Bank of Montreal Can Acquires Shares of 151,066 Beam Therapeutics Inc. (NASDAQ:BEAM)

Bank of Montreal Can purchased a new position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 151,066 shares of the company's stock, valued at approximately $3,683,000. Bank of Montreal Can owned 0.18% of Beam Therapeutics at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Riverview Trust Co acquired a new position in shares of Beam Therapeutics during the 1st quarter worth about $26,000. Fairfield Financial Advisors LTD bought a new stake in Beam Therapeutics in the second quarter valued at approximately $26,000. Blue Trust Inc. increased its stake in Beam Therapeutics by 2,648.4% in the second quarter. Blue Trust Inc. now owns 1,704 shares of the company's stock valued at $40,000 after purchasing an additional 1,642 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in Beam Therapeutics by 144.0% in the fourth 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 boosted its position in shares of Beam Therapeutics by 200.0% during the second 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 in the last quarter. 99.68% of the stock is owned by institutional investors.

Beam Therapeutics Stock Performance

BEAM traded down $0.56 on Thursday, hitting $22.94. 700,385 shares of the company were exchanged, compared to its average volume of 1,250,377. The stock's fifty day moving average is $25.84 and its 200-day moving average is $25.77. Beam Therapeutics Inc. has a 12 month low of $16.95 and a 12 month high of $49.50. The company has a market cap of $1.89 billion, a PE ratio of -13.20 and a beta of 1.86.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($1.11) EPS for the quarter, beating the consensus estimate of ($1.13) by $0.02. The company had revenue of $11.80 million during the quarter, compared to the consensus estimate of $14.18 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. The firm's revenue for the quarter was down 41.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($1.08) EPS. As a group, equities research analysts expect that Beam Therapeutics Inc. will post -4.6 EPS for the current fiscal year.

Insider Activity

In related news, CEO John M. Evans sold 60,000 shares of the firm's stock in a transaction dated 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 sale, the chief executive officer now directly owns 938,659 shares in the company, valued at approximately $23,091,011.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders sold a total of 60,674 shares of company stock valued at $1,491,826 in the last quarter. Company insiders own 4.20% of the company's stock.

Analyst Upgrades and Downgrades

BEAM has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Beam Therapeutics from $45.00 to $48.00 and gave the company an "overweight" rating in a research report on Wednesday, August 7th. Stifel Nicolaus raised their price target on Beam Therapeutics from $66.00 to $69.00 and gave the stock a "buy" rating in a research report on Wednesday, September 11th. Barclays cut their price objective on Beam Therapeutics from $33.00 to $31.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 7th. Wedbush reissued an "outperform" rating and set 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 price target on shares of Beam Therapeutics in a report on Thursday, September 19th. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $44.18.

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.