In other news, insider Christine Bellon sold 1,241 shares of Beam Therapeutics stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total value of $30,627.88. Following the completion of the transaction, the insider now directly owns 102,968 shares of the company’s stock, valued at approximately $2,541,250.24. This trade represents a 1.19 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO John M. Evans sold 30,000 shares of the business’s stock in a transaction dated Thursday, January 30th. The shares were 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 in the company, valued at $24,306,628.25. This represents a 3.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.

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.