Massachusetts Financial Services Co. MA Invests $1.39 Million in Beam Therapeutics Inc. (NASDAQ:BEAM)

Massachusetts Financial Services Co. MA purchased a new position in Beam Therapeutics Inc. (NASDAQ:BEAM) during the 2nd quarter, Holdings Channel reports. The fund purchased 59,095 shares of the company’s stock, valued at approximately $1,385,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in BEAM. Riverview Trust Co purchased a new position in shares of Beam Therapeutics during the first quarter worth approximately $26,000. Fairfield Financial Advisors LTD purchased a new position in Beam Therapeutics during the 2nd quarter worth $26,000. PNC Financial Services Group Inc. increased its holdings in Beam Therapeutics by 144.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock worth $43,000 after purchasing an additional 923 shares during the period. Blue Trust Inc. raised its position in Beam Therapeutics by 2,648.4% during the 2nd quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock valued at $40,000 after purchasing an additional 1,642 shares in the last quarter. Finally, National Bank of Canada FI lifted its holdings in shares of Beam Therapeutics by 200.0% in the 2nd quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock worth $69,000 after buying an additional 2,000 shares during the period. Institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Trading Down 1.5 %

Shares of BEAM opened at $25.65 on Monday. The firm has a market cap of $2.11 billion, a PE ratio of -14.41 and a beta of 1.86. Beam Therapeutics Inc. has a 12 month low of $16.95 and a 12 month high of $49.50. The stock has a fifty day moving average price of $26.30 and a 200-day moving average price of $26.36.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($1.11) EPS for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $14.18 million. During the same period 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. As a group, research analysts forecast that Beam Therapeutics Inc. will post -4.6 EPS for the current year.

Insider Activity at Beam Therapeutics

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

Analyst Ratings Changes

A number of analysts recently weighed in on BEAM shares. Barclays lowered 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. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research report on Thursday, August 22nd. JPMorgan Chase & Co. lifted their price objective on shares of Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Wedbush reissued an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research note on Tuesday, August 6th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $27.00 target price on shares of Beam Therapeutics in a research report on Thursday. Seven research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $44.18.

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.