Beam Therapeutics Inc. $BEAM Shares Purchased by Corebridge Financial Inc.

Corebridge Financial Inc. boosted its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 17.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 44,808 shares of the company’s stock after buying an additional 6,795 shares during the quarter. Corebridge Financial Inc.’s holdings in Beam Therapeutics were worth $875,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Northern Trust Corp lifted its holdings in Beam Therapeutics by 7.2% during the 4th quarter. Northern Trust Corp now owns 740,506 shares of the company’s stock worth $18,365,000 after buying an additional 49,415 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Beam Therapeutics by 549.9% during the 1st quarter. GAMMA Investing LLC now owns 37,185 shares of the company’s stock worth $726,000 after buying an additional 31,463 shares in the last quarter. Amalgamated Bank lifted its holdings in Beam Therapeutics by 20.4% during the 1st quarter. Amalgamated Bank now owns 3,153 shares of the company’s stock worth $62,000 after buying an additional 534 shares in the last quarter. Stifel Financial Corp lifted its holdings in Beam Therapeutics by 27.8% during the 4th quarter. Stifel Financial Corp now owns 13,662 shares of the company’s stock worth $339,000 after buying an additional 2,976 shares in the last quarter. Finally, Rhumbline Advisers lifted its holdings in Beam Therapeutics by 11.9% during the 1st quarter. Rhumbline Advisers now owns 141,204 shares of the company’s stock worth $2,758,000 after buying an additional 14,971 shares in the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Fmr Llc sold 48,374 shares of Beam Therapeutics stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $20.50, for a total transaction of $991,667.00. Following the sale, the insider directly owned 2,073,665 shares in the company, valued at $42,510,132.50. This trade represents a 2.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders have sold 49,624 shares of company stock worth $1,015,628. 3.50% of the stock is owned by company insiders.

Beam Therapeutics Trading Up 12.6%

Shares of NASDAQ:BEAM opened at $20.88 on Friday. The company has a market capitalization of $2.11 billion, a PE ratio of -4.64 and a beta of 2.14. Beam Therapeutics Inc. has a twelve month low of $13.52 and a twelve month high of $35.25. The firm has a 50 day simple moving average of $18.84 and a 200-day simple moving average of $19.57.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, August 5th. The company reported ($1.00) EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $13.29 million. During the same period last year, the business earned ($1.11) EPS. Beam Therapeutics’s revenue for the quarter was down 28.0% compared to the same quarter last year. As a group, equities research analysts predict that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on BEAM shares. Wall Street Zen upgraded shares of Beam Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday. Barclays reduced their target price on shares of Beam Therapeutics from $25.00 to $21.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 6th. Finally, Cantor Fitzgerald upgraded shares of Beam Therapeutics to a “strong-buy” rating in a report on Monday, July 21st. Three research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Beam Therapeutics has a consensus rating of “Buy” and an average price target of $48.45.

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.