Bamco Inc. NY Takes Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

Bamco Inc. NY bought a new stake in Beam Therapeutics Inc. (NASDAQ:BEAM) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 30,000 shares of the company’s stock, valued at approximately $991,000.

A number of other large investors have also added to or reduced their stakes in the company. First Horizon Advisors Inc. grew its holdings in Beam Therapeutics by 125.9% during the 4th quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock valued at $27,000 after purchasing an additional 554 shares in the last quarter. E Fund Management Co. Ltd. grew its holdings in Beam Therapeutics by 4.0% during the 4th quarter. E Fund Management Co. Ltd. now owns 18,174 shares of the company’s stock valued at $495,000 after purchasing an additional 704 shares in the last quarter. American International Group Inc. grew its holdings in Beam Therapeutics by 2.0% during the 1st quarter. American International Group Inc. now owns 36,760 shares of the company’s stock valued at $1,215,000 after purchasing an additional 732 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Beam Therapeutics by 4.5% during the 1st quarter. Principal Financial Group Inc. now owns 18,418 shares of the company’s stock valued at $609,000 after purchasing an additional 789 shares in the last quarter. Finally, Riverview Trust Co acquired a new stake in Beam Therapeutics during the 1st quarter valued at $26,000. 99.68% of the stock is owned by institutional investors and hedge funds.

Beam Therapeutics Stock Performance

Shares of NASDAQ:BEAM traded down $1.60 during trading on Monday, reaching $31.54. The company had a trading volume of 522,376 shares, compared to its average volume of 1,395,171. Beam Therapeutics Inc. has a twelve month low of $16.95 and a twelve month high of $49.50. The firm has a market capitalization of $2.60 billion, a PE ratio of -18.42 and a beta of 1.88. The firm’s fifty day moving average is $25.01 and its 200 day moving average is $27.62.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($1.21) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.42) by $0.21. Beam Therapeutics had a negative return on equity of 15.46% and a negative net margin of 37.33%. The company had revenue of $7.40 million for the quarter, compared to analysts’ expectations of $17.09 million. During the same period last year, the firm earned ($1.33) EPS. The firm’s revenue for the quarter was down 69.4% on a year-over-year basis. Equities analysts predict that Beam Therapeutics Inc. will post -4.68 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on BEAM. Barclays decreased their price objective on shares of Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating for the company in a report on Wednesday, May 8th. HC Wainwright began coverage on shares of Beam Therapeutics in a report on Tuesday, July 23rd. They set a “buy” rating and a $80.00 price objective for the company. Finally, Wedbush reissued an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a report on Tuesday, May 7th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $43.50.

Insider Activity

In related news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $24.50, for a total value of $1,470,000.00. Following the transaction, the chief executive officer now directly owns 998,343 shares in the company, valued at approximately $24,459,403.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.20% of the stock is owned by 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.