Graham Capital Management L.P. Raises Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

Graham Capital Management L.P. boosted its position in Beam Therapeutics Inc. (NASDAQ:BEAM) by 18.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,364 shares of the company’s stock after purchasing an additional 1,954 shares during the period. Graham Capital Management L.P.’s holdings in Beam Therapeutics were worth $307,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of BEAM. ARK Investment Management LLC lifted its position in shares of Beam Therapeutics by 8.2% during the 4th quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company’s stock valued at $175,287,000 after buying an additional 536,930 shares during the last quarter. Casdin Capital LLC lifted its holdings in Beam Therapeutics by 61.3% during the fourth quarter. Casdin Capital LLC now owns 1,250,000 shares of the company’s stock valued at $31,000,000 after purchasing an additional 475,000 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in Beam Therapeutics by 11.4% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock worth $98,149,000 after purchasing an additional 404,782 shares during the period. Nikko Asset Management Americas Inc. increased its stake in shares of Beam Therapeutics by 11.4% in the fourth quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company’s stock worth $98,109,000 after purchasing an additional 404,782 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Beam Therapeutics by 24.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,538,398 shares of the company’s stock valued at $38,155,000 after purchasing an additional 298,067 shares during the period. 99.68% of the stock is owned by institutional investors.

Analyst Ratings Changes

BEAM has been the subject of several analyst reports. Royal Bank of Canada raised their price objective on shares of Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 26th. Bank of America upgraded Beam Therapeutics from a “neutral” rating to a “buy” rating and set a $42.00 price target for the company in a research report on Friday, March 28th. Guggenheim dropped their price objective on Beam Therapeutics from $78.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday, May 7th. Barclays reduced their target price on Beam Therapeutics from $31.00 to $25.00 and set an “equal weight” rating for the company in a report on Wednesday, May 7th. Finally, Scotiabank raised shares of Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 price target on the stock in a report on Monday, March 10th. Two research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $48.75.

Beam Therapeutics Price Performance

BEAM opened at $17.89 on Friday. Beam Therapeutics Inc. has a one year low of $13.53 and a one year high of $35.25. The business has a 50 day simple moving average of $19.17 and a two-hundred day simple moving average of $24.19. The firm has a market capitalization of $1.80 billion, a price-to-earnings ratio of -10.16 and a beta of 2.35.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, May 6th. The company reported ($1.24) EPS for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.13). The business had revenue of $7.47 million for the quarter, compared to the consensus estimate of $14.69 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. Beam Therapeutics’s revenue was up 1.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.21) EPS. As a group, sell-side analysts expect that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Insiders Place Their Bets

In other Beam Therapeutics news, President Giuseppe Ciaramella sold 7,434 shares of the firm’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $136,413.90. Following the completion of the sale, the president now directly owns 190,216 shares in the company, valued at $3,490,463.60. This trade represents a 3.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO John M. Evans sold 30,663 shares of Beam Therapeutics stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $562,666.05. Following the sale, the chief executive officer now directly owns 986,249 shares in the company, valued at approximately $18,097,669.15. The trade was a 3.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 43,771 shares of company stock worth $803,198. 4.20% of the stock is currently owned by corporate insiders.

About Beam Therapeutics

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.