Quest Partners LLC Grows Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

Quest Partners LLC boosted its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 43.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,085 shares of the company’s stock after purchasing an additional 2,132 shares during the period. Quest Partners LLC’s holdings in Beam Therapeutics were worth $166,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Victory Capital Management Inc. purchased a new position in shares of Beam Therapeutics in the 4th quarter worth $253,000. National Bank of Canada FI increased its stake in Beam Therapeutics by 200.0% during the fourth quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $41,000 after acquiring an additional 1,000 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in Beam Therapeutics by 5.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 571,236 shares of the company’s stock worth $15,549,000 after acquiring an additional 29,826 shares during the last quarter. QRG Capital Management Inc. raised its holdings in shares of Beam Therapeutics by 23.7% in the 4th quarter. QRG Capital Management Inc. now owns 15,860 shares of the company’s stock worth $432,000 after purchasing an additional 3,035 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of Beam Therapeutics during the 4th quarter worth about $464,000. Institutional investors and hedge funds own 99.68% of the company’s stock.

Insiders Place Their Bets

In other news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $24.50, for a total value of $1,470,000.00. Following the completion of the transaction, the chief executive officer now directly owns 998,343 shares of the company’s stock, valued at approximately $24,459,403.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 4.20% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on BEAM shares. JPMorgan Chase & Co. raised their price target on shares of Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Wedbush restated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a report on Tuesday, August 6th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $27.00 price target on shares of Beam Therapeutics in a report on Wednesday, August 7th. Barclays reduced their price objective on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 7th. Finally, HC Wainwright reiterated a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research note on Thursday, August 22nd. Seven equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $44.18.

Beam Therapeutics Trading Up 7.8 %

Shares of NASDAQ:BEAM opened at $26.30 on Monday. The firm has a market cap of $2.16 billion, a PE ratio of -14.78 and a beta of 1.86. Beam Therapeutics Inc. has a 12-month low of $16.95 and a 12-month high of $49.50. The company has a fifty day simple moving average of $26.22 and a 200 day simple moving average of $26.83.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, August 6th. The company reported ($1.11) EPS for the quarter, topping the consensus estimate of ($1.13) by $0.02. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. The company had revenue of $11.80 million during the quarter, compared to analyst estimates of $14.18 million. During the same quarter last year, the firm earned ($1.08) EPS. The business’s revenue was down 41.3% on a year-over-year basis. As a group, equities research analysts forecast that Beam Therapeutics Inc. will post -4.6 EPS for the current fiscal 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.