Renaissance Technologies LLC Boosts Stock Position in Beam Therapeutics Inc. $BEAM

Renaissance Technologies LLC raised its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM) by 228.2% during the first quarter, Holdings Channel reports. The institutional investor owned 513,578 shares of the company’s stock after buying an additional 357,078 shares during the period. Renaissance Technologies LLC’s holdings in Beam Therapeutics were worth $12,239,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the business. ARK Investment Management LLC boosted its position in shares of Beam Therapeutics by 12.9% during the 4th quarter. ARK Investment Management LLC now owns 12,467,189 shares of the company’s stock worth $345,590,000 after acquiring an additional 1,428,355 shares in the last quarter. State Street Corp raised its position in shares of Beam Therapeutics by 30.4% during the 4th quarter. State Street Corp now owns 5,228,529 shares of the company’s stock worth $144,935,000 after acquiring an additional 1,219,871 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Beam Therapeutics by 20.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,730,282 shares of the company’s stock worth $75,684,000 after acquiring an additional 467,133 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Beam Therapeutics by 10.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,154,575 shares of the company’s stock worth $51,327,000 after purchasing an additional 206,696 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Beam Therapeutics by 2.8% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,712,359 shares of the company’s stock worth $47,467,000 after purchasing an additional 46,974 shares during the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Beam Therapeutics

In other news, insider Fmr Llc sold 251,488 shares of the business’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $35.26, for a total transaction of $8,867,466.88. Following the transaction, the insider directly owned 854,583 shares in the company, valued at $30,132,596.58. The trade was a 22.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Amy Simon sold 16,667 shares of the stock in a transaction dated 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 directly owned 85,696 shares of the company’s stock, valued at $2,205,815.04. This represents a 16.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 301,527 shares of company stock worth $10,468,500. Company insiders own 3.80% of the company’s stock.

Beam Therapeutics Trading Down 3.7%

Shares of BEAM stock opened at $25.52 on Friday. The company has a market capitalization of $2.63 billion, a P/E ratio of -37.53 and a beta of 2.18. The company has a current ratio of 16.99, a quick ratio of 16.99 and a debt-to-equity ratio of 0.09. The business’s 50 day moving average is $31.01 and its two-hundred day moving average is $29.19. Beam Therapeutics Inc. has a twelve month low of $15.60 and a twelve month high of $38.26.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.91) EPS for the quarter, topping the consensus estimate of ($1.03) by $0.12. The business had revenue of $31.74 million during the quarter, compared to analysts’ expectations of $10.98 million. Beam Therapeutics had a negative return on equity of 29.00% and a negative net margin of 39.66%.The company’s quarterly revenue was up 323.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($1.23) earnings per share. Equities analysts forecast that Beam Therapeutics Inc. will post -4.16 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on BEAM. Bank of America reissued a “buy” rating and set a $47.00 price objective on shares of Beam Therapeutics in a report on Wednesday, July 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Friday, July 17th. Sanford C. Bernstein cut their price target on shares of Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Tudor Pickering set a $39.00 price target on shares of Beam Therapeutics in a research report on Wednesday, May 13th. Finally, HC Wainwright restated a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research note on Tuesday, July 7th. Ten equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $46.85.

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.