Elmind Capital LP Makes New Investment in Beam Therapeutics Inc. $BEAM

Elmind Capital LP acquired a new position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) in the 2nd quarter, Holdings Channel reports. The fund acquired 476,338 shares of the company’s stock, valued at approximately $16,347,920,000. Beam Therapeutics makes up about 4.1% of Elmind Capital LP’s portfolio, making the stock its 12th biggest holding.

Other large investors have also modified their holdings of the company. Hollencrest Capital Management purchased a new position in shares of Beam Therapeutics in the 1st quarter valued at $43,000. Northwestern Mutual Wealth Management Co. purchased a new stake in Beam Therapeutics in the second quarter valued at $43,000. Bank Julius Baer & Co. Ltd Zurich acquired a new position in Beam Therapeutics in the fourth quarter valued at $47,000. Larson Financial Group LLC boosted its stake in Beam Therapeutics by 4,370.5% in the third quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock valued at $48,000 after acquiring an additional 1,923 shares in the last quarter. Finally, Van ECK Associates Corp grew its holdings in shares of Beam Therapeutics by 48.7% during the third quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock worth $52,000 after purchasing an additional 707 shares during the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

Wall Street Analysts Forecast Growth

BEAM has been the topic of a number of recent research reports. Sanford C. Bernstein cut their target price on shares of Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. HC Wainwright reiterated a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a research note on Tuesday. Tudor Pickering set a $39.00 price target on Beam Therapeutics in a research report on Wednesday, May 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Friday, July 17th. Finally, Bank of America reiterated a “buy” rating and issued a $47.00 target price on shares of Beam Therapeutics in a research note on Wednesday, July 8th. Ten equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $49.00.

Beam Therapeutics Stock Up 9.5%

Shares of NASDAQ:BEAM opened at $31.03 on Wednesday. The company has a market cap of $3.21 billion, a price-to-earnings ratio of -36.08 and a beta of 2.23. The firm’s 50-day simple moving average is $30.06 and its 200-day simple moving average is $28.79. The company has a quick ratio of 14.57, a current ratio of 14.57 and a debt-to-equity ratio of 0.09. Beam Therapeutics Inc. has a fifty-two week low of $16.02 and a fifty-two week high of $38.26.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.07). The firm had revenue of $0.49 million for the quarter, compared to analyst estimates of $16.37 million. Beam Therapeutics had a negative return on equity of 30.71% and a negative net margin of 54.75%.The company’s revenue was down 94.2% compared to the same quarter last year. During the same quarter last year, the firm earned ($1.00) earnings per share. As a group, equities research analysts predict that Beam Therapeutics Inc. will post -4.49 earnings per share for the current year.

Insider Buying and Selling

In other Beam Therapeutics news, insider Amy Simon sold 16,667 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $25.74, for a total transaction of $429,008.58. Following the transaction, the insider owned 85,696 shares in the company, valued at approximately $2,205,815.04. The trade was a 16.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Fmr Llc sold 251,488 shares of the business’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $35.26, for a total value of $8,867,466.88. Following the transaction, the insider owned 854,583 shares in the company, valued at $30,132,596.58. The trade was a 22.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 301,527 shares of company stock worth $10,468,500 in the last ninety days. 3.80% of the stock is owned by corporate insiders.

Beam Therapeutics Profile

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.