Beam Therapeutics Inc. (NASDAQ:BEAM) Stake Boosted by Quest Partners LLC

Quest Partners LLC grew its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 410.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 36,193 shares of the company’s stock after purchasing an additional 29,108 shares during the quarter. Quest Partners LLC’s holdings in Beam Therapeutics were worth $887,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in BEAM. ARCH Venture Management LLC bought a new position in shares of Beam Therapeutics during the second quarter valued at approximately $127,530,000. Farallon Capital Management LLC boosted its position in shares of Beam Therapeutics by 75.4% during the second quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock worth $185,404,000 after buying an additional 3,401,370 shares during the period. Darwin Global Management Ltd. acquired a new position in shares of Beam Therapeutics during the first quarter worth approximately $70,032,000. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Beam Therapeutics by 59.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock worth $87,044,000 after buying an additional 1,328,414 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Beam Therapeutics by 3,137.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,246,189 shares of the company’s stock worth $41,175,000 after buying an additional 1,207,699 shares during the period. 99.68% of the stock is owned by institutional investors.

Beam Therapeutics Stock Performance

Shares of NASDAQ:BEAM opened at $24.49 on Thursday. The stock has a fifty day moving average of $24.55 and a 200-day moving average of $24.91. Beam Therapeutics Inc. has a one year low of $20.84 and a one year high of $49.50. The company has a market capitalization of $2.03 billion, a PE ratio of -14.37 and a beta of 1.86.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). The business had revenue of $14.30 million during the quarter, compared to analysts’ expectations of $14.52 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. Beam Therapeutics’s revenue for the quarter was down 16.9% on a year-over-year basis. During the same quarter in the previous year, the company earned ($1.22) EPS. As a group, research analysts forecast that Beam Therapeutics Inc. will post -4.66 EPS for the current fiscal year.

Insider Activity

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

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Leerink Partnrs upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Stifel Nicolaus upped their target price on Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. Barclays cut their target price on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 7th. Wedbush restated an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a research report on Tuesday, November 5th. Finally, Leerink Partners upgraded Beam Therapeutics from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $27.00 to $39.00 in a research report on Wednesday, November 6th. Four research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $44.91.

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.