TD Asset Management Inc Buys 13,200 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

TD Asset Management Inc increased its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM) by 8.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 175,892 shares of the company’s stock after acquiring an additional 13,200 shares during the period. TD Asset Management Inc owned about 0.21% of Beam Therapeutics worth $4,121,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Riverview Trust Co bought a new position in shares of Beam Therapeutics in the first quarter valued at approximately $26,000. Blue Trust Inc. grew its holdings in shares of Beam Therapeutics by 2,648.4% in the second quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock valued at $40,000 after acquiring an additional 1,642 shares in the last quarter. National Bank of Canada FI grew its holdings in shares of Beam Therapeutics by 200.0% in the fourth quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $41,000 after acquiring an additional 1,000 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Beam Therapeutics by 144.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock valued at $43,000 after acquiring an additional 923 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Beam Therapeutics by 958.7% in the second quarter. GAMMA Investing LLC now owns 4,076 shares of the company’s stock valued at $96,000 after acquiring an additional 3,691 shares in the last quarter. 99.68% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Stifel Nicolaus upped their target price on Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday. HC Wainwright reiterated a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research note on Thursday, August 22nd. JPMorgan Chase & Co. upped their price objective on Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $27.00 price objective on shares of Beam Therapeutics in a research note on Wednesday, August 7th. Finally, Wedbush reiterated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research note on Tuesday, August 6th. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $44.18.

Beam Therapeutics Price Performance

NASDAQ:BEAM opened at $24.12 on Thursday. The company has a market cap of $1.99 billion, a P/E ratio of -13.55 and a beta of 1.86. The stock’s fifty day moving average price is $26.12 and its two-hundred day moving average price is $27.18. Beam Therapeutics Inc. has a 1 year low of $16.95 and a 1 year high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($1.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.13) by $0.02. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. The company had revenue of $11.80 million for the quarter, compared to the consensus estimate of $14.18 million. During the same quarter last year, the business posted ($1.08) earnings per share. The firm’s revenue was down 41.3% compared to the same quarter last year. On average, analysts expect that Beam Therapeutics Inc. will post -4.6 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO John M. Evans sold 60,000 shares of the 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 sale, the chief executive officer now owns 998,343 shares in the company, valued at $24,459,403.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.20% of the stock is currently owned by company 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.