Legal & General Group Plc Invests $2.72 Million in Beam Therapeutics Inc. $BEAM

Legal & General Group Plc purchased a new stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 79,179 shares of the company’s stock, valued at approximately $2,717,000.

Other institutional investors have also added to or reduced their stakes in the company. Jones Financial Companies Lllp grew its stake in shares of Beam Therapeutics by 55,780.0% during the first quarter. Jones Financial Companies Lllp now owns 33,528 shares of the company’s stock worth $655,000 after buying an additional 33,468 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Beam Therapeutics by 10.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 438,529 shares of the company’s stock valued at $8,564,000 after acquiring an additional 42,609 shares in the last quarter. Prudential Financial Inc. bought a new stake in Beam Therapeutics during the 2nd quarter worth $201,000. New York State Common Retirement Fund grew its position in Beam Therapeutics by 17.7% during the 2nd quarter. New York State Common Retirement Fund now owns 30,629 shares of the company’s stock worth $521,000 after acquiring an additional 4,600 shares during the last quarter. Finally, Invesco Ltd. grew its position in Beam Therapeutics by 46.0% during the 2nd quarter. Invesco Ltd. now owns 128,874 shares of the company’s stock worth $2,192,000 after acquiring an additional 40,583 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, insider Amy Simon sold 16,667 shares of Beam Therapeutics stock in a transaction on Monday, July 27th. The shares were sold at an average price of $25.74, for a total value of $429,008.58. Following the completion of the sale, the insider directly owned 85,696 shares of the company’s stock, valued at approximately $2,205,815.04. The trade was a 16.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Fmr Llc sold 251,488 shares of the company’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 owned 854,583 shares in the company, valued at $30,132,596.58. This represents a 22.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 301,527 shares of company stock worth $10,468,500. 3.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Tudor Pickering set a $39.00 target price on Beam Therapeutics in a research report on Wednesday, May 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a report on Friday, July 17th. Wall Street Zen raised Beam Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Saturday. Sanford C. Bernstein dropped their price objective on shares of Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Finally, Bank of America reiterated a “buy” rating and set a $47.00 target price on shares of Beam Therapeutics in a research report on Wednesday, July 8th. Ten research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Beam Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $49.00.

Beam Therapeutics Trading Up 0.7%

NASDAQ BEAM opened at $29.66 on Friday. The stock has a market capitalization of $3.06 billion, a P/E ratio of -34.49 and a beta of 2.22. The business has a 50 day simple moving average of $29.35 and a 200 day simple moving average of $28.94. The company has a debt-to-equity ratio of 0.09, a current ratio of 14.57 and a quick ratio of 14.57. Beam Therapeutics Inc. has a one year low of $18.72 and a one year 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 the consensus estimate of ($1.11) by ($0.07). The business had revenue of $0.49 million during the quarter, compared to analyst estimates of $16.37 million. Beam Therapeutics had a negative net margin of 54.75% and a negative return on equity of 30.71%. Beam Therapeutics’s quarterly revenue was down 94.2% compared to the same quarter last year. During the same period last year, the firm posted ($1.00) earnings per share. Research analysts expect that Beam Therapeutics Inc. will post -4.49 earnings per share 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.