Martingale Asset Management L P Buys 1,600 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

Martingale Asset Management L P grew its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 17.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,529 shares of the company’s stock after purchasing an additional 1,600 shares during the period. Martingale Asset Management L P’s holdings in Beam Therapeutics were worth $258,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. GAMMA Investing LLC increased its stake in Beam Therapeutics by 958.7% in the 2nd quarter. GAMMA Investing LLC now owns 4,076 shares of the company’s stock worth $96,000 after acquiring an additional 3,691 shares during the last quarter. SG Americas Securities LLC increased its position in Beam Therapeutics by 212.6% in the second quarter. SG Americas Securities LLC now owns 19,142 shares of the company’s stock worth $448,000 after purchasing an additional 13,018 shares during the last quarter. SteelPeak Wealth LLC raised its stake in Beam Therapeutics by 137.1% during the second quarter. SteelPeak Wealth LLC now owns 17,795 shares of the company’s stock valued at $417,000 after purchasing an additional 10,290 shares in the last quarter. Blue Trust Inc. lifted its position in Beam Therapeutics by 2,648.4% during the second quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock valued at $40,000 after purchasing an additional 1,642 shares during the last quarter. Finally, Krilogy Financial LLC grew its stake in shares of Beam Therapeutics by 52.8% in the 2nd quarter. Krilogy Financial LLC now owns 51,336 shares of the company’s stock worth $1,203,000 after buying an additional 17,734 shares in the last quarter. 99.68% of the stock is owned by institutional investors.

Beam Therapeutics Trading Down 8.2 %

BEAM opened at $25.98 on Wednesday. The business’s fifty day simple moving average is $24.73 and its 200-day simple moving average is $25.12. The company has a market capitalization of $2.15 billion, a price-to-earnings ratio of -14.76 and a beta of 1.90. Beam Therapeutics Inc. has a 12-month low of $20.84 and a 12-month high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $14.30 million for the quarter, compared to the consensus estimate of $14.52 million. During the same quarter in the previous year, the company earned ($1.22) earnings per share. The firm’s revenue was down 16.9% on a year-over-year basis. On average, equities research analysts predict that Beam Therapeutics Inc. will post -4.66 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a report on Thursday, November 7th. Scotiabank started coverage on Beam Therapeutics in a research report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 target price on the stock. Leerink Partnrs upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. boosted their price objective on shares of Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Finally, Barclays lowered their target price on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a report on Wednesday, August 7th. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.91.

Insider Buying and Selling

In other news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $24.60, for a total value of $1,476,000.00. Following the completion of the transaction, the chief executive officer now directly owns 938,659 shares of the company’s stock, valued at approximately $23,091,011.40. The trade was a 6.01 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Giuseppe Ciaramella sold 51,110 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $26.36, for a total value of $1,347,259.60. Following the sale, the president now owns 109,150 shares of the company’s stock, valued at $2,877,194. This trade represents a 31.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 162,894 shares of company stock valued at $4,181,745 over the last 90 days. Corporate insiders own 4.20% of the company’s stock.

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.