Geode Capital Management LLC Purchases 78,102 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

Geode Capital Management LLC boosted its position in Beam Therapeutics Inc. (NASDAQ:BEAM) by 4.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,807,683 shares of the company’s stock after acquiring an additional 78,102 shares during the period. Geode Capital Management LLC’s holdings in Beam Therapeutics were worth $44,297,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of BEAM. ARCH Venture Management LLC bought a new stake in shares of Beam Therapeutics in the second quarter worth about $127,530,000. Farallon Capital Management LLC grew its position 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 worth $185,404,000 after buying an additional 3,401,370 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position 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 worth $87,044,000 after buying an additional 1,328,414 shares during the last quarter. State Street Corp increased its stake in shares of Beam Therapeutics by 12.5% during the third quarter. State Street Corp now owns 3,929,557 shares of the company’s stock valued at $96,274,000 after buying an additional 437,402 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Beam Therapeutics by 63.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,049,360 shares of the company’s stock valued at $24,589,000 after acquiring an additional 407,499 shares in the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Trading Down 1.1 %

NASDAQ BEAM opened at $28.70 on Tuesday. Beam Therapeutics Inc. has a 12 month low of $20.84 and a 12 month high of $49.50. The stock’s fifty day moving average price is $25.77 and its 200-day moving average price is $25.47. The stock has a market cap of $2.38 billion, a P/E ratio of -16.31 and a beta of 1.90.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) EPS for the quarter, missing the consensus estimate of ($1.16) by ($0.01). The firm had revenue of $14.30 million for the quarter, compared to analysts’ expectations 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 for the quarter was down 16.9% compared to the same quarter last year. During the same period last year, the company posted ($1.22) earnings per share. As a group, analysts forecast that Beam Therapeutics Inc. will post -4.66 earnings per share for the current fiscal year.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction on Monday, October 14th. The stock was sold at an average price of $26.27, for a total value of $1,342,659.70. Following the completion of the sale, the president now owns 160,260 shares of the company’s stock, valued at approximately $4,210,030.20. This trade represents a 24.18 % decrease in their position. 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 stock in a transaction 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 sale, the chief executive officer now directly owns 938,659 shares in the company, valued at $23,091,011.40. This trade represents a 6.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 162,894 shares of company stock valued at $4,181,745 over the last 90 days. Corporate insiders own 4.20% of the company’s stock.

Analyst Upgrades and Downgrades

BEAM has been the topic of a number of research analyst reports. HC Wainwright reissued a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research report on Monday, December 9th. Royal Bank of Canada reduced their price target on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. Stifel Nicolaus raised their price objective on shares of Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Cantor Fitzgerald upgraded Beam Therapeutics to a “hold” rating in a report on Tuesday, December 10th. Finally, Leerink Partners upgraded Beam Therapeutics from a “market perform” rating to an “outperform” rating and raised their target price for the company from $27.00 to $39.00 in a research note on Wednesday, November 6th. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $47.67.

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.