Beam Therapeutics Inc. (NASDAQ:BEAM) Shares Bought by Quest Partners LLC

Quest Partners LLC lifted its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 410.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 36,193 shares of the company's stock after buying an additional 29,108 shares during the period. Quest Partners LLC's holdings in Beam Therapeutics were worth $887,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Fairfield Financial Advisors LTD acquired a new position in Beam Therapeutics during the 2nd quarter worth about $26,000. Blue Trust Inc. boosted its stake in shares of Beam Therapeutics by 2,648.4% in the second quarter. Blue Trust Inc. now owns 1,704 shares of the company's stock valued at $40,000 after purchasing an additional 1,642 shares during the period. National Bank of Canada FI lifted its holdings in Beam Therapeutics by 200.0% during the 2nd quarter. National Bank of Canada FI now owns 3,000 shares of the company's stock worth $69,000 after buying an additional 2,000 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Beam Therapeutics by 21.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company's stock valued at $75,000 after buying an additional 524 shares during the period. Finally, Quarry LP grew its stake in shares of Beam Therapeutics by 350.0% in the second quarter. Quarry LP now owns 3,600 shares of the company's stock worth $84,000 after acquiring an additional 2,800 shares in the last quarter. Hedge funds and other institutional investors own 99.68% of the company's stock.

Beam Therapeutics Stock Down 4.0 %

BEAM traded down $0.97 on Thursday, hitting $23.52. 548,857 shares of the company traded hands, compared to its average volume of 1,235,750. Beam Therapeutics Inc. has a 12-month low of $20.84 and a 12-month high of $49.50. The company has a 50 day moving average of $24.56 and a 200-day moving average of $24.91. The stock has a market capitalization of $1.95 billion, a PE ratio of -13.91 and a beta of 1.86.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.01). The company had revenue of $14.30 million for the quarter, compared to analyst estimates of $14.52 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. Beam Therapeutics's revenue for the quarter was down 16.9% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.22) earnings per share. On average, research analysts anticipate that Beam Therapeutics Inc. will post -4.66 EPS for the current year.

Insiders Place Their Bets

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the company's stock in a transaction on Monday, September 30th. The stock was sold at an average price of $24.60, for a total value of $1,476,000.00. Following the sale, the chief executive officer now owns 938,659 shares of the company's stock, valued at approximately $23,091,011.40. This represents a 6.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Giuseppe Ciaramella sold 51,110 shares of the firm's stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $26.36, for a total value of $1,347,259.60. Following the completion of the transaction, the president now owns 109,150 shares of the company's stock, valued at approximately $2,877,194. This represents a 31.89 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 162,894 shares of company stock worth $4,181,745. Company insiders own 4.20% of the company's stock.

Analyst Ratings Changes

BEAM has been the topic of several recent research reports. Barclays cut their price target on Beam Therapeutics from $33.00 to $31.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 7th. HC Wainwright reaffirmed a "buy" rating and set a $80.00 price target on shares of Beam Therapeutics in a report on Thursday, November 7th. Leerink Partners upgraded Beam Therapeutics from a "market perform" rating to an "outperform" rating and increased their price objective for the company from $27.00 to $39.00 in a report on Wednesday, November 6th. Stifel Nicolaus boosted their target price on Beam Therapeutics from $66.00 to $69.00 and gave the stock a "buy" rating in a research note on Wednesday, September 11th. Finally, Scotiabank began coverage on shares of Beam Therapeutics in a research note on Wednesday, October 16th. They issued a "sector outperform" rating and a $24.00 price target on the stock. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Beam Therapeutics has an average rating of "Moderate Buy" and an average price target of $44.91.

Beam Therapeutics Company 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.