123,425 Shares in Beam Therapeutics Inc. $BEAM Acquired by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company bought a new stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) during the 2nd quarter, Holdings Channel reports. The firm bought 123,425 shares of the company’s stock, valued at approximately $4,236,000.

A number of other institutional investors also recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. bought a new position in shares of Beam Therapeutics in the second quarter worth $43,000. Bank Julius Baer & Co. Ltd Zurich acquired a new position in shares of Beam Therapeutics during the fourth quarter valued at $47,000. Hollencrest Capital Management bought a new stake in shares of Beam Therapeutics during the first quarter valued at about $43,000. Larson Financial Group LLC raised its stake in shares of Beam Therapeutics by 4,370.5% during the third quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock valued at $48,000 after purchasing an additional 1,923 shares in the last quarter. Finally, Kestra Advisory Services LLC acquired a new stake in Beam Therapeutics in the fourth quarter worth about $59,000. Institutional investors and hedge funds own 99.68% of the company’s stock.

Beam Therapeutics Price Performance

Shares of NASDAQ BEAM opened at $29.43 on Tuesday. Beam Therapeutics Inc. has a twelve month low of $16.02 and a twelve month high of $38.26. The company has a current ratio of 14.57, a quick ratio of 14.57 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $3.04 billion, a price-to-earnings ratio of -34.22 and a beta of 2.23. The firm has a 50-day moving average of $29.72 and a two-hundred day moving average of $28.89.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.11) by ($0.07). Beam Therapeutics had a negative return on equity of 30.71% and a negative net margin of 54.75%.The business had revenue of $0.49 million during the quarter, compared to analyst estimates of $16.37 million. During the same period in the prior year, the firm earned ($1.00) EPS. The business’s revenue for the quarter was down 94.2% on a year-over-year basis. As a group, analysts expect that Beam Therapeutics Inc. will post -4.49 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have commented on BEAM. Sanford C. Bernstein lowered their target price on shares of Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Bank of America reaffirmed a “buy” rating and issued a $47.00 price target on shares of Beam Therapeutics in a research note on Wednesday, July 8th. Tudor Pickering set a $39.00 price objective on shares of Beam Therapeutics in a report on Wednesday, May 13th. Wall Street Zen lowered shares of Beam Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Sunday, August 16th. Finally, HC Wainwright reissued a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a report on Tuesday, August 25th. Ten research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Beam Therapeutics currently has a consensus rating of “Moderate Buy” and an average target price of $49.00.

Insider Buying and Selling

In related news, insider Amy Simon sold 16,667 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $25.74, for a total transaction of $429,008.58. Following the completion of the sale, the insider directly owned 85,696 shares in the company, valued at approximately $2,205,815.04. This trade represents a 16.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Fmr Llc sold 251,488 shares of Beam Therapeutics stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $35.26, for a total transaction of $8,867,466.88. Following the completion of the transaction, the insider owned 854,583 shares in the company, valued at approximately $30,132,596.58. This trade represents a 22.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 301,527 shares of company stock valued at $10,468,500 over the last 90 days. 3.80% of the stock is currently owned by insiders.

Beam Therapeutics 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.