Verition Fund Management LLC Invests $368,000 in Beam Therapeutics Inc. (NASDAQ:BEAM)

Verition Fund Management LLC acquired a new stake in Beam Therapeutics Inc. (NASDAQ:BEAM) in the 3rd quarter, according to its most recent filing with the SEC. The fund acquired 15,024 shares of the company’s stock, valued at approximately $368,000.

Other large investors have also bought and sold shares of the company. Walleye Capital LLC increased its holdings in Beam Therapeutics by 21.6% during the 3rd quarter. Walleye Capital LLC now owns 127,588 shares of the company’s stock worth $3,126,000 after purchasing an additional 22,664 shares in the last quarter. Martingale Asset Management L P boosted its position in shares of Beam Therapeutics by 17.9% during the third quarter. Martingale Asset Management L P now owns 10,529 shares of the company’s stock worth $258,000 after buying an additional 1,600 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Beam Therapeutics by 2.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,396 shares of the company’s stock worth $524,000 after buying an additional 516 shares in the last quarter. D.A. Davidson & CO. raised its position in Beam Therapeutics by 8.5% in the 3rd quarter. D.A. Davidson & CO. now owns 53,847 shares of the company’s stock valued at $1,319,000 after buying an additional 4,222 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in Beam Therapeutics by 6.4% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 145,851 shares of the company’s stock valued at $3,573,000 after acquiring an additional 8,762 shares in the last quarter. 99.68% of the stock is owned by institutional investors.

Beam Therapeutics Price Performance

BEAM stock opened at $27.93 on Friday. Beam Therapeutics Inc. has a one year low of $20.84 and a one year high of $49.50. The stock has a market cap of $2.31 billion, a price-to-earnings ratio of -15.87 and a beta of 1.90. The company has a fifty day moving average price of $25.20 and a two-hundred day moving average price of $25.26.

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

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Cantor Fitzgerald upgraded shares of Beam Therapeutics to a “hold” rating in a report on Tuesday. Royal Bank of Canada cut their price target on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. Leerink Partnrs raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Wedbush restated an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a research note on Monday, December 9th. Finally, Stifel Nicolaus upped their price objective on Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. 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 stock. According to MarketBeat.com, Beam Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $46.40.

Insiders Place Their Bets

In related news, President Giuseppe Ciaramella sold 51,110 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $26.27, for a total value of $1,342,659.70. Following the transaction, the president now directly owns 160,260 shares in the company, valued at approximately $4,210,030.20. This represents a 24.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the transaction, the chief executive officer now directly owns 938,659 shares in the company, valued at approximately $23,091,011.40. This represents a 6.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 162,894 shares of company stock worth $4,181,745 over the last three months. Insiders own 4.20% of the company’s stock.

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.