ARK Investment Management LLC Acquires 609,998 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

ARK Investment Management LLC increased its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM) by 6.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,393,889 shares of the company’s stock after purchasing an additional 609,998 shares during the period. Beam Therapeutics makes up 1.5% of ARK Investment Management LLC’s portfolio, making the stock its 21st biggest position. ARK Investment Management LLC owned about 11.53% of Beam Therapeutics worth $255,702,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. State Street Corp lifted its holdings in Beam Therapeutics by 68.4% during the 2nd quarter. State Street Corp now owns 3,336,327 shares of the company’s stock valued at $129,149,000 after purchasing an additional 1,354,781 shares during the last quarter. BlackRock Inc. increased its holdings in Beam Therapeutics by 20.0% during the 2nd quarter. BlackRock Inc. now owns 6,350,776 shares of the company’s stock valued at $202,780,000 after purchasing an additional 1,060,104 shares in the last quarter. Vanguard Group Inc. raised its position in Beam Therapeutics by 17.7% in the 3rd quarter. Vanguard Group Inc. now owns 6,174,471 shares of the company’s stock valued at $294,153,000 after purchasing an additional 927,970 shares during the last quarter. Norges Bank acquired a new position in Beam Therapeutics in the fourth quarter worth $19,477,000. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Beam Therapeutics by 35.1% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,642,180 shares of the company’s stock worth $39,494,000 after purchasing an additional 427,100 shares during the last quarter. 99.68% of the stock is owned by institutional investors and hedge funds.

Beam Therapeutics Stock Performance

Shares of NASDAQ:BEAM opened at $33.96 on Thursday. The firm has a market cap of $2.77 billion, a PE ratio of -17.87 and a beta of 1.80. Beam Therapeutics Inc. has a 52 week low of $16.95 and a 52 week high of $49.50. The firm’s fifty day moving average is $32.22 and its 200-day moving average is $27.60.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, February 27th. The company reported $1.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.69) by $2.42. The company had revenue of $316.20 million for the quarter, compared to the consensus estimate of $34.16 million. Beam Therapeutics had a negative return on equity of 15.90% and a negative net margin of 35.09%. The firm’s revenue was up 1481.0% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.54) EPS. Sell-side analysts forecast that Beam Therapeutics Inc. will post -5.5 EPS for the current year.

Insiders Place Their Bets

In other Beam Therapeutics news, insider Christine Bellon sold 1,907 shares of Beam Therapeutics stock in a transaction dated Wednesday, January 3rd. The stock was sold at an average price of $26.42, for a total transaction of $50,382.94. Following the completion of the transaction, the insider now owns 80,495 shares in the company, valued at approximately $2,126,677.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Christine Bellon sold 1,907 shares of the stock in a transaction dated Wednesday, January 3rd. The shares were sold at an average price of $26.42, for a total transaction of $50,382.94. Following the completion of the transaction, the insider now owns 80,495 shares in the company, valued at $2,126,677.90. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $25.33, for a total value of $1,519,800.00. Following the completion of the transaction, the chief executive officer now owns 1,058,262 shares of the company’s stock, valued at $26,805,776.46. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 63,472 shares of company stock worth $1,618,322. Insiders own 4.40% of the company’s stock.

Analyst Upgrades and Downgrades

BEAM has been the subject of a number of recent research reports. Bank of America downgraded Beam Therapeutics from a “buy” rating to a “neutral” rating and set a $35.00 target price for the company. in a research report on Friday, December 15th. Wedbush reissued an “outperform” rating and set a $57.00 price objective (up previously from $48.00) on shares of Beam Therapeutics in a research note on Tuesday, February 27th. Barclays upped their target price on shares of Beam Therapeutics from $26.00 to $42.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 28th. Jefferies Financial Group reissued a “hold” rating and issued a $30.00 price target (down previously from $75.00) on shares of Beam Therapeutics in a report on Friday, December 8th. Finally, Royal Bank of Canada upped their price objective on shares of Beam Therapeutics from $27.00 to $35.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 28th. Eight equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $41.00.

About Beam Therapeutics

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.