Beam Therapeutics Inc. (NASDAQ:BEAM) Shares Acquired by First Trust Advisors LP

First Trust Advisors LP boosted its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 42.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 25,595 shares of the company’s stock after purchasing an additional 7,623 shares during the period. First Trust Advisors LP’s holdings in Beam Therapeutics were worth $635,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Marshall Wace LLP purchased a new stake in Beam Therapeutics in the fourth quarter valued at $1,364,000. Mariner LLC increased its stake in Beam Therapeutics by 9.7% during the 4th quarter. Mariner LLC now owns 13,888 shares of the company’s stock worth $344,000 after buying an additional 1,233 shares in the last quarter. Barclays PLC raised its stake in Beam Therapeutics by 51.7% in the 4th quarter. Barclays PLC now owns 278,019 shares of the company’s stock valued at $6,895,000 after purchasing an additional 94,805 shares during the last quarter. Summit Investment Advisors Inc. boosted its position in Beam Therapeutics by 6.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 7,999 shares of the company’s stock worth $198,000 after acquiring an additional 496 shares during the last quarter. Finally, Sterling Capital Management LLC boosted its holdings in shares of Beam Therapeutics by 816.0% during the 4th quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock worth $60,000 after purchasing an additional 2,146 shares during the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Wedbush reaffirmed an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research note on Monday, March 10th. Guggenheim lowered their price objective on shares of Beam Therapeutics from $78.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research report on Monday, April 7th. Barclays dropped their target price on Beam Therapeutics from $31.00 to $25.00 and set an “equal weight” rating on the stock in a report on Wednesday. Finally, Jones Trading upgraded shares of 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. Two investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $48.75.

Insiders Place Their Bets

In related news, insider Christine Bellon sold 5,674 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $104,117.90. Following the completion of the sale, the insider now directly owns 117,294 shares in the company, valued at approximately $2,152,344.90. The trade was a 4.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John M. Evans sold 30,663 shares of the company’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total value of $562,666.05. Following the sale, the chief executive officer now owns 986,249 shares of the company’s stock, valued at approximately $18,097,669.15. The trade was a 3.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,771 shares of company stock valued at $803,198. Corporate insiders own 4.20% of the company’s stock.

Beam Therapeutics Stock Up 6.3 %

Shares of NASDAQ:BEAM opened at $17.25 on Friday. The company has a 50-day moving average price of $20.25 and a 200 day moving average price of $24.36. The company has a market cap of $1.73 billion, a P/E ratio of -9.80 and a beta of 2.35. Beam Therapeutics Inc. has a 52 week low of $13.53 and a 52 week high of $35.25.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings data on Tuesday, May 6th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.11) by ($0.13). Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The firm had revenue of $7.47 million for the quarter, compared to analyst estimates of $14.69 million. During the same period in the prior year, the firm posted ($1.21) earnings per share. The business’s revenue for the quarter was up 1.4% compared to the same quarter last year. Analysts expect that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Beam Therapeutics 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.