Mirae Asset Global Investments Co. Ltd. Increases Holdings in Beam Therapeutics Inc. $BEAM

Mirae Asset Global Investments Co. Ltd. lifted its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM) by 43.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,884 shares of the company’s stock after acquiring an additional 1,175 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Beam Therapeutics were worth $66,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its stake in Beam Therapeutics by 549.9% in the 1st quarter. GAMMA Investing LLC now owns 37,185 shares of the company’s stock worth $726,000 after purchasing an additional 31,463 shares during the period. Rhumbline Advisers lifted its holdings in shares of Beam Therapeutics by 11.9% in the first quarter. Rhumbline Advisers now owns 141,204 shares of the company’s stock worth $2,758,000 after buying an additional 14,971 shares in the last quarter. SG Americas Securities LLC boosted its position in shares of Beam Therapeutics by 32.3% during the first quarter. SG Americas Securities LLC now owns 16,038 shares of the company’s stock worth $313,000 after acquiring an additional 3,920 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Beam Therapeutics by 7.8% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,266,871 shares of the company’s stock valued at $83,332,000 after purchasing an additional 309,260 shares in the last quarter. Finally, Amalgamated Bank grew its position in shares of Beam Therapeutics by 20.4% during the first quarter. Amalgamated Bank now owns 3,153 shares of the company’s stock valued at $62,000 after purchasing an additional 534 shares in the last quarter. Institutional investors own 99.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Wednesday, October 8th. Wall Street Zen downgraded Beam Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday, September 14th. Barclays reduced their price target on shares of Beam Therapeutics from $25.00 to $21.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 6th. HC Wainwright reaffirmed a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research note on Friday. Finally, Jefferies Financial Group began coverage on shares of Beam Therapeutics in a research note on Thursday. They issued a “buy” rating and a $41.00 price objective for the company. Three investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $45.91.

Insider Buying and Selling

In other Beam Therapeutics news, insider Fmr Llc sold 48,374 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $20.50, for a total value of $991,667.00. Following the sale, the insider owned 2,073,665 shares in the company, valued at $42,510,132.50. This trade represents a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.50% of the stock is owned by company insiders.

Beam Therapeutics Price Performance

Beam Therapeutics stock opened at $26.32 on Monday. The firm has a market capitalization of $2.66 billion, a P/E ratio of -5.85 and a beta of 2.25. Beam Therapeutics Inc. has a 1-year low of $13.52 and a 1-year high of $35.25. The company’s 50-day moving average is $20.54 and its 200 day moving average is $19.02.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, August 5th. The company reported ($1.00) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.04) by $0.04. Beam Therapeutics had a negative return on equity of 43.15% and a negative net margin of 661.31%.The business had revenue of $8.47 million during the quarter, compared to analyst estimates of $13.29 million. During the same quarter in the previous year, the business earned ($1.11) earnings per share. The company’s revenue for the quarter was down 28.0% compared to the same quarter last year. Research analysts anticipate that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Beam Therapeutics Profile

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.