AQR Capital Management LLC Purchases 2,487 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

AQR Capital Management LLC grew its stake in Beam Therapeutics Inc. (NASDAQ:BEAM) by 38.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,011 shares of the company’s stock after buying an additional 2,487 shares during the period. AQR Capital Management LLC’s holdings in Beam Therapeutics were worth $211,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. ARCH Venture Management LLC purchased a new stake in shares of Beam Therapeutics in the 2nd quarter valued at $127,530,000. Farallon Capital Management LLC boosted its position 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 valued at $185,404,000 after buying an additional 3,401,370 shares during the period. Bank of Montreal Can purchased a new stake in Beam Therapeutics during the 2nd quarter valued at $3,683,000. Benjamin F. Edwards & Company Inc. boosted its position in Beam Therapeutics by 4,843.2% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 18,982 shares of the company’s stock valued at $445,000 after buying an additional 18,598 shares during the period. Finally, XTX Topco Ltd bought a new position in Beam Therapeutics in the 2nd quarter worth $745,000. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Analyst Upgrades and Downgrades

BEAM has been the subject of several research reports. HC Wainwright restated a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a report on Thursday, August 22nd. Stifel Nicolaus increased their price target on shares of Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Scotiabank began coverage on shares of Beam Therapeutics in a research note on Wednesday. They issued a “sector outperform” rating and a $24.00 price target for the company. JPMorgan Chase & Co. increased their price target on shares of Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Finally, Wedbush reiterated an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a research note on Tuesday, August 6th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $43.45.

Beam Therapeutics Trading Down 8.8 %

BEAM opened at $24.35 on Friday. The company has a market cap of $2.00 billion, a price-to-earnings ratio of -13.68 and a beta of 1.85. The company’s 50 day moving average is $24.83 and its 200 day moving average is $25.09. Beam Therapeutics Inc. has a 12-month low of $16.95 and a 12-month high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last posted 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 net margin of 40.56% and a negative return on equity of 16.22%. 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 firm posted ($1.08) earnings per share. The firm’s revenue was down 41.3% compared to the same quarter last year. As a group, analysts predict that Beam Therapeutics Inc. will post -4.6 EPS for the current fiscal year.

Insiders Place Their Bets

In other Beam Therapeutics news, President Giuseppe Ciaramella sold 51,110 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $26.27, for a total transaction of $1,342,659.70. Following the sale, the president now owns 160,260 shares in the company, valued at approximately $4,210,030.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $26.27, for a total transaction of $1,342,659.70. Following the sale, the president now owns 160,260 shares in the company, valued at $4,210,030.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the sale, the chief executive officer now owns 938,659 shares in the company, valued at approximately $23,091,011.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 111,784 shares of company stock worth $2,834,485. Company insiders own 4.20% of the company’s stock.

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.