Geode Capital Management LLC Has $44.30 Million Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

Geode Capital Management LLC boosted its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 4.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,807,683 shares of the company's stock after acquiring an additional 78,102 shares during the quarter. Geode Capital Management LLC owned approximately 2.18% of Beam Therapeutics worth $44,297,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Farallon Capital Management LLC grew its stake in shares of Beam Therapeutics by 75.4% during the second quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company's stock valued at $185,404,000 after purchasing an additional 3,401,370 shares during the last quarter. ARCH Venture Management LLC acquired a new stake in shares of Beam Therapeutics in the 2nd quarter valued at $127,530,000. State Street Corp raised its position in shares of Beam Therapeutics by 12.5% during the third quarter. State Street Corp now owns 3,929,557 shares of the company's stock worth $96,274,000 after acquiring an additional 437,402 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Beam Therapeutics by 59.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company's stock valued at $87,044,000 after acquiring an additional 1,328,414 shares during the last quarter. Finally, Bellevue Group AG increased its position in Beam Therapeutics by 7.1% in the third quarter. Bellevue Group AG now owns 1,518,121 shares of the company's stock worth $37,194,000 after purchasing an additional 100,000 shares during the period. Institutional investors and hedge funds own 99.68% of the company's stock.

Insider Activity at Beam Therapeutics

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

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on BEAM. Scotiabank started coverage on shares of Beam Therapeutics in a research note on Wednesday, October 16th. They issued a "sector outperform" rating and a $24.00 target price on the stock. Royal Bank of Canada cut their price target on Beam Therapeutics from $27.00 to $24.00 and set a "sector perform" rating on the stock in a research note on Wednesday, November 6th. Leerink Partners raised Beam Therapeutics from a "market perform" rating to an "outperform" rating and lifted their price objective for the stock from $27.00 to $39.00 in a research note on Wednesday, November 6th. Cantor Fitzgerald raised Beam Therapeutics to a "hold" rating in a research note on Tuesday, December 10th. Finally, Wedbush restated an "outperform" rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Monday, December 9th. Three research 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. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $47.67.

Beam Therapeutics Stock Performance

NASDAQ BEAM traded up $0.11 on Tuesday, reaching $28.81. The company had a trading volume of 263,588 shares, compared to its average volume of 1,227,686. The firm has a market capitalization of $2.39 billion, a price-to-earnings ratio of -16.37 and a beta of 1.90. The company's fifty day moving average is $25.77 and its 200-day moving average is $25.47. Beam Therapeutics Inc. has a 1-year low of $20.84 and a 1-year high of $49.50.

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

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.