Rhumbline Advisers Boosts Stock Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

Rhumbline Advisers boosted its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 21.6% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 132,569 shares of the company’s stock after acquiring an additional 23,565 shares during the quarter. Rhumbline Advisers owned 0.16% of Beam Therapeutics worth $3,106,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Russell Investments Group Ltd. boosted its holdings in Beam Therapeutics by 4.4% during the 1st quarter. Russell Investments Group Ltd. now owns 143,828 shares of the company’s stock valued at $4,752,000 after acquiring an additional 6,102 shares during the period. Vanguard Group Inc. raised its position in Beam Therapeutics by 5.8% during the 1st quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company’s stock valued at $250,402,000 after purchasing an additional 413,892 shares in the last quarter. UBS Group AG raised its position in Beam Therapeutics by 118.2% during the 4th quarter. UBS Group AG now owns 260,500 shares of the company’s stock valued at $7,091,000 after purchasing an additional 141,102 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Beam Therapeutics by 34.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 223,929 shares of the company’s stock valued at $6,782,000 after purchasing an additional 57,554 shares in the last quarter. Finally, Bellevue Group AG raised its position in Beam Therapeutics by 71.7% during the 1st quarter. Bellevue Group AG now owns 1,193,121 shares of the company’s stock valued at $39,421,000 after purchasing an additional 498,300 shares in the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Insider Buying and Selling

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

Analysts Set New Price Targets

A number of equities research analysts have weighed in on BEAM shares. Wedbush reaffirmed an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Tuesday, August 6th. Stifel Nicolaus lifted their target price on Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. JPMorgan Chase & Co. boosted their price target on Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Royal Bank of Canada reissued a “sector perform” rating and issued a $27.00 price target on shares of Beam Therapeutics in a research report on Wednesday, August 7th. Finally, Barclays reduced their price target on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 7th. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $44.18.

Beam Therapeutics Price Performance

Shares of NASDAQ:BEAM opened at $25.58 on Wednesday. The business’s 50-day moving average is $26.29 and its 200 day moving average is $26.63. The firm has a market capitalization of $2.11 billion, a P/E ratio of -14.37 and a beta of 1.86. 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 earnings results on Tuesday, August 6th. The company reported ($1.11) 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 firm had revenue of $11.80 million for the quarter, compared to the consensus estimate of $14.18 million. During the same quarter in the prior year, the business earned ($1.08) earnings per share. The company’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 EPS for the current 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.