Beam Therapeutics Inc. (NASDAQ:BEAM) Shares Purchased by Scientech Research LLC

Scientech Research LLC raised its stake in Beam Therapeutics Inc. (NASDAQ:BEAM) by 167.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 51,876 shares of the company’s stock after buying an additional 32,469 shares during the quarter. Scientech Research LLC’s holdings in Beam Therapeutics were worth $1,215,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the stock. Farallon Capital Management LLC increased its holdings in Beam Therapeutics by 75.4% during the 2nd quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock worth $185,404,000 after purchasing an additional 3,401,370 shares during the period. Vanguard Group Inc. increased its stake in shares of Beam Therapeutics by 5.8% during the first quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company’s stock worth $250,402,000 after buying an additional 413,892 shares during the period. ARCH Venture Management LLC purchased a new stake in shares of Beam Therapeutics during the second quarter worth approximately $127,530,000. Darwin Global Management Ltd. acquired a new stake in Beam Therapeutics in the first quarter valued at approximately $70,032,000. Finally, Redmile Group LLC lifted its stake in Beam Therapeutics by 31.5% in the first quarter. Redmile Group LLC now owns 1,879,617 shares of the company’s stock worth $62,103,000 after acquiring an additional 449,834 shares during the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Wedbush reissued an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Tuesday, August 6th. Royal Bank of Canada reissued a “sector perform” rating and set a $27.00 price objective on shares of Beam Therapeutics in a report on Thursday, September 19th. Stifel Nicolaus upped their target price on shares of Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. HC Wainwright reiterated a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research note on Thursday, August 22nd. Finally, Barclays decreased their price objective on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 7th. Seven research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $44.18.

Beam Therapeutics Stock Performance

Shares of BEAM opened at $25.05 on Friday. Beam Therapeutics Inc. has a fifty-two week low of $16.95 and a fifty-two week high of $49.50. The firm has a 50-day simple moving average of $26.17 and a 200-day simple moving average of $26.17. The company has a market capitalization of $2.06 billion, a price-to-earnings ratio of -14.07 and a beta of 1.86.

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

Beam Therapeutics Company 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.