Twinbeech Capital LP Purchases 69,456 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

Twinbeech Capital LP boosted its position in Beam Therapeutics Inc. (NASDAQ:BEAM) by 119.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 127,664 shares of the company’s stock after buying an additional 69,456 shares during the period. Twinbeech Capital LP owned approximately 0.15% of Beam Therapeutics worth $3,166,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Northern Trust Corp boosted its stake in Beam Therapeutics by 7.2% during the 4th quarter. Northern Trust Corp now owns 740,506 shares of the company’s stock valued at $18,365,000 after purchasing an additional 49,415 shares during the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in Beam Therapeutics during the 4th quarter valued at about $330,000. Sumitomo Mitsui Trust Group Inc. boosted its stake in Beam Therapeutics by 11.4% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock valued at $98,149,000 after purchasing an additional 404,782 shares during the last quarter. Teacher Retirement System of Texas boosted its stake in Beam Therapeutics by 18.4% during the 4th quarter. Teacher Retirement System of Texas now owns 20,767 shares of the company’s stock valued at $515,000 after purchasing an additional 3,222 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in Beam Therapeutics by 3.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 648,945 shares of the company’s stock valued at $16,094,000 after purchasing an additional 19,453 shares during the last quarter. 99.68% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on BEAM. Cantor Fitzgerald reiterated an “overweight” rating on shares of Beam Therapeutics in a research note on Wednesday, March 12th. Bank of America upgraded Beam Therapeutics from a “neutral” rating to a “buy” rating and set a $42.00 price target for the company in a research note on Friday, March 28th. Guggenheim cut their price target on Beam Therapeutics from $78.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, May 7th. Royal Bank of Canada lifted their price target on Beam Therapeutics from $24.00 to $26.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 26th. Finally, Scotiabank upgraded Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 price target for the company in a research note on Monday, March 10th. Two research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Beam Therapeutics currently has a consensus rating of “Buy” and an average target price of $48.75.

Insider Activity at Beam Therapeutics

In related news, CEO John M. Evans sold 30,663 shares of the company’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total value of $562,666.05. Following the transaction, the chief executive officer now owns 986,249 shares in the company, valued at approximately $18,097,669.15. This represents a 3.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Giuseppe Ciaramella sold 7,434 shares of the company’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $136,413.90. Following the completion of the transaction, the president now owns 190,216 shares in the company, valued at approximately $3,490,463.60. The trade was a 3.76% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,771 shares of company stock worth $803,198. Insiders own 4.20% of the company’s stock.

Beam Therapeutics Stock Up 0.5%

Shares of NASDAQ BEAM opened at $17.75 on Wednesday. Beam Therapeutics Inc. has a twelve month low of $13.53 and a twelve month high of $35.25. The stock’s 50 day moving average price is $18.83 and its 200-day moving average price is $24.12. The company has a market capitalization of $1.78 billion, a PE ratio of -10.09 and a beta of 2.35.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($1.24) EPS for the quarter, missing the consensus estimate of ($1.11) by ($0.13). Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The firm had revenue of $7.47 million during the quarter, compared to analysts’ expectations of $14.69 million. During the same quarter in the previous year, the company posted ($1.21) EPS. Beam Therapeutics’s revenue for the quarter was up 1.4% on a year-over-year basis. As a group, research analysts expect that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

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.