AMG National Trust Bank Takes $289,000 Position in Beam Therapeutics Inc. $BEAM

AMG National Trust Bank acquired a new stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) during the second quarter, Holdings Channel.com reports. The fund acquired 17,007 shares of the company’s stock, valued at approximately $289,000.

Other hedge funds also recently made changes to their positions in the company. CWM LLC raised its stake in shares of Beam Therapeutics by 79.8% during the first quarter. CWM LLC now owns 2,684 shares of the company’s stock valued at $52,000 after purchasing an additional 1,191 shares during the period. Amalgamated Bank raised its stake in shares of Beam Therapeutics by 20.4% during the first quarter. Amalgamated Bank now owns 3,153 shares of the company’s stock valued at $62,000 after purchasing an additional 534 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Beam Therapeutics by 43.4% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,884 shares of the company’s stock worth $66,000 after buying an additional 1,175 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Beam Therapeutics during the first quarter worth approximately $87,000. Finally, Quarry LP grew its position in shares of Beam Therapeutics by 200.0% during the first quarter. Quarry LP now owns 4,500 shares of the company’s stock worth $88,000 after buying an additional 3,000 shares in the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Price Performance

BEAM stock opened at $25.01 on Friday. Beam Therapeutics Inc. has a 1-year low of $13.52 and a 1-year high of $35.25. The firm has a fifty day moving average price of $23.34 and a two-hundred day moving average price of $20.07. The firm has a market cap of $2.53 billion, a price-to-earnings ratio of -5.56 and a beta of 2.25.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, August 5th. The company reported ($1.00) earnings per share for the quarter, beating the consensus estimate of ($1.04) by $0.04. Beam Therapeutics had a negative net margin of 661.31% and a negative return on equity of 43.15%. The firm had revenue of $8.47 million during the quarter, compared to analyst estimates of $13.29 million. During the same quarter in the previous year, the firm earned ($1.11) earnings per share. The firm’s revenue for the quarter was down 28.0% compared to the same quarter last year. As a group, analysts expect that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently weighed in on BEAM shares. Jefferies Financial Group started coverage on shares of Beam Therapeutics in a research report on Thursday, October 9th. They set a “buy” rating and a $41.00 price target for the company. HC Wainwright reissued a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research report on Friday, October 10th. Barclays decreased their price target on shares of Beam Therapeutics from $25.00 to $21.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 6th. Cantor Fitzgerald raised shares of Beam Therapeutics to a “strong-buy” rating in a research report on Monday, July 21st. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Wednesday, October 8th. Three analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $45.92.

Beam Therapeutics Company 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.