Proficio Capital Partners LLC Buys Shares of 16,368 Beam Therapeutics Inc. (NASDAQ:BEAM)

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

A number of other large investors also recently modified their holdings of BEAM. Atria Investments Inc bought a new position in Beam Therapeutics during the third quarter valued at about $200,000. Sumitomo Mitsui Trust Group Inc. boosted its stake in Beam Therapeutics by 59.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company's stock valued at $87,044,000 after buying an additional 1,328,414 shares in the last quarter. Quest Partners LLC boosted its stake in Beam Therapeutics by 410.8% during the third quarter. Quest Partners LLC now owns 36,193 shares of the company's stock valued at $887,000 after buying an additional 29,108 shares in the last quarter. Intech Investment Management LLC bought a new position in Beam Therapeutics during the third quarter valued at about $512,000. Finally, Charles Schwab Investment Management Inc. boosted its stake 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 valued at $15,423,000 after buying an additional 36,226 shares in the last quarter. 99.68% of the stock is owned by institutional investors and hedge funds.

Beam Therapeutics Stock Down 3.3 %

Shares of BEAM traded down $0.83 during midday trading on Friday, reaching $24.23. 2,166,555 shares of the stock were exchanged, compared to its average volume of 1,210,679. Beam Therapeutics Inc. has a 12-month low of $20.84 and a 12-month high of $37.42. The firm has a 50 day simple moving average of $27.11 and a 200-day simple moving average of $26.03. The company has a market cap of $2.03 billion, a price-to-earnings ratio of -13.77 and a beta of 1.91.

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

Insider Transactions at Beam Therapeutics

In related news, insider Christine Bellon sold 1,241 shares of the firm's stock in a transaction that occurred on Thursday, January 2nd. The stock was 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 of the company's stock, valued at approximately $2,541,250.24. This trade represents a 1.19 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John M. Evans sold 30,000 shares of the firm's stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $26.75, for a total value of $802,500.00. Following the completion of the transaction, the chief executive officer now directly owns 908,659 shares in the company, valued at $24,306,628.25. The trade was a 3.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 4.20% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BEAM. Jones Trading upgraded Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 price target for the company in a research report on Monday. Scotiabank upgraded 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. Sanford C. Bernstein upgraded Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, January 7th. Guggenheim reiterated a "buy" rating and issued a $78.00 price target on shares of Beam Therapeutics in a research report on Thursday, February 27th. Finally, Royal Bank of Canada increased their price target on Beam Therapeutics from $24.00 to $26.00 and gave the company a "sector perform" rating in a research report on Wednesday, February 26th. 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 has an average rating of "Buy" and a consensus target price of $50.82.

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.