Profund Advisors LLC Acquires 35,571 Shares of Beam Therapeutics Inc. $BEAM

Profund Advisors LLC boosted its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM) by 118.4% during the fourth quarter, Holdings Channel reports. The fund owned 65,617 shares of the company’s stock after purchasing an additional 35,571 shares during the period. Profund Advisors LLC’s holdings in Beam Therapeutics were worth $1,819,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Bank Julius Baer & Co. Ltd Zurich bought a new position in Beam Therapeutics during the fourth quarter worth $47,000. Larson Financial Group LLC grew its stake in Beam Therapeutics by 4,370.5% in the 3rd quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock valued at $48,000 after buying an additional 1,923 shares during the last quarter. Van ECK Associates Corp lifted its position in Beam Therapeutics by 48.7% during the third quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock worth $52,000 after acquiring an additional 707 shares during the last quarter. Daiwa Securities Group Inc. boosted its holdings in shares of Beam Therapeutics by 1,248.8% during the second quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company’s stock worth $65,000 after acquiring an additional 3,534 shares during the period. Finally, CWM LLC grew its position in shares of Beam Therapeutics by 15.4% in the fourth quarter. CWM LLC now owns 2,466 shares of the company’s stock valued at $68,000 after purchasing an additional 329 shares during the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on BEAM. Canaccord Genuity Group assumed coverage on Beam Therapeutics in a report on Friday, February 20th. They set a “buy” rating and a $74.00 price target for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Monday, April 20th. Tudor Pickering set a $39.00 price objective on shares of Beam Therapeutics in a research note on Wednesday, May 13th. Sanford C. Bernstein cut their price objective on shares of Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Finally, Royal Bank Of Canada increased their target price on shares of Beam Therapeutics from $22.00 to $26.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 25th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $46.83.

Insider Activity

In related news, CEO John M. Evans sold 30,078 shares of the stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $24.58, for a total transaction of $739,317.24. Following the sale, the chief executive officer owned 1,047,205 shares in the company, valued at approximately $25,740,298.90. This trade represents a 2.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Giuseppe Ciaramella sold 11,810 shares of Beam Therapeutics stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $24.58, for a total transaction of $290,289.80. Following the completion of the transaction, the president directly owned 218,406 shares in the company, valued at $5,368,419.48. This trade represents a 5.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 79,544 shares of company stock valued at $1,899,942 in the last 90 days. 3.80% of the stock is owned by corporate insiders.

Beam Therapeutics Stock Performance

NASDAQ:BEAM opened at $27.11 on Thursday. The company has a market cap of $2.79 billion, a price-to-earnings ratio of -39.87 and a beta of 2.26. Beam Therapeutics Inc. has a fifty-two week low of $15.35 and a fifty-two week high of $36.44. The company has a debt-to-equity ratio of 0.09, a quick ratio of 16.99 and a current ratio of 16.99. The stock has a fifty day moving average price of $27.51 and a 200-day moving average price of $27.21.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.91) EPS for the quarter, beating analysts’ consensus estimates of ($1.03) by $0.12. Beam Therapeutics had a negative return on equity of 29.00% and a negative net margin of 39.66%.The business had revenue of $31.74 million during the quarter, compared to the consensus estimate of $10.98 million. During the same quarter in the previous year, the firm earned ($1.23) earnings per share. Beam Therapeutics’s revenue for the quarter was up 323.2% compared to the same quarter last year. As a group, equities analysts anticipate that Beam Therapeutics Inc. will post -4.23 EPS for the current fiscal year.

Beam Therapeutics Company Profile

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.