ARCH Venture Management LLC Buys New Shares in Beam Therapeutics Inc. (NASDAQ:BEAM)

ARCH Venture Management LLC bought a new stake in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund bought 5,443,039 shares of the company's stock, valued at approximately $127,530,000. Beam Therapeutics comprises about 46.5% of ARCH Venture Management LLC's investment portfolio, making the stock its largest holding. ARCH Venture Management LLC owned 6.61% of Beam Therapeutics as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Riverview Trust Co purchased a new stake in Beam Therapeutics in the first quarter valued at approximately $26,000. Fairfield Financial Advisors LTD purchased a new stake in Beam Therapeutics in the 2nd quarter valued at $26,000. Blue Trust Inc. grew its holdings in Beam Therapeutics by 2,648.4% in the 2nd quarter. Blue Trust Inc. now owns 1,704 shares of the company's stock valued at $40,000 after buying an additional 1,642 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in shares of Beam Therapeutics by 144.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company's stock worth $43,000 after purchasing an additional 923 shares during the period. Finally, National Bank of Canada FI grew its holdings in shares of 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 purchasing an additional 2,000 shares during the period. Hedge funds and other institutional investors own 99.68% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on BEAM shares. Barclays decreased their target price on 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. HC Wainwright reissued a "buy" rating and set a $80.00 target price on shares of Beam Therapeutics in a research report on Thursday, August 22nd. 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 note on Wednesday, August 7th. Wedbush reiterated an "outperform" rating and issued a $57.00 target price on shares of Beam Therapeutics in a research note on Tuesday, August 6th. Finally, Royal Bank of Canada reiterated a "sector perform" rating and issued a $27.00 target price on shares of Beam Therapeutics in a research note on Thursday, September 19th. Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, Beam Therapeutics currently has an average rating of "Hold" and an average target price of $44.18.

Beam Therapeutics Stock Performance

BEAM stock traded up $0.05 during midday trading on Tuesday, hitting $24.77. 1,047,141 shares of the stock were exchanged, compared to its average volume of 1,270,386. The stock's 50-day moving average price is $26.23 and its 200-day moving average price is $26.19. The stock has a market cap of $2.04 billion, a price-to-earnings ratio of -13.92 and a beta of 1.86. Beam Therapeutics Inc. has a fifty-two week low of $16.95 and a fifty-two week high of $49.50.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($1.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.13) by $0.02. The firm had revenue of $11.80 million during the quarter, compared to analysts' expectations of $14.18 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. Beam Therapeutics's revenue was down 41.3% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.08) earnings per share. Research analysts anticipate that Beam Therapeutics Inc. will post -4.6 EPS for the current year.

Insider Transactions at Beam Therapeutics

In other news, CEO John M. Evans sold 60,000 shares of the business's stock in a transaction on Thursday, June 27th. The stock was 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 of the company's stock, valued at $24,459,403.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 4.20% of the company's stock.

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.