State of New Jersey Common Pension Fund D Acquires Shares of 31,076 Beam Therapeutics Inc. $BEAM

State of New Jersey Common Pension Fund D acquired a new position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) in the 4th quarter, HoldingsChannel.com reports. The firm acquired 31,076 shares of the company’s stock, valued at approximately $861,000.

Several other hedge funds and other institutional investors also recently modified their holdings of BEAM. CWM LLC increased its holdings in Beam Therapeutics by 15.4% in the fourth quarter. CWM LLC now owns 2,466 shares of the company’s stock valued at $68,000 after buying an additional 329 shares during the last quarter. Wealth Effects LLC increased its holdings in shares of Beam Therapeutics by 4.3% in the 4th quarter. Wealth Effects LLC now owns 9,600 shares of the company’s stock valued at $266,000 after acquiring an additional 400 shares during the last quarter. Arizona State Retirement System increased its holdings in shares of Beam Therapeutics by 2.2% in the 3rd quarter. Arizona State Retirement System now owns 26,771 shares of the company’s stock valued at $650,000 after acquiring an additional 580 shares during the last quarter. Van ECK Associates Corp increased its holdings in shares of Beam Therapeutics by 48.7% in the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock valued at $52,000 after acquiring an additional 707 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Beam Therapeutics by 26.1% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,931 shares of the company’s stock valued at $137,000 after acquiring an additional 1,020 shares in the last quarter. Institutional investors own 99.68% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on BEAM. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Monday, April 20th. Wedbush increased their target price on shares of Beam Therapeutics from $57.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, February 25th. Royal Bank Of Canada raised their price target on shares of Beam Therapeutics from $22.00 to $26.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 25th. Citigroup lifted their price target on shares of Beam Therapeutics from $64.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, March 26th. Finally, Canaccord Genuity Group assumed coverage on shares of Beam Therapeutics in a research note on Friday, February 20th. They set a “buy” rating and a $74.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $47.17.

Insiders Place Their Bets

In other news, President Giuseppe Ciaramella sold 11,810 shares of the firm’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total transaction of $290,289.80. Following the transaction, the president directly owned 218,406 shares of the company’s stock, valued at approximately $5,368,419.48. This trade represents a 5.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Christine Bellon sold 5,956 shares of Beam Therapeutics stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $24.58, for a total transaction of $146,398.48. Following the sale, the insider owned 109,711 shares in the company, valued at approximately $2,696,696.38. This represents a 5.15% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 79,544 shares of company stock valued at $1,899,942 over the last three months. 3.80% of the stock is currently owned by company insiders.

Beam Therapeutics Stock Performance

Shares of NASDAQ BEAM opened at $31.75 on Tuesday. Beam Therapeutics Inc. has a 12-month low of $15.35 and a 12-month high of $36.44. The company has a market cap of $3.27 billion, a PE ratio of -46.69 and a beta of 2.26. The stock has a 50 day simple moving average of $27.32 and a 200-day simple moving average of $27.10. The company has a current ratio of 16.99, a quick ratio of 16.99 and a debt-to-equity ratio of 0.09.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Thursday, May 7th. The company reported ($0.91) earnings per share for the quarter, beating the consensus estimate of ($1.03) by $0.12. Beam Therapeutics had a negative return on equity of 29.00% and a negative net margin of 39.66%.The firm had revenue of $31.74 million for the quarter, compared to the consensus estimate of $10.98 million. During the same quarter in the previous year, the business earned ($1.23) EPS. The firm’s revenue for the quarter was up 323.2% on a year-over-year basis. On average, equities research analysts forecast that Beam Therapeutics Inc. will post -4.2 EPS for the current year.

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.