ARK Investment Management LLC Increases Stake in Beam Therapeutics Inc. (NASDAQ:BEAM)

ARK Investment Management LLC grew its stake in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 8.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 7,068,029 shares of the company's stock after acquiring an additional 536,930 shares during the period. Beam Therapeutics comprises 1.5% of ARK Investment Management LLC's investment portfolio, making the stock its 20th biggest holding. ARK Investment Management LLC owned approximately 8.54% of Beam Therapeutics worth $175,287,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in BEAM. Blue Trust Inc. grew its holdings in shares of Beam Therapeutics by 84.0% in the third quarter. Blue Trust Inc. now owns 3,135 shares of the company's stock valued at $73,000 after purchasing an additional 1,431 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Beam Therapeutics by 21.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company's stock valued at $75,000 after purchasing an additional 524 shares in the last quarter. Arcadia Investment Management Corp MI acquired a new position in shares of Beam Therapeutics in the third quarter valued at approximately $98,000. KBC Group NV grew its holdings in shares of Beam Therapeutics by 103.2% in the fourth quarter. KBC Group NV now owns 4,143 shares of the company's stock valued at $103,000 after purchasing an additional 2,104 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in shares of Beam Therapeutics by 23.9% in the fourth quarter. GAMMA Investing LLC now owns 5,722 shares of the company's stock valued at $142,000 after purchasing an additional 1,102 shares in the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Christine Bellon sold 1,241 shares of the company's stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total value of $30,627.88. Following the completion of the sale, the insider now owns 102,968 shares in the company, valued at $2,541,250.24. This represents a 1.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO John M. Evans sold 30,000 shares of the company's stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $26.75, for a total transaction of $802,500.00. Following the completion of the sale, the chief executive officer now owns 908,659 shares of the company's stock, valued at approximately $24,306,628.25. This trade represents a 3.20 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 4.20% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on BEAM. Sanford C. Bernstein upgraded shares of Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 7th. Guggenheim restated a "buy" rating and issued a $78.00 price objective on shares of Beam Therapeutics in a report on Thursday. Cantor Fitzgerald upgraded shares of Beam Therapeutics from a "neutral" rating to an "overweight" rating in a report on Wednesday, January 29th. HC Wainwright reiterated a "buy" rating and set a $80.00 price target on shares of Beam Therapeutics in a report on Friday. Finally, Royal Bank of Canada boosted their price target on shares of Beam Therapeutics from $24.00 to $26.00 and gave the stock a "sector perform" rating in a report on Wednesday. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Beam Therapeutics currently has an average rating of "Buy" and an average target price of $50.90.

Beam Therapeutics Price Performance

Shares of Beam Therapeutics stock traded down $0.77 during trading hours on Friday, hitting $26.34. The company had a trading volume of 1,469,610 shares, compared to its average volume of 1,297,222. The company's 50-day moving average is $27.18 and its two-hundred day moving average is $25.93. Beam Therapeutics Inc. has a twelve month low of $20.84 and a twelve month high of $45.05. The company has a market cap of $2.20 billion, a P/E ratio of -14.97 and a beta of 1.92.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.25) by $0.16. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business had revenue of $30.00 million during the quarter, compared to analysts' expectations of $16.47 million. During the same quarter in the prior year, the business posted $1.73 EPS. The company's revenue for the quarter was down 90.5% on a year-over-year basis. Sell-side analysts expect that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Beam Therapeutics 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.