16,368 Shares in Beam Therapeutics Inc. (NASDAQ:BEAM) Bought by Proficio Capital Partners LLC

Proficio Capital Partners LLC purchased a new stake in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 16,368 shares of the company's stock, valued at approximately $406,000.

A number of other hedge funds also recently made changes to their positions in the business. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in Beam Therapeutics during the 4th quarter valued at about $330,000. Charles Schwab Investment Management Inc. raised its holdings in Beam Therapeutics by 6.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company's stock worth $15,423,000 after purchasing an additional 36,226 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in Beam Therapeutics by 11.4% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company's stock worth $98,149,000 after purchasing an additional 404,782 shares during the period. Bellevue Group AG increased its position in shares of Beam Therapeutics by 7.1% during the 3rd quarter. Bellevue Group AG now owns 1,518,121 shares of the company's stock valued at $37,194,000 after purchasing an additional 100,000 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Beam Therapeutics by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company's stock worth $44,297,000 after buying an additional 78,102 shares in the last quarter. Institutional investors own 99.68% of the company's stock.

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Beam Therapeutics Stock Down 3.3 %

Shares of Beam Therapeutics stock traded down $0.79 during midday trading on Tuesday, hitting $23.22. The company's stock had a trading volume of 2,393,968 shares, compared to its average volume of 1,221,528. Beam Therapeutics Inc. has a 1-year low of $20.84 and a 1-year high of $35.25. The firm has a market capitalization of $2.32 billion, a P/E ratio of -13.19 and a beta of 1.91. The stock has a 50-day simple moving average of $26.73 and a 200-day simple moving average of $25.93.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, beating the consensus estimate of ($1.25) by $0.16. The company had revenue of $30.00 million for the quarter, compared to analysts' expectations of $16.47 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The business's revenue for the quarter was down 90.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.73 EPS. As a group, sell-side analysts predict that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have commented on BEAM. Royal Bank of Canada boosted their price target on shares of Beam Therapeutics from $24.00 to $26.00 and gave the stock a "sector perform" rating in a research report on Wednesday, February 26th. Scotiabank raised shares of Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 price objective on the stock in a research note on Monday, March 10th. Wedbush reissued an "outperform" rating and set a $57.00 target price on shares of Beam Therapeutics in a research note on Monday, March 10th. Cantor Fitzgerald restated an "overweight" rating on shares of Beam Therapeutics in a report on Wednesday, March 12th. Finally, Sanford C. Bernstein raised Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 7th. Two research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Beam Therapeutics has an average rating of "Buy" and an average price target of $50.82.

Insider Buying and Selling

In other news, CEO John M. Evans sold 30,000 shares of the company's 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 completion of the sale, the chief executive officer now owns 908,659 shares in the company, valued at approximately $24,306,628.25. This represents a 3.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Christine Bellon sold 1,241 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total value of $30,627.88. Following the transaction, the insider now directly owns 102,968 shares in the company, valued at approximately $2,541,250.24. This represents a 1.19 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is owned by corporate insiders.

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.