Bellevue Group AG Grows Holdings in Beam Therapeutics Inc. (NASDAQ:BEAM)

Bellevue Group AG raised its position in Beam Therapeutics Inc. (NASDAQ:BEAM) by 71.7% in the first quarter, Holdings Channel reports. The institutional investor owned 1,193,121 shares of the company’s stock after purchasing an additional 498,300 shares during the period. Bellevue Group AG’s holdings in Beam Therapeutics were worth $39,421,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Riverview Trust Co acquired a new stake in shares of Beam Therapeutics in the first quarter valued at about $26,000. First Horizon Advisors Inc. grew its position in shares of Beam Therapeutics by 125.9% in the fourth quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock valued at $27,000 after purchasing an additional 554 shares during the period. National Bank of Canada FI grew its position in shares of Beam Therapeutics by 200.0% in the fourth quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $41,000 after purchasing an additional 1,000 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Beam Therapeutics by 144.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock valued at $43,000 after purchasing an additional 923 shares during the period. Finally, Reynders McVeigh Capital Management LLC acquired a new position in Beam Therapeutics during the first quarter worth about $201,000. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Stock Performance

Shares of Beam Therapeutics stock traded up $0.97 on Friday, reaching $33.14. The company had a trading volume of 1,090,361 shares, compared to its average volume of 1,461,019. The firm’s 50 day moving average price is $25.01 and its two-hundred day moving average price is $27.62. The firm has a market cap of $2.73 billion, a PE ratio of -18.62 and a beta of 1.87. Beam Therapeutics Inc. has a 52-week low of $16.95 and a 52-week high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($1.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.42) by $0.21. The business had revenue of $7.40 million for the quarter, compared to the consensus estimate of $17.09 million. Beam Therapeutics had a negative net margin of 37.33% and a negative return on equity of 15.46%. The business’s revenue was down 69.4% on a year-over-year basis. During the same period in the previous year, the firm earned ($1.33) EPS. As a group, sell-side analysts predict that Beam Therapeutics Inc. will post -4.68 EPS for the current year.

Insider Buying and Selling

In related news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $24.50, for a total transaction of $1,470,000.00. Following the sale, the chief executive officer now directly owns 998,343 shares of the company’s stock, valued at approximately $24,459,403.50. The sale was disclosed in a legal filing with the SEC, which is available through this link. 4.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on BEAM shares. Barclays lowered their price target on shares of Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 8th. Wedbush restated an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a research report on Tuesday, May 7th. Finally, HC Wainwright started coverage on shares of Beam Therapeutics in a research report on Tuesday, July 23rd. They set a “buy” rating and a $80.00 price target on the stock. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Beam Therapeutics presently has an average rating of “Hold” and a consensus target price of $43.50.

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.