Algert Global LLC Has $1.07 Million Stock Holdings in Beam Therapeutics Inc. (NASDAQ:BEAM)

Algert Global LLC grew its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM) by 282.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,523 shares of the company’s stock after purchasing an additional 32,130 shares during the quarter. Algert Global LLC owned about 0.05% of Beam Therapeutics worth $1,066,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Farallon Capital Management LLC lifted its stake in shares of Beam Therapeutics by 75.4% in the 2nd quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock valued at $185,404,000 after purchasing an additional 3,401,370 shares during the period. ARCH Venture Management LLC acquired a new position in shares of Beam Therapeutics in the 2nd quarter valued at about $127,530,000. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Beam Therapeutics by 59.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock valued at $87,044,000 after purchasing an additional 1,328,414 shares during the period. Price T Rowe Associates Inc. MD increased its position in Beam Therapeutics by 3,137.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,246,189 shares of the company’s stock valued at $41,175,000 after buying an additional 1,207,699 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Beam Therapeutics by 63.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,049,360 shares of the company’s stock valued at $24,589,000 after buying an additional 407,499 shares in the last quarter. 99.68% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, President Giuseppe Ciaramella sold 51,110 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $26.36, for a total value of $1,347,259.60. Following the transaction, the president now owns 109,150 shares in the company, valued at approximately $2,877,194. This represents a 31.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $24.60, for a total value of $1,476,000.00. Following the completion of the transaction, the chief executive officer now owns 938,659 shares in the company, valued at approximately $23,091,011.40. The trade was a 6.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 162,894 shares of company stock valued at $4,181,745 over the last three months. Corporate insiders own 4.20% of the company’s stock.

Beam Therapeutics Stock Up 5.3 %

BEAM stock opened at $27.20 on Friday. The firm has a market cap of $2.25 billion, a PE ratio of -15.45 and a beta of 1.86. The business has a 50 day moving average of $24.60 and a 200-day moving average of $25.04. Beam Therapeutics Inc. has a 12-month low of $20.84 and a 12-month high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.16) by ($0.01). The business had revenue of $14.30 million during the quarter, compared to the consensus estimate of $14.52 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business’s revenue was down 16.9% on a year-over-year basis. During the same period in the prior year, the company earned ($1.22) earnings per share. On average, research analysts expect that Beam Therapeutics Inc. will post -4.66 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on BEAM shares. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research report on Thursday, November 7th. JPMorgan Chase & Co. boosted their target price on Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Leerink Partnrs raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Stifel Nicolaus boosted 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. Finally, Barclays decreased their target price 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. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $44.91.

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.