Stifel Financial Corp Makes New Investment in Beam Therapeutics Inc. (NASDAQ:BEAM)

Stifel Financial Corp acquired a new stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 10,686 shares of the company’s stock, valued at approximately $262,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BEAM. ARCH Venture Management LLC bought a new stake in Beam Therapeutics in the 2nd quarter valued at $127,530,000. Farallon Capital Management LLC lifted its position in shares of Beam Therapeutics by 75.4% in the second quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock worth $185,404,000 after buying an additional 3,401,370 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its stake in Beam Therapeutics by 59.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock valued at $87,044,000 after buying an additional 1,328,414 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Beam Therapeutics by 63.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,049,360 shares of the company’s stock valued at $24,589,000 after buying an additional 407,499 shares in the last quarter. Finally, Bank of Montreal Can bought a new stake in Beam Therapeutics in the 2nd quarter worth approximately $3,683,000. Institutional investors own 99.68% of the company’s stock.

Insider Buying and Selling at Beam Therapeutics

In other news, President Giuseppe Ciaramella sold 51,110 shares of the firm’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $26.36, for a total transaction 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders sold a total of 102,894 shares of company stock valued at $2,705,745 in the last three months. Company insiders own 4.20% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Cantor Fitzgerald upgraded Beam Therapeutics to a “hold” rating in a research report on Tuesday, December 10th. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and upped their target price for the company from $27.00 to $39.00 in a research report on Wednesday, November 6th. Scotiabank initiated coverage on Beam Therapeutics in a research report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 price target for the company. Stifel Nicolaus upped their price objective on Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Finally, Wedbush reissued an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Monday, December 9th. Three equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $47.67.

Beam Therapeutics Stock Performance

Shares of BEAM stock opened at $26.59 on Monday. The stock has a 50 day moving average price of $26.01 and a 200 day moving average price of $25.57. Beam Therapeutics Inc. has a 52-week low of $20.84 and a 52-week high of $49.50. The firm has a market capitalization of $2.20 billion, a P/E ratio of -15.11 and a beta of 1.90.

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

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.