Beam Therapeutics Inc. (NASDAQ:BEAM) Shares Bought by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company boosted its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 30.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 137,089 shares of the company's stock after purchasing an additional 32,279 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.17% of Beam Therapeutics worth $3,212,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Brandywine Managers LLC purchased a new position in Beam Therapeutics during the fourth quarter worth approximately $220,000. Vanguard Group Inc. boosted its holdings in Beam Therapeutics by 5.1% in the fourth quarter. Vanguard Group Inc. now owns 7,164,876 shares of the company's stock valued at $195,028,000 after acquiring an additional 349,906 shares during the last quarter. PNC Financial Services Group Inc. grew its position in Beam Therapeutics by 144.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company's stock valued at $43,000 after acquiring an additional 923 shares during the period. Riverview Trust Co acquired a new stake in Beam Therapeutics during the first quarter worth about $26,000. Finally, DLK Investment Management LLC acquired a new stake in Beam Therapeutics during the first quarter worth about $239,000. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO John M. Evans sold 60,000 shares of the business'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 owns 938,659 shares of the company's stock, valued at approximately $23,091,011.40. The trade was a 0.00 % decrease in their position. The transaction 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 ninety days. Corporate insiders own 4.20% of the company's stock.

Beam Therapeutics Price Performance

BEAM traded up $0.18 on Wednesday, reaching $23.44. The company's stock had a trading volume of 489,058 shares, compared to its average volume of 1,236,609. Beam Therapeutics Inc. has a 1 year low of $16.95 and a 1 year high of $49.50. The business's 50 day moving average is $24.96 and its 200 day moving average is $25.38. The stock has a market cap of $1.93 billion, a price-to-earnings ratio of -13.17 and a beta of 1.85.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its earnings results 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 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%. The business's revenue was down 41.3% on a year-over-year basis. During the same period in the prior year, the business posted ($1.08) EPS. As a group, research analysts forecast that Beam Therapeutics Inc. will post -4.6 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Barclays decreased their target price on Beam Therapeutics from $33.00 to $31.00 and set an "equal weight" rating for the company in a report on Wednesday, August 7th. Royal Bank of Canada reissued a "sector perform" rating and issued a $27.00 price objective on shares of Beam Therapeutics in a research report on Thursday, September 19th. Wedbush reissued an "outperform" rating and issued a $57.00 target price on shares of Beam Therapeutics in a research note on Tuesday, August 6th. Stifel Nicolaus upped their price target on shares of Beam Therapeutics from $66.00 to $69.00 and gave the stock a "buy" rating in a research report on Wednesday, September 11th. Finally, HC Wainwright reissued a "buy" rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research report on Thursday, August 22nd. 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 stock presently has a consensus rating of "Hold" and a consensus price target of $44.18.

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.