Intech Investment Management LLC Makes New $512,000 Investment in Beam Therapeutics Inc. (NASDAQ:BEAM)

Intech Investment Management LLC acquired a new position in Beam Therapeutics Inc. (NASDAQ:BEAM) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 20,892 shares of the company’s stock, valued at approximately $512,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Fairfield Financial Advisors LTD purchased a new position in shares of Beam Therapeutics during the second quarter valued at approximately $26,000. Blue Trust Inc. grew its position in shares of Beam Therapeutics by 2,648.4% during the second quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock valued at $40,000 after purchasing an additional 1,642 shares in the last quarter. National Bank of Canada FI raised its holdings in shares of Beam Therapeutics by 200.0% during the 2nd quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock worth $69,000 after acquiring an additional 2,000 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Beam Therapeutics by 21.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock valued at $75,000 after acquiring an additional 524 shares during the last quarter. Finally, Quarry LP lifted its position in Beam Therapeutics by 350.0% in the second quarter. Quarry LP now owns 3,600 shares of the company’s stock worth $84,000 after buying an additional 2,800 shares during the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Trading Up 0.6 %

BEAM stock opened at $27.37 on Monday. The company has a market capitalization of $2.27 billion, a PE ratio of -15.55 and a beta of 1.86. The business’s fifty day moving average price is $24.63 and its 200 day moving average price is $25.08. Beam Therapeutics Inc. has a 12-month low of $20.84 and a 12-month high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) EPS for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). The firm had revenue of $14.30 million during the quarter, compared to analysts’ expectations of $14.52 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The company’s revenue for the quarter was down 16.9% on a year-over-year basis. During the same period in the prior year, the company posted ($1.22) earnings per share. Research analysts predict that Beam Therapeutics Inc. will post -4.66 EPS for the current fiscal year.

Insiders Place Their Bets

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $24.60, for a total value of $1,476,000.00. Following the transaction, the chief executive officer now directly owns 938,659 shares of the company’s stock, valued at approximately $23,091,011.40. The trade was a 6.01 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, President Giuseppe Ciaramella sold 51,110 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $26.36, for a total value of $1,347,259.60. Following the transaction, the president now directly owns 109,150 shares of the company’s stock, valued at approximately $2,877,194. This trade represents a 31.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 162,894 shares of company stock valued at $4,181,745. 4.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on BEAM shares. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $27.00 to $39.00 in a report on Wednesday, November 6th. Wedbush reissued an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Tuesday, November 5th. HC Wainwright reissued a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a report on Thursday, November 7th. JPMorgan Chase & Co. lifted their price target on Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Finally, Leerink Partnrs raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Beam Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $44.91.

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.