Alliancebernstein L.P. Grows Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

Alliancebernstein L.P. raised its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 149.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 212,804 shares of the company's stock after purchasing an additional 127,494 shares during the quarter. Alliancebernstein L.P. owned approximately 0.26% of Beam Therapeutics worth $5,278,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Wealthfront Advisers LLC purchased a new position in Beam Therapeutics in the 4th quarter valued at approximately $41,000. KBC Group NV boosted its stake in Beam Therapeutics by 103.2% in the 4th quarter. KBC Group NV now owns 4,143 shares of the company's stock worth $103,000 after purchasing an additional 2,104 shares during the period. Blue Trust Inc. increased its position in shares of Beam Therapeutics by 36.3% during the fourth quarter. Blue Trust Inc. now owns 4,274 shares of the company's stock valued at $105,000 after buying an additional 1,139 shares during the period. GAMMA Investing LLC grew its stake in Beam Therapeutics by 23.9% during the fourth quarter. GAMMA Investing LLC now owns 5,722 shares of the company's stock valued at $142,000 after acquiring an additional 1,102 shares in the last quarter. Finally, Atria Investments Inc boosted its holdings in Beam Therapeutics by 17.1% in the 4th quarter. Atria Investments Inc now owns 9,562 shares of the company's stock valued at $237,000 after purchasing an additional 1,395 shares during the period. Institutional investors own 99.68% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on BEAM. Bank of America raised Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 price objective for the company in a report on Friday, March 28th. HC Wainwright restated a "buy" rating and set a $80.00 price objective on shares of Beam Therapeutics in a research report on Monday, April 7th. Sanford C. Bernstein upgraded shares of Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 7th. Jones Trading upgraded Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 price target on the stock in a research report on Monday, March 10th. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of Beam Therapeutics in a research report on Wednesday, March 12th. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Beam Therapeutics presently has a consensus rating of "Buy" and an average price target of $49.45.

Beam Therapeutics Stock Performance

BEAM stock traded up $0.42 during trading on Thursday, hitting $17.04. 661,575 shares of the company's stock traded hands, compared to its average volume of 1,388,999. Beam Therapeutics Inc. has a 52 week low of $13.53 and a 52 week high of $35.25. The business has a fifty day simple moving average of $23.73 and a 200 day simple moving average of $24.96. The stock has a market capitalization of $1.70 billion, a price-to-earnings ratio of -9.66 and a beta of 2.02.

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

Insider Buying and Selling at Beam Therapeutics

In other news, CEO John M. Evans sold 30,000 shares of the stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $26.75, for a total value of $802,500.00. Following the transaction, the chief executive officer now owns 908,659 shares in the company, valued at approximately $24,306,628.25. This represents a 3.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President Giuseppe Ciaramella sold 7,434 shares of the stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $136,413.90. Following the completion of the transaction, the president now owns 190,216 shares in the company, valued at $3,490,463.60. This represents a 3.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 73,771 shares of company stock valued at $1,605,698 over the last ninety days. Corporate insiders own 4.20% of the company's stock.

About Beam Therapeutics

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.