Canal Insurance CO Invests $953,000 in Beam Therapeutics Inc. $BEAM

Canal Insurance CO acquired a new stake in Beam Therapeutics Inc. (NASDAQ:BEAM) in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 40,000 shares of the company’s stock, valued at approximately $953,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. ARK Investment Management LLC increased its position in Beam Therapeutics by 12.9% during the fourth quarter. ARK Investment Management LLC now owns 12,467,189 shares of the company’s stock worth $345,590,000 after acquiring an additional 1,428,355 shares during the period. MWG Caph Ltd acquired a new position in Beam Therapeutics during the 4th quarter valued at $35,119,000. State Street Corp boosted its holdings in Beam Therapeutics by 30.4% in the 4th quarter. State Street Corp now owns 5,228,529 shares of the company’s stock valued at $144,935,000 after purchasing an additional 1,219,871 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Beam Therapeutics by 237.5% in the 3rd quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,665,385 shares of the company’s stock valued at $40,419,000 after purchasing an additional 1,171,977 shares during the period. Finally, Marshall Wace LLP acquired a new stake in Beam Therapeutics in the 4th quarter worth $26,218,000. Institutional investors and hedge funds own 99.68% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on BEAM. Sanford C. Bernstein dropped their price objective on shares of Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. HC Wainwright reiterated a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research note on Tuesday, July 7th. Citigroup lifted their target price on Beam Therapeutics from $64.00 to $68.00 and gave the stock a “buy” rating in a research report on Thursday, March 26th. Tudor Pickering set a $39.00 price target on Beam Therapeutics in a research note on Wednesday, May 13th. Finally, Bank of America reaffirmed a “buy” rating and issued a $47.00 price target on shares of Beam Therapeutics in a report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Beam Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.85.

Beam Therapeutics Stock Down 5.1%

Shares of NASDAQ:BEAM opened at $31.00 on Tuesday. The company’s fifty day moving average is $31.73 and its 200-day moving average is $29.28. 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 Inc. has a 52 week low of $15.60 and a 52 week high of $38.26. The company has a market capitalization of $3.19 billion, a PE ratio of -45.59 and a beta of 2.18.

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

Insiders Place Their Bets

In other Beam Therapeutics news, insider Fmr Llc sold 251,488 shares of the company’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $35.26, for a total transaction of $8,867,466.88. Following the sale, the insider directly owned 854,583 shares of the company’s stock, valued at approximately $30,132,596.58. This represents a 22.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 3.80% of the company’s stock.

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.