First Trust Advisors LP Acquires 71,110 Shares of Beam Therapeutics Inc. $BEAM

First Trust Advisors LP raised its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 111.0% in the first quarter, Holdings Channel reports. The institutional investor owned 135,166 shares of the company’s stock after acquiring an additional 71,110 shares during the period. First Trust Advisors LP’s holdings in Beam Therapeutics were worth $3,221,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. Hollencrest Capital Management bought a new stake in shares of Beam Therapeutics during the 1st quarter valued at $43,000. Bank Julius Baer & Co. Ltd Zurich bought a new position in Beam Therapeutics in the 4th quarter worth $47,000. Larson Financial Group LLC raised its holdings in Beam Therapeutics by 4,370.5% in the 3rd quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock worth $48,000 after purchasing an additional 1,923 shares during the period. Van ECK Associates Corp lifted its position in Beam Therapeutics by 48.7% during the third quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock valued at $52,000 after purchasing an additional 707 shares in the last quarter. Finally, Kestra Advisory Services LLC purchased a new position in Beam Therapeutics during the fourth quarter valued at $59,000. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Price Performance

NASDAQ:BEAM opened at $27.25 on Friday. The business’s 50-day moving average is $30.72 and its 200 day moving average is $28.99. Beam Therapeutics Inc. has a 12 month low of $15.60 and a 12 month high of $38.26. The company has a market capitalization of $2.81 billion, a P/E ratio of -31.69 and a beta of 2.23. The company has a current ratio of 14.57, a quick ratio of 16.99 and a debt-to-equity ratio of 0.09.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($1.18) earnings per share for the quarter, missing the consensus estimate of ($1.11) by ($0.07). Beam Therapeutics had a negative net margin of 54.75% and a negative return on equity of 30.71%. The firm had revenue of $0.49 million for the quarter, compared to analysts’ expectations of $16.37 million. During the same quarter in the prior year, the business earned ($1.00) EPS. The business’s quarterly revenue was down 94.2% compared to the same quarter last year. On average, equities research analysts forecast that Beam Therapeutics Inc. will post -4.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have issued reports on BEAM. Sanford C. Bernstein cut their price target on Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Tudor Pickering set a $39.00 price objective on Beam Therapeutics in a research report on Wednesday, May 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Friday, July 17th. HC Wainwright reissued a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a report on Tuesday, July 7th. Finally, Bank of America reaffirmed a “buy” rating and set a $47.00 price target on shares of Beam Therapeutics in a report on Wednesday, July 8th. Ten equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $49.00.

Insider Buying and Selling

In related news, insider Amy Simon sold 16,667 shares of the firm’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $25.74, for a total value of $429,008.58. Following the completion of the transaction, the insider directly owned 85,696 shares of the company’s stock, valued at approximately $2,205,815.04. This trade represents a 16.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Fmr Llc sold 251,488 shares of the business’s stock in a transaction on Friday, June 26th. The stock was sold at an average price of $35.26, for a total transaction of $8,867,466.88. Following the completion of the sale, the insider owned 854,583 shares in the company, valued at $30,132,596.58. This represents a 22.74% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 301,527 shares of company stock valued at $10,468,500 over the last quarter. Corporate insiders own 3.80% of the company’s stock.

Beam Therapeutics Profile

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.