VIRGINIA RETIREMENT SYSTEMS ET Al Buys Shares of 41,731 Beam Therapeutics Inc. $BEAM

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 41,731 shares of the company’s stock, valued at approximately $710,000.

Other hedge funds have also made changes to their positions in the company. CWM LLC raised its holdings in shares of Beam Therapeutics by 79.8% during the first quarter. CWM LLC now owns 2,684 shares of the company’s stock valued at $52,000 after acquiring an additional 1,191 shares during the last quarter. Amalgamated Bank increased its holdings in shares of Beam Therapeutics by 20.4% in the first quarter. Amalgamated Bank now owns 3,153 shares of the company’s stock valued at $62,000 after purchasing an additional 534 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Beam Therapeutics by 43.4% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,884 shares of the company’s stock valued at $66,000 after purchasing an additional 1,175 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Beam Therapeutics in the first quarter valued at approximately $87,000. Finally, Quarry LP increased its holdings in shares of Beam Therapeutics by 200.0% in the first quarter. Quarry LP now owns 4,500 shares of the company’s stock valued at $88,000 after purchasing an additional 3,000 shares during the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

Insider Transactions at Beam Therapeutics

In other Beam Therapeutics news, insider Fmr Llc sold 48,374 shares of the firm’s stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $20.50, for a total transaction of $991,667.00. Following the completion of the sale, the insider owned 2,073,665 shares of the company’s stock, valued at $42,510,132.50. This trade represents a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.50% of the stock is currently owned by company insiders.

Beam Therapeutics Stock Down 0.9%

BEAM stock opened at $27.96 on Friday. The business has a fifty day moving average of $22.45 and a two-hundred day moving average of $19.69. The stock has a market cap of $2.83 billion, a price-to-earnings ratio of -6.21 and a beta of 2.25. Beam Therapeutics Inc. has a 52-week low of $13.52 and a 52-week high of $35.25.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Tuesday, August 5th. The company reported ($1.00) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.04) by $0.04. The company had revenue of $8.47 million during the quarter, compared to analysts’ expectations of $13.29 million. Beam Therapeutics had a negative return on equity of 43.15% and a negative net margin of 661.31%.The firm’s quarterly revenue was down 28.0% compared to the same quarter last year. During the same quarter last year, the firm earned ($1.11) earnings per share. As a group, sell-side analysts anticipate that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Analysts Set New Price Targets

Several equities research analysts recently commented on BEAM shares. Wall Street Zen raised Beam Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a report on Friday, October 10th. Cantor Fitzgerald raised Beam Therapeutics to a “strong-buy” rating in a report on Monday, July 21st. JPMorgan Chase & Co. cut their price target on Beam Therapeutics from $48.00 to $46.00 and set an “overweight” rating for the company in a report on Thursday, October 9th. Finally, Barclays cut their price target on Beam Therapeutics from $25.00 to $21.00 and set an “equal weight” rating for the company in a report on Wednesday, August 6th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.92.

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.