Rhumbline Advisers Buys 23,565 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

Rhumbline Advisers boosted its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 21.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 132,569 shares of the company's stock after acquiring an additional 23,565 shares during the period. Rhumbline Advisers owned approximately 0.16% of Beam Therapeutics worth $3,106,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in BEAM. Russell Investments Group Ltd. lifted its holdings in shares of Beam Therapeutics by 4.4% during the first quarter. Russell Investments Group Ltd. now owns 143,828 shares of the company's stock valued at $4,752,000 after acquiring an additional 6,102 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Beam Therapeutics by 5.8% in the 1st quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company's stock worth $250,402,000 after acquiring an additional 413,892 shares in the last quarter. UBS Group AG increased its holdings in Beam Therapeutics by 118.2% during the 4th quarter. UBS Group AG now owns 260,500 shares of the company's stock valued at $7,091,000 after purchasing an additional 141,102 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Beam Therapeutics by 34.6% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 223,929 shares of the company's stock valued at $6,782,000 after purchasing an additional 57,554 shares during the last quarter. Finally, Bellevue Group AG boosted its stake in Beam Therapeutics by 71.7% in the first quarter. Bellevue Group AG now owns 1,193,121 shares of the company's stock worth $39,421,000 after purchasing an additional 498,300 shares in the last quarter. Institutional investors and hedge funds own 99.68% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on BEAM shares. Barclays reduced their target price on shares of Beam Therapeutics from $33.00 to $31.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 7th. Royal Bank of Canada reiterated a "sector perform" rating and set a $27.00 target price on shares of Beam Therapeutics in a research report on Wednesday, August 7th. JPMorgan Chase & Co. raised their price target on Beam Therapeutics from $45.00 to $48.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 7th. Stifel Nicolaus lifted their price objective 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, Wedbush restated an "outperform" rating and set a $57.00 target price on shares of Beam Therapeutics in a report on Tuesday, August 6th. Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $44.18.

Insiders Place Their Bets

In other news, CEO John M. Evans sold 60,000 shares of the business's stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $24.50, for a total value of $1,470,000.00. Following the completion of the transaction, the chief executive officer now directly owns 998,343 shares in the company, valued at approximately $24,459,403.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 4.20% of the company's stock.

Beam Therapeutics Stock Performance

NASDAQ:BEAM traded down $0.07 during mid-day trading on Wednesday, hitting $25.51. The stock had a trading volume of 785,486 shares, compared to its average volume of 1,272,814. Beam Therapeutics Inc. has a twelve month low of $16.95 and a twelve month high of $49.50. The stock has a market cap of $2.10 billion, a price-to-earnings ratio of -14.37 and a beta of 1.86. The company's 50 day simple moving average is $26.29 and its 200 day simple moving average is $26.63.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($1.11) EPS for the quarter, beating analysts' consensus estimates of ($1.13) by $0.02. Beam Therapeutics had a negative net margin of 40.56% and a negative return on equity of 16.22%. The business had revenue of $11.80 million for the quarter, compared to analyst estimates of $14.18 million. During the same quarter in the prior year, the business earned ($1.08) EPS. Beam Therapeutics's quarterly revenue was down 41.3% on a year-over-year basis. As a group, equities analysts forecast that Beam Therapeutics Inc. will post -4.6 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.