Charles Schwab Investment Management Inc. Boosts Stake in Beam Therapeutics Inc. (NASDAQ:BEAM)

Charles Schwab Investment Management Inc. grew its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 6.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 629,492 shares of the company's stock after acquiring an additional 36,226 shares during the period. Charles Schwab Investment Management Inc. owned about 0.76% of Beam Therapeutics worth $15,423,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of BEAM. Fairfield Financial Advisors LTD acquired a new position in Beam Therapeutics during the second quarter worth $26,000. Blue Trust Inc. raised its stake in shares of Beam Therapeutics by 2,648.4% during the 2nd quarter. Blue Trust Inc. now owns 1,704 shares of the company's stock worth $40,000 after buying an additional 1,642 shares during the last quarter. National Bank of Canada FI boosted its position in shares of Beam Therapeutics by 200.0% in 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. grew its stake 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 acquiring an additional 524 shares during the last quarter. Finally, Quarry LP increased its holdings in Beam Therapeutics by 350.0% during the 2nd quarter. Quarry LP now owns 3,600 shares of the company's stock valued at $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.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Leerink Partnrs upgraded shares of Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, November 6th. Royal Bank of Canada dropped their price target on Beam Therapeutics from $27.00 to $24.00 and set a "sector perform" rating for the company in a research report on Wednesday, November 6th. Scotiabank initiated coverage on Beam Therapeutics in a research report on Wednesday, October 16th. They issued a "sector outperform" rating and a $24.00 price objective on the stock. Wedbush reiterated an "outperform" rating and set a $57.00 price objective on shares of Beam Therapeutics in a research report on Tuesday, November 5th. Finally, Stifel Nicolaus boosted their target price on shares of Beam Therapeutics from $66.00 to $69.00 and gave the company a "buy" rating in a research note on Wednesday, September 11th. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $44.91.

Insiders Place Their Bets

In related news, President Giuseppe Ciaramella sold 51,110 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $26.27, for a total value of $1,342,659.70. Following the completion of the sale, the president now directly owns 160,260 shares in the company, valued at approximately $4,210,030.20. This represents a 24.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO John M. Evans sold 60,000 shares of the business's stock in a transaction dated 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 transaction, the chief executive officer now owns 938,659 shares in the company, valued at approximately $23,091,011.40. This represents a 6.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 162,894 shares of company stock worth $4,181,745 over the last three months. 4.20% of the stock is owned by insiders.

Beam Therapeutics Price Performance

BEAM stock traded up $1.39 on Friday, hitting $26.71. 1,030,308 shares of the company were exchanged, compared to its average volume of 1,057,057. The stock has a market capitalization of $2.21 billion, a price-to-earnings ratio of -15.18 and a beta of 1.90. Beam Therapeutics Inc. has a twelve month low of $20.84 and a twelve month high of $49.50. The business's fifty day moving average is $24.79 and its two-hundred day moving average is $25.15.

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