Elmind Capital LP Purchases Shares of 476,338 Beam Therapeutics Inc. $BEAM

Elmind Capital LP purchased a new stake in Beam Therapeutics Inc. (NASDAQ:BEAM) in the 4th quarter, HoldingsChannel.com reports. The fund purchased 476,338 shares of the company’s stock, valued at approximately $13,204,000. Beam Therapeutics comprises approximately 3.9% of Elmind Capital LP’s investment portfolio, making the stock its 9th largest holding.

Other large investors have also recently added to or reduced their stakes in the company. Bank Julius Baer & Co. Ltd Zurich acquired a new position in Beam Therapeutics in the 4th quarter valued at approximately $47,000. Larson Financial Group LLC raised its holdings in shares of Beam Therapeutics by 4,370.5% in the 3rd quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock worth $48,000 after buying an additional 1,923 shares in the last quarter. Van ECK Associates Corp raised its holdings in shares of Beam Therapeutics by 48.7% in the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock worth $52,000 after buying an additional 707 shares in the last quarter. Kestra Advisory Services LLC acquired a new position in shares of Beam Therapeutics in the 4th quarter worth approximately $59,000. Finally, Daiwa Securities Group Inc. raised its holdings in shares of Beam Therapeutics by 1,248.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company’s stock worth $65,000 after buying an additional 3,534 shares in the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Citigroup increased their target price on Beam Therapeutics from $64.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, March 26th. Royal Bank Of Canada increased their target price on Beam Therapeutics from $22.00 to $26.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 25th. Canaccord Genuity Group initiated coverage on Beam Therapeutics in a report on Friday, February 20th. They issued a “buy” rating and a $74.00 target price for the company. Tudor Pickering set a $39.00 price target on Beam Therapeutics in a report on Wednesday, May 13th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a report on Thursday, May 21st. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Beam Therapeutics has an average rating of “Moderate Buy” and an average price target of $46.83.

Insider Transactions at Beam Therapeutics

In other news, CEO John M. Evans sold 30,078 shares of Beam Therapeutics stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total value of $739,317.24. Following the completion of the sale, the chief executive officer directly owned 1,047,205 shares of the company’s stock, valued at approximately $25,740,298.90. This trade represents a 2.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Amy Simon sold 6,700 shares of Beam Therapeutics stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $24.58, for a total value of $164,686.00. Following the completion of the sale, the insider directly owned 102,735 shares of the company’s stock, valued at $2,525,226.30. This trade represents a 6.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 79,544 shares of company stock valued at $1,899,942 over the last quarter. Corporate insiders own 3.80% of the company’s stock.

Beam Therapeutics Stock Up 4.8%

Shares of BEAM opened at $32.48 on Thursday. The business’s fifty day moving average price is $29.83 and its two-hundred day moving average price is $28.27. The firm has a market capitalization of $3.34 billion, a price-to-earnings ratio of -47.76 and a beta of 2.25. Beam Therapeutics Inc. has a 52 week low of $15.60 and a 52 week high of $36.44. The company has a debt-to-equity ratio of 0.09, a quick ratio of 16.99 and a current ratio of 16.99.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Thursday, May 7th. The company reported ($0.91) EPS for the quarter, beating the consensus estimate of ($1.03) by $0.12. The company had revenue of $31.74 million during the quarter, compared to analysts’ expectations of $10.98 million. Beam Therapeutics had a negative return on equity of 29.00% and a negative net margin of 39.66%.The business’s revenue for the quarter was up 323.2% on a year-over-year basis. During the same period last year, the firm earned ($1.23) EPS. On average, analysts predict that Beam Therapeutics Inc. will post -4.16 earnings per share for the current year.

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.