Farallon Capital Management LLC Acquires 50,000 Shares of Beam Therapeutics Inc. $BEAM

Farallon Capital Management LLC grew its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM) by 0.5% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 10,063,111 shares of the company’s stock after acquiring an additional 50,000 shares during the period. Beam Therapeutics comprises approximately 1.0% of Farallon Capital Management LLC’s portfolio, making the stock its 29th biggest holding. Farallon Capital Management LLC owned 0.10% of Beam Therapeutics worth $244,232,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in BEAM. ARK Investment Management LLC lifted its holdings in shares of Beam Therapeutics by 24.8% in the 3rd quarter. ARK Investment Management LLC now owns 11,038,834 shares of the company’s stock valued at $267,913,000 after acquiring an additional 2,190,993 shares during the last quarter. Contrarius Group Holdings Ltd bought a new stake in Beam Therapeutics during the third quarter worth approximately $37,212,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Beam Therapeutics by 237.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,665,385 shares of the company’s stock worth $40,419,000 after acquiring an additional 1,171,977 shares during the last quarter. Qube Research & Technologies Ltd purchased a new stake in Beam Therapeutics during the second quarter valued at approximately $10,101,000. Finally, Bellevue Group AG raised its position in Beam Therapeutics by 20.6% during the second quarter. Bellevue Group AG now owns 2,889,288 shares of the company’s stock valued at $49,147,000 after purchasing an additional 493,358 shares during the period. 99.68% of the stock is currently owned by institutional investors.

Beam Therapeutics Price Performance

Shares of NASDAQ:BEAM opened at $25.16 on Monday. Beam Therapeutics Inc. has a 1 year low of $13.52 and a 1 year high of $36.44. The business has a 50 day simple moving average of $28.69 and a two-hundred day simple moving average of $25.93. The firm has a market capitalization of $2.56 billion, a PE ratio of -24.91 and a beta of 2.12.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, February 24th. The company reported $2.33 earnings per share for the quarter, topping the consensus estimate of ($1.13) by $3.46. Beam Therapeutics had a negative return on equity of 30.65% and a negative net margin of 57.24%.The firm had revenue of $114.11 million for the quarter, compared to the consensus estimate of $13.22 million. During the same period in the prior year, the business posted ($1.09) earnings per share. The company’s revenue for the quarter was up 280.3% on a year-over-year basis. Equities research analysts expect that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on BEAM. Evercore initiated coverage on Beam Therapeutics in a report on Monday, November 24th. They issued an “outperform” rating and a $35.00 target price for the company. Wall Street Zen upgraded Beam Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. UBS Group initiated coverage on Beam Therapeutics in a research report on Wednesday, January 7th. They issued a “neutral” rating and a $28.00 price target for the company. Benchmark reaffirmed a “speculative buy” rating on shares of Beam Therapeutics in a research note on Monday, November 17th. Finally, Wedbush boosted their price objective on shares of Beam Therapeutics from $57.00 to $65.00 and gave the company an “outperform” rating in a research report on Wednesday, February 25th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Beam Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $47.50.

Insider Buying and Selling

In other Beam Therapeutics news, insider Christine Bellon sold 18,629 shares of the company’s stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $34.61, for a total value of $644,749.69. Following the transaction, the insider owned 97,038 shares of the company’s stock, valued at $3,358,485.18. This represents a 16.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 3.50% of the stock is owned by company insiders.

About Beam Therapeutics

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.