American Century Companies Inc. Acquires 23,837 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

American Century Companies Inc. raised its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 33.2% in the second quarter, HoldingsChannel reports. The firm owned 95,578 shares of the company’s stock after buying an additional 23,837 shares during the quarter. American Century Companies Inc.’s holdings in Beam Therapeutics were worth $2,239,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Riverview Trust Co purchased a new position in shares of Beam Therapeutics during the 1st quarter worth approximately $26,000. Blue Trust Inc. grew its holdings in shares of Beam Therapeutics by 2,648.4% during the 2nd quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock worth $40,000 after acquiring an additional 1,642 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of Beam Therapeutics by 144.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock worth $43,000 after acquiring an additional 923 shares during the period. National Bank of Canada FI grew its holdings in shares of Beam Therapeutics by 200.0% during the 2nd quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock worth $69,000 after acquiring an additional 2,000 shares during the period. Finally, GAMMA Investing LLC grew its holdings in shares of Beam Therapeutics by 958.7% during 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 period. Institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Stock Performance

Shares of Beam Therapeutics stock opened at $25.05 on Friday. Beam Therapeutics Inc. has a one year low of $16.95 and a one year high of $49.50. The stock’s fifty day moving average is $26.16 and its 200 day moving average is $26.09. The stock has a market cap of $2.06 billion, a P/E ratio of -14.07 and a beta of 1.86.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($1.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $11.80 million during the quarter, compared to analyst estimates of $14.18 million. During the same quarter in the prior year, the business posted ($1.08) EPS. Beam Therapeutics’s revenue for the quarter was down 41.3% compared to the same quarter last year. Analysts predict that Beam Therapeutics Inc. will post -4.6 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. JPMorgan Chase & Co. upped their target price on Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. HC Wainwright reiterated a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a report on Thursday, August 22nd. Wedbush reiterated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a report on Tuesday, August 6th. Barclays cut their price target 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, Royal Bank of Canada restated a “sector perform” rating and issued a $27.00 price target on shares of Beam Therapeutics in a research note on Thursday, September 19th. Seven research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $44.18.

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.