Elmind Capital LP Purchases New Stake in Beam Therapeutics Inc. $BEAM

Elmind Capital LP purchased a new stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 476,338 shares of the company’s stock, valued at approximately $13,204,000. Beam Therapeutics accounts for about 3.9% of Elmind Capital LP’s holdings, making the stock its 9th largest position. Elmind Capital LP owned approximately 0.47% of Beam Therapeutics as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently bought and sold shares of the business. ARK Investment Management LLC raised its position in Beam Therapeutics by 12.9% during the fourth quarter. ARK Investment Management LLC now owns 12,467,189 shares of the company’s stock valued at $345,590,000 after buying an additional 1,428,355 shares during the period. Farallon Capital Management LLC grew its stake in Beam Therapeutics by 0.5% in the third quarter. Farallon Capital Management LLC now owns 10,063,111 shares of the company’s stock valued at $244,232,000 after purchasing an additional 50,000 shares in the last quarter. State Street Corp grew its stake in Beam Therapeutics by 30.4% in the fourth quarter. State Street Corp now owns 5,228,529 shares of the company’s stock valued at $144,935,000 after purchasing an additional 1,219,871 shares in the last quarter. Amova Asset Management Americas Inc. grew its stake in Beam Therapeutics by 2.2% in the third quarter. Amova Asset Management Americas Inc. now owns 4,830,738 shares of the company’s stock valued at $117,242,000 after purchasing an additional 103,939 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in Beam Therapeutics by 20.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,730,282 shares of the company’s stock valued at $75,684,000 after purchasing an additional 467,133 shares in the last quarter. 99.68% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, President Giuseppe Ciaramella sold 11,810 shares of the stock in a transaction that occurred 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 completion of the sale, the president owned 218,406 shares in the company, valued at $5,368,419.48. This represents a 5.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 Amy Simon sold 6,700 shares of the stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $24.58, for a total value of $164,686.00. Following the sale, the insider owned 102,735 shares of the company’s stock, valued at approximately $2,525,226.30. The trade was a 6.12% decrease in their position. 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 have sold 79,544 shares of company stock worth $1,899,942 in the last 90 days. 3.80% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on BEAM. Sanford C. Bernstein lowered their target price on Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Royal Bank Of Canada boosted their target price on Beam Therapeutics from $22.00 to $26.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 25th. Citigroup boosted their target price on Beam Therapeutics from $64.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, March 26th. Wall Street Zen upgraded Beam Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Monday, April 20th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $46.83.

Beam Therapeutics Stock Performance

BEAM opened at $32.48 on Thursday. The company has a market cap of $3.34 billion, a PE ratio of -47.76 and a beta of 2.25. The stock has a 50-day moving average of $29.83 and a 200-day moving average of $28.27. Beam Therapeutics Inc. has a 52-week low of $15.60 and a 52-week high of $36.44. The company has a debt-to-equity ratio of 0.09, a quick ratio of 16.99 and a current ratio of 16.99.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.91) earnings per share (EPS) for the quarter, topping 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 company had revenue of $31.74 million during the quarter, compared to the consensus estimate of $10.98 million. During the same quarter in the prior year, the company posted ($1.23) EPS. The firm’s revenue was up 323.2% on a year-over-year basis. As a group, equities research analysts forecast that Beam Therapeutics Inc. will post -4.16 earnings per share for the current fiscal year.

Beam Therapeutics Company 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.