BlackRock Inc. Invests $308.80 Million in Beam Therapeutics Inc. $BEAM

BlackRock Inc. acquired a new stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) during the 2nd quarter, Holdings Channel.com reports. The firm acquired 8,997,542 shares of the company’s stock, valued at approximately $308,796,000. BlackRock Inc. owned 0.09% of Beam Therapeutics at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Bank Julius Baer & Co. Ltd Zurich bought a new stake in Beam Therapeutics during the 4th quarter worth approximately $47,000. Hollencrest Capital Management acquired a new stake in Beam Therapeutics during the 1st quarter worth approximately $43,000. Larson Financial Group LLC lifted its stake in Beam Therapeutics by 4,370.5% in the third 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 in the last quarter. Kestra Advisory Services LLC bought a new position in Beam Therapeutics in the fourth quarter valued at approximately $59,000. Finally, Van ECK Associates Corp boosted its holdings in shares of Beam Therapeutics by 48.7% in the third quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock valued at $52,000 after buying an additional 707 shares during the period. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Bank of America reissued a “buy” rating and set a $47.00 price objective on shares of Beam Therapeutics in a research report on Wednesday, July 8th. Tudor Pickering set a $39.00 target price on Beam Therapeutics in a report on Wednesday, May 13th. Sanford C. Bernstein dropped their price target on Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a report on Friday, July 17th. Finally, Wall Street Zen lowered Beam Therapeutics from a “sell” rating to a “strong sell” rating in a report on Sunday, August 16th. Ten analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $49.00.

Insider Transactions at Beam Therapeutics

In related news, insider Amy Simon sold 16,667 shares of Beam Therapeutics stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $25.74, for a total value of $429,008.58. Following the sale, the insider owned 85,696 shares of the company’s stock, valued at approximately $2,205,815.04. The trade was a 16.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Fmr Llc sold 251,488 shares of the company’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $35.26, for a total value of $8,867,466.88. Following the sale, the insider owned 854,583 shares in the company, valued at $30,132,596.58. The trade was a 22.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 301,527 shares of company stock valued at $10,468,500. Company insiders own 3.80% of the company’s stock.

Beam Therapeutics Price Performance

NASDAQ BEAM opened at $30.19 on Thursday. The firm’s 50 day moving average is $30.01 and its 200-day moving average is $28.83. The company has a quick ratio of 14.57, a current ratio of 14.57 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $3.12 billion, a PE ratio of -35.10 and a beta of 2.23. Beam Therapeutics Inc. has a 12-month low of $16.02 and a 12-month high of $38.26.

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