Jupiter Topco LLC Buys Shares of 94,969 Beam Therapeutics Inc. $BEAM

Jupiter Topco LLC purchased a new position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) in the second quarter, HoldingsChannel reports. The fund purchased 94,969 shares of the company’s stock, valued at approximately $3,259,000.

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of Beam Therapeutics during the 2nd quarter worth approximately $308,796,000. ARCH Venture Management LLC bought a new stake in shares of Beam Therapeutics in the second quarter worth $155,771,929. ADAR1 Capital Management LLC acquired a new position in Beam Therapeutics during the first quarter worth $34,467,000. ARK Investment Management LLC boosted its holdings in Beam Therapeutics by 12.9% during the fourth quarter. ARK Investment Management LLC now owns 12,467,189 shares of the company’s stock worth $345,590,000 after purchasing an additional 1,428,355 shares during the last quarter. Finally, MWG Caph Ltd bought a new position in Beam Therapeutics in the fourth quarter valued at $35,119,000. 99.68% of the stock is owned by institutional investors.

Insider Activity

In related news, insider Amy Simon sold 16,667 shares of the firm’s stock in a transaction dated 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 sale, the insider directly owned 85,696 shares in the company, valued at approximately $2,205,815.04. This trade represents a 16.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Fmr Llc sold 251,488 shares of Beam Therapeutics stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $35.26, for a total value of $8,867,466.88. Following the transaction, the insider owned 854,583 shares of the company’s stock, valued at $30,132,596.58. The trade was 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 worth $10,468,500 over the last 90 days. 3.80% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on BEAM. HC Wainwright reissued a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research report on Tuesday, August 25th. Sanford C. Bernstein decreased their price objective on Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Friday, July 17th. Tudor Pickering set a $39.00 target price on Beam Therapeutics in a report on Wednesday, May 13th. Finally, Bank of America reissued a “buy” rating and set a $47.00 price target on shares of Beam Therapeutics in a research report on Wednesday, July 8th. Ten investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $49.00.

Beam Therapeutics Price Performance

NASDAQ:BEAM opened at $29.29 on Thursday. The stock has a market capitalization of $3.03 billion, a PE ratio of -34.06 and a beta of 2.22. Beam Therapeutics Inc. has a 1-year low of $16.52 and a 1-year high of $38.26. The firm has a fifty day simple moving average of $29.54 and a 200 day simple moving average of $28.93. The company has a current ratio of 14.57, a quick ratio of 14.57 and a debt-to-equity ratio of 0.09.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.11) by ($0.07). The firm had revenue of $0.49 million for the quarter, compared to the consensus estimate of $16.37 million. Beam Therapeutics had a negative return on equity of 30.71% and a negative net margin of 54.75%.The business’s revenue was down 94.2% compared to the same quarter last year. During the same period last year, the company posted ($1.00) earnings per share. On average, research analysts expect that Beam Therapeutics Inc. will post -4.49 EPS for the current fiscal year.

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.