Invesco Ltd. Boosts Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

Invesco Ltd. raised its stake in Beam Therapeutics Inc. (NASDAQ:BEAM) by 4.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 66,265 shares of the company’s stock after purchasing an additional 2,701 shares during the period. Invesco Ltd.’s holdings in Beam Therapeutics were worth $1,643,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. boosted its holdings in shares of Beam Therapeutics by 8.2% in the 4th quarter. Envestnet Asset Management Inc. now owns 30,467 shares of the company’s stock valued at $756,000 after buying an additional 2,296 shares in the last quarter. Wells Fargo & Company MN boosted its stake in Beam Therapeutics by 17.6% in the fourth quarter. Wells Fargo & Company MN now owns 128,002 shares of the company’s stock valued at $3,174,000 after acquiring an additional 19,158 shares in the last quarter. ExodusPoint Capital Management LP purchased a new position in shares of Beam Therapeutics during the fourth quarter worth about $331,000. Cinctive Capital Management LP acquired a new stake in shares of Beam Therapeutics during the fourth quarter worth about $1,618,000. Finally, Franklin Resources Inc. lifted its holdings in shares of Beam Therapeutics by 42.0% in the 4th quarter. Franklin Resources Inc. now owns 21,353 shares of the company’s stock valued at $530,000 after purchasing an additional 6,315 shares during the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

Insider Activity

In other Beam Therapeutics news, CEO John M. Evans sold 30,000 shares of the firm’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $26.75, for a total transaction 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 approximately $24,306,628.25. This trade represents a 3.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Giuseppe Ciaramella sold 7,434 shares of the company’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $136,413.90. Following the completion of the sale, the president now directly owns 190,216 shares in the company, valued at $3,490,463.60. This trade represents a 3.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 73,771 shares of company stock worth $1,605,698 over the last 90 days. 4.20% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have commented on BEAM. Scotiabank raised Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 price target on the stock in a research report on Monday, March 10th. Cantor Fitzgerald reissued an “overweight” rating on shares of Beam Therapeutics in a research report on Wednesday, March 12th. Wedbush reaffirmed an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a report on Monday, March 10th. Jones Trading raised Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 price target on the stock in a report on Monday, March 10th. Finally, Guggenheim reaffirmed a “buy” rating and set a $78.00 price objective on shares of Beam Therapeutics in a research note on Thursday, February 27th. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $49.45.

Beam Therapeutics Stock Down 0.5 %

NASDAQ:BEAM opened at $19.71 on Wednesday. Beam Therapeutics Inc. has a fifty-two week low of $13.53 and a fifty-two week high of $35.25. The firm’s fifty day simple moving average is $21.62 and its 200-day simple moving average is $24.68. The stock has a market cap of $1.98 billion, a PE ratio of -11.20 and a beta of 2.02.

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

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.