Commonwealth Equity Services LLC Boosts Stake in Beam Therapeutics Inc. (NASDAQ:BEAM)

Commonwealth Equity Services LLC raised its position in Beam Therapeutics Inc. (NASDAQ:BEAM) by 95.7% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,296 shares of the company’s stock after buying an additional 3,567 shares during the period. Commonwealth Equity Services LLC’s holdings in Beam Therapeutics were worth $939,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of BEAM. ARK Investment Management LLC increased its stake in Beam Therapeutics by 322.3% in the 1st quarter. ARK Investment Management LLC now owns 4,779,104 shares of the company’s stock valued at $382,519,000 after buying an additional 3,647,481 shares during the last quarter. MWG Management Limited increased its stake in Beam Therapeutics by 129,359.5% in the 1st quarter. MWG Management Limited now owns 2,362,635 shares of the company’s stock valued at $189,105,000 after buying an additional 2,360,810 shares during the last quarter. Perceptive Advisors LLC purchased a new stake in shares of Beam Therapeutics during the 1st quarter worth approximately $37,832,000. Monashee Investment Management LLC purchased a new stake in shares of Beam Therapeutics during the 1st quarter worth approximately $21,516,000. Finally, Morgan Stanley increased its stake in shares of Beam Therapeutics by 271.3% during the 1st quarter. Morgan Stanley now owns 208,195 shares of the company’s stock worth $16,664,000 after purchasing an additional 152,117 shares during the last quarter. Hedge funds and other institutional investors own 67.30% of the company’s stock.

In other news, CEO John M. Evans sold 20,000 shares of Beam Therapeutics stock in a transaction on Thursday, August 19th. The shares were sold at an average price of $99.49, for a total transaction of $1,989,800.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO John M. Evans sold 27,700 shares of Beam Therapeutics stock in a transaction on Wednesday, October 6th. The stock was sold at an average price of $83.80, for a total transaction of $2,321,260.00. The disclosure for this sale can be found here. Insiders own 15.10% of the company’s stock.

Several brokerages have recently issued reports on BEAM. Wedbush raised their price target on shares of Beam Therapeutics from $114.00 to $149.00 and gave the stock an “outperform” rating in a research note on Tuesday, June 29th. Stifel Nicolaus began coverage on shares of Beam Therapeutics in a research note on Friday, September 24th. They set a “buy” rating and a $120.00 price target for the company. Bank of America began coverage on shares of Beam Therapeutics in a research note on Friday, September 10th. They set a “buy” rating and a $150.00 price target for the company. Finally, Zacks Investment Research upgraded shares of Beam Therapeutics from a “sell” rating to a “hold” rating in a research note on Tuesday. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, Beam Therapeutics presently has an average rating of “Buy” and an average price target of $119.86.

BEAM opened at $88.99 on Thursday. The company has a 50 day moving average of $99.92 and a 200 day moving average of $89.87. The company has a market cap of $5.90 billion, a PE ratio of -12.79 and a beta of 1.33. Beam Therapeutics Inc. has a 12 month low of $27.52 and a 12 month high of $138.52.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Monday, August 9th. The company reported ($1.23) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.74) by ($0.49). Beam Therapeutics had a negative net margin of 1,698,870.50% and a negative return on equity of 94.82%. The firm had revenue of $0.01 million during the quarter, compared to the consensus estimate of $8.33 million. During the same period in the previous year, the business earned ($0.69) earnings per share. As a group, equities analysts anticipate that Beam Therapeutics Inc. will post -5.83 earnings per share for the current year.

About Beam Therapeutics

Beam Therapeutics Inc, a biotechnology company, develops precision genetic medicines for patients suffering from serious diseases in the United States. The company is developing BEAM-101 for the treatment of sickle cell disease and beta thalassemia; BEAM-102 for the treatment of sickle cell disease; and BEAM-201, an allogeneic chimeric antigen receptor T cell for the treatment of relapsed/refractory T-cell acute lymphoblastic leukemia.

Further Reading: Average Daily Trade Volume Explained

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Institutional Ownership by Quarter for Beam Therapeutics (NASDAQ:BEAM)

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