Raymond James Financial Inc. Invests $703,000 in Beam Therapeutics Inc. (NASDAQ:BEAM)

Raymond James Financial Inc. purchased a new position in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 28,328 shares of the company's stock, valued at approximately $703,000.

Several other hedge funds have also recently bought and sold shares of the company. KBC Group NV increased its stake in shares of Beam Therapeutics by 103.2% during the 4th quarter. KBC Group NV now owns 4,143 shares of the company's stock worth $103,000 after purchasing an additional 2,104 shares in the last quarter. Blue Trust Inc. grew its holdings in Beam Therapeutics by 36.3% during the 4th quarter. Blue Trust Inc. now owns 4,274 shares of the company's stock valued at $105,000 after buying an additional 1,139 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Beam Therapeutics by 23.9% in the fourth quarter. GAMMA Investing LLC now owns 5,722 shares of the company's stock worth $142,000 after acquiring an additional 1,102 shares during the last quarter. Quarry LP lifted its position in shares of Beam Therapeutics by 66.7% in the third quarter. Quarry LP now owns 6,000 shares of the company's stock valued at $147,000 after acquiring an additional 2,400 shares in the last quarter. Finally, Atria Investments Inc boosted its stake in shares of Beam Therapeutics by 17.1% during the fourth quarter. Atria Investments Inc now owns 9,562 shares of the company's stock valued at $237,000 after acquiring an additional 1,395 shares during the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

Beam Therapeutics Stock Performance

Shares of NASDAQ:BEAM traded down $1.74 during trading on Thursday, reaching $14.63. 3,297,270 shares of the stock were exchanged, compared to its average volume of 1,380,845. The firm's 50-day moving average price is $24.58 and its 200 day moving average price is $25.19. The firm has a market cap of $1.46 billion, a price-to-earnings ratio of -8.31 and a beta of 2.02. Beam Therapeutics Inc. has a 12-month low of $13.53 and a 12-month high of $35.25.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its quarterly earnings data on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $30.00 million during the quarter, compared to analyst estimates of $16.47 million. During the same quarter in the prior year, the business earned $1.73 earnings per share. The business's quarterly revenue was down 90.5% compared to the same quarter last year. As a group, equities research analysts forecast that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Insider Buying and Selling at Beam Therapeutics

In other news, President Giuseppe Ciaramella sold 7,434 shares of Beam Therapeutics stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $136,413.90. Following the sale, the president now owns 190,216 shares in the company, valued at $3,490,463.60. This trade represents a 3.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Christine Bellon sold 5,674 shares of the company's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $104,117.90. Following the completion of the transaction, the insider now owns 117,294 shares of the company's stock, valued at $2,152,344.90. This trade represents a 4.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 73,771 shares of company stock valued at $1,605,698 over the last three months. 4.20% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research analysts recently weighed in on BEAM shares. Cantor Fitzgerald reissued an "overweight" rating on shares of Beam Therapeutics in a research note on Wednesday, March 12th. Sanford C. Bernstein raised shares of Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 7th. Wedbush restated an "outperform" rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Monday, March 10th. HC Wainwright reiterated a "buy" rating and issued a $80.00 price target on shares of Beam Therapeutics in a report on Monday. Finally, Royal Bank of Canada lifted their price objective 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 equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $49.45.

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.