ExodusPoint Capital Management LP Makes New Investment in Beam Therapeutics Inc. (NASDAQ:BEAM)

ExodusPoint Capital Management LP purchased a new stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 13,359 shares of the company’s stock, valued at approximately $331,000.

Several other hedge funds and other institutional investors also recently modified their holdings of BEAM. Verition Fund Management LLC bought a new stake in Beam Therapeutics during the third quarter valued at approximately $368,000. Stifel Financial Corp bought a new stake in shares of Beam Therapeutics during the 3rd quarter worth $262,000. State Street Corp grew its position in Beam Therapeutics by 12.5% in the third quarter. State Street Corp now owns 3,929,557 shares of the company’s stock worth $96,274,000 after acquiring an additional 437,402 shares in the last quarter. Geode Capital Management LLC increased its stake in Beam Therapeutics by 4.5% in the third quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock valued at $44,297,000 after acquiring an additional 78,102 shares during the last quarter. Finally, Franklin Resources Inc. purchased a new stake in Beam Therapeutics during the third quarter valued at about $400,000. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on BEAM. Jones Trading upgraded Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a research report on Monday, March 10th. Wedbush reiterated an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a research report on Monday, March 10th. Royal Bank of Canada boosted their price objective on shares of Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 26th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Beam Therapeutics in a report on Wednesday, March 12th. Finally, Sanford C. Bernstein raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Two research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Beam Therapeutics currently has an average rating of “Buy” and an average price target of $49.45.

Insiders Place Their Bets

In related news, insider Christine Bellon sold 5,674 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total transaction of $104,117.90. Following the completion of the transaction, the insider now owns 117,294 shares of the company’s stock, valued at $2,152,344.90. This trade represents a 4.61 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Giuseppe Ciaramella sold 7,434 shares of the business’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total value of $136,413.90. Following the completion of the sale, the president now directly owns 190,216 shares in the company, valued at $3,490,463.60. This trade represents a 3.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 73,771 shares of company stock worth $1,605,698. 4.20% of the stock is owned by corporate insiders.

Beam Therapeutics Stock Up 5.7 %

Shares of Beam Therapeutics stock opened at $15.47 on Friday. The business has a 50 day moving average of $24.37 and a 200 day moving average of $25.13. Beam Therapeutics Inc. has a 52 week low of $13.53 and a 52 week high of $35.25. The company has a market cap of $1.54 billion, a PE ratio of -8.79 and a beta of 2.02.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.25) by $0.16. The firm had revenue of $30.00 million for the quarter, compared to the consensus estimate of $16.47 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The business’s revenue for the quarter was down 90.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.73 EPS. On average, research analysts anticipate that Beam Therapeutics Inc. will post -4.57 earnings per share 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.