Norges Bank Makes New Investment in Beam Therapeutics Inc. (NASDAQ:BEAM)

Norges Bank purchased a new position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 18,591 shares of the company's stock, valued at approximately $461,000.

Several other institutional investors have also recently added to or reduced their stakes in BEAM. Wealthfront Advisers LLC purchased a new stake in shares of Beam Therapeutics in the fourth quarter valued at about $41,000. KBC Group NV boosted its holdings in Beam Therapeutics by 103.2% in the 4th quarter. KBC Group NV now owns 4,143 shares of the company's stock valued at $103,000 after purchasing an additional 2,104 shares in the last quarter. Blue Trust Inc. boosted its holdings in Beam Therapeutics by 36.3% in the 4th quarter. Blue Trust Inc. now owns 4,274 shares of the company's stock valued at $105,000 after purchasing an additional 1,139 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Beam Therapeutics by 23.9% during the 4th quarter. GAMMA Investing LLC now owns 5,722 shares of the company's stock worth $142,000 after buying an additional 1,102 shares in the last quarter. Finally, Atria Investments Inc lifted its holdings in shares of Beam Therapeutics by 17.1% in the 4th quarter. Atria Investments Inc now owns 9,562 shares of the company's stock valued at $237,000 after buying an additional 1,395 shares during the period. Institutional investors and hedge funds own 99.68% of the company's stock.

Insiders Place Their Bets

In related news, CEO John M. Evans sold 30,000 shares of the stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $26.75, for a total transaction of $802,500.00. Following the transaction, the chief executive officer now directly owns 908,659 shares in the company, valued at approximately $24,306,628.25. This represents a 3.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, President Giuseppe Ciaramella sold 7,434 shares of Beam Therapeutics stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $136,413.90. Following the completion of the sale, the president now owns 190,216 shares of the company's stock, valued at $3,490,463.60. This trade represents a 3.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 73,771 shares of company stock valued at $1,605,698 in the last quarter. 4.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on BEAM. Bank of America raised Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 price objective on the stock in a report on Friday, March 28th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Beam Therapeutics in a report on Wednesday, March 12th. Royal Bank of Canada boosted their price objective on shares of Beam Therapeutics from $24.00 to $26.00 and gave the stock a "sector perform" rating in a report on Wednesday, February 26th. Sanford C. Bernstein raised shares of Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 7th. Finally, Scotiabank upgraded shares of Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 price target for the company in a research report on Monday, March 10th. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $49.45.

Beam Therapeutics Stock Performance

Beam Therapeutics stock traded up $0.20 during midday trading on Thursday, reaching $16.82. 217,709 shares of the company were exchanged, compared to its average volume of 1,387,258. The firm's 50-day simple moving average is $23.73 and its 200-day simple moving average is $24.96. Beam Therapeutics Inc. has a 1 year low of $13.53 and a 1 year high of $35.25. The company has a market capitalization of $1.68 billion, a price-to-earnings ratio of -9.57 and a beta of 2.02.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings results on Tuesday, February 25th. The company reported ($1.09) EPS for the quarter, topping analysts' consensus estimates of ($1.25) by $0.16. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business had revenue of $30.00 million during the quarter, compared to the consensus estimate of $16.47 million. During the same period in the previous year, the firm posted $1.73 earnings per share. The company's quarterly revenue was down 90.5% compared to the same quarter last year. On average, analysts forecast that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal 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.