BIT Capital GmbH Takes $878,000 Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

BIT Capital GmbH bought a new stake in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 35,414 shares of the company's stock, valued at approximately $878,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BEAM. Horizon Kinetics Asset Management LLC raised its stake in Beam Therapeutics by 4.4% during the 4th quarter. Horizon Kinetics Asset Management LLC now owns 9,597 shares of the company's stock worth $238,000 after buying an additional 403 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Beam Therapeutics by 2.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,396 shares of the company's stock worth $524,000 after purchasing an additional 516 shares during the period. Swiss National Bank lifted its holdings in shares of Beam Therapeutics by 0.8% during the 4th quarter. Swiss National Bank now owns 137,800 shares of the company's stock valued at $3,417,000 after purchasing an additional 1,100 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Beam Therapeutics by 23.9% in the 4th 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 during the period. Finally, Blue Trust Inc. grew its position in shares of Beam Therapeutics by 36.3% in the 4th quarter. Blue Trust Inc. now owns 4,274 shares of the company's stock valued at $105,000 after purchasing an additional 1,139 shares during the period. 99.68% of the stock is owned by institutional investors.

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Wall Street Analyst Weigh In

BEAM has been the topic of a number of research reports. HC Wainwright reaffirmed a "buy" rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Monday, March 10th. Scotiabank raised shares of Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 price objective on the stock in a research report on Monday, March 10th. Guggenheim reiterated a "buy" rating and set a $78.00 target price on shares of Beam Therapeutics in a report on Thursday, February 27th. Bank of America upgraded Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 price target on the stock in a report on Friday. Finally, Royal Bank of Canada increased their price objective on Beam Therapeutics from $24.00 to $26.00 and gave the stock a "sector perform" rating in a report on Wednesday, February 26th. Two investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $49.45.

Insider Activity

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

Beam Therapeutics Stock Down 15.2 %

Shares of NASDAQ:BEAM traded down $3.39 during midday trading on Monday, hitting $18.82. The stock had a trading volume of 2,277,585 shares, compared to its average volume of 1,655,492. The company has a market cap of $1.88 billion, a P/E ratio of -10.68 and a beta of 1.91. Beam Therapeutics Inc. has a 12 month low of $19.10 and a 12 month high of $35.25. The business's 50-day simple moving average is $26.65 and its 200-day simple moving average is $25.89.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its quarterly earnings data on Tuesday, February 25th. The company reported ($1.09) EPS for the quarter, beating analysts' consensus estimates of ($1.25) by $0.16. The company had revenue of $30.00 million during the quarter, compared to the consensus estimate 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 quarter last year, the firm posted $1.73 EPS. As a group, equities analysts predict that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

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.