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KLP Kapitalforvaltning AS purchased a new stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM – Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 13,400 shares of the company’s stock, valued at approximately $332,000.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. ARK Investment Management LLC boosted its holdings in shares of Beam Therapeutics by 8.2% in the fourth quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company’s stock worth $175,287,000 after buying an additional 536,930 shares during the last quarter. State Street Corp raised its position in Beam Therapeutics by 12.5% in the third quarter. State Street Corp now owns 3,929,557 shares of the company’s stock worth $96,274,000 after acquiring an additional 437,402 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Beam Therapeutics by 11.4% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock worth $98,149,000 after acquiring an additional 404,782 shares during the last quarter. Nikko Asset Management Americas Inc. grew its position in shares of Beam Therapeutics by 11.4% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company’s stock valued at $98,109,000 after acquiring an additional 404,782 shares during the period. Finally, Peregrine Investment Management Inc. purchased a new stake in shares of Beam Therapeutics in the 4th quarter worth $3,932,000. Hedge funds and other institutional investors own 99.68% of the company’s stock.
Beam Therapeutics Stock Performance
Shares of NASDAQ:BEAM opened at $15.27 on Friday. The firm has a market cap of $1.52 billion, a price-to-earnings ratio of -8.68 and a beta of 2.02. The firm has a fifty day moving average price of $25.86 and a 200 day moving average price of $25.61. Beam Therapeutics Inc. has a fifty-two week low of $14.72 and a fifty-two week high of $35.25.
Beam Therapeutics (NASDAQ:BEAM – Get Free Report) last announced its quarterly earnings results on Tuesday, February 25th. The company reported ($1.09) EPS for the quarter, topping the consensus estimate of ($1.25) by $0.16. The business had revenue of $30.00 million for the quarter, compared to analysts’ expectations of $16.47 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business’s quarterly revenue was down 90.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.73 EPS. As a group, research analysts predict that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.
Insider Activity at Beam Therapeutics
In other news, President Giuseppe Ciaramella sold 7,434 shares of the business’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 sale, the president now directly owns 190,216 shares in the company, valued at $3,490,463.60. The trade was a 3.76 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO John M. Evans sold 30,000 shares of the company’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $26.75, for a total transaction of $802,500.00. Following the sale, the chief executive officer now owns 908,659 shares in the company, valued at $24,306,628.25. This represents a 3.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 73,771 shares of company stock valued at $1,605,698. Insiders own 4.20% of the company’s stock.
Wall Street Analysts Forecast Growth
BEAM has been the topic of several analyst reports. Scotiabank upgraded Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 target price on the stock in a research report on Monday, March 10th. HC Wainwright reiterated a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research note on Monday, March 10th. Bank of America raised shares of Beam Therapeutics from a “neutral” rating to a “buy” rating and set a $42.00 target price for the company in a report on Friday, March 28th. Guggenheim reaffirmed a “buy” rating and set a $78.00 price target on shares of Beam Therapeutics in a report on Thursday, February 27th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Beam Therapeutics in a research note on Wednesday, March 12th. Two investment analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $49.45.
Check Out Our Latest Research Report on BEAM
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.
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