Franklin Resources Inc. Purchases New Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

Franklin Resources Inc. acquired a new position in Beam Therapeutics Inc. (NASDAQ:BEAM) in the 3rd quarter, HoldingsChannel reports. The firm acquired 15,038 shares of the company’s stock, valued at approximately $400,000.

Other large investors have also recently made changes to their positions in the company. Rhumbline Advisers grew its position in shares of Beam Therapeutics by 21.6% in the 2nd quarter. Rhumbline Advisers now owns 132,569 shares of the company’s stock worth $3,106,000 after buying an additional 23,565 shares during the period. TD Asset Management Inc increased its position in shares of Beam Therapeutics by 8.1% during the 2nd quarter. TD Asset Management Inc now owns 175,892 shares of the company’s stock valued at $4,121,000 after purchasing an additional 13,200 shares during the last quarter. National Bank of Canada FI boosted its stake 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 last quarter. Victory Capital Management Inc. grew its stake in shares of Beam Therapeutics by 10.9% during the 2nd quarter. Victory Capital Management Inc. now owns 9,921 shares of the company’s stock valued at $232,000 after acquiring an additional 973 shares during the period. Finally, Arizona State Retirement System boosted its stake in shares of Beam Therapeutics by 2.1% in the second quarter. Arizona State Retirement System now owns 19,431 shares of the company’s stock worth $455,000 after acquiring an additional 392 shares during the period. 99.68% of the stock is currently owned by institutional investors.

Beam Therapeutics Price Performance

Shares of BEAM opened at $24.80 on Wednesday. The company’s fifty day moving average price is $26.09 and its 200-day moving average price is $25.57. Beam Therapeutics Inc. has a 1-year low of $20.84 and a 1-year high of $49.50. The firm has a market capitalization of $2.05 billion, a PE ratio of -14.09 and a beta of 1.90.

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

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on BEAM shares. HC Wainwright reissued a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research note on Monday, December 9th. Leerink Partners upgraded Beam Therapeutics from a “market perform” rating to an “outperform” rating and boosted their price objective for the company from $27.00 to $39.00 in a report on Wednesday, November 6th. Stifel Nicolaus boosted their price target on Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. Royal Bank of Canada cut their price target on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 6th. Finally, Wedbush reissued an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a report on Monday, December 9th. Three equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $47.67.

Insider Buying and Selling

In related news, President Giuseppe Ciaramella sold 51,110 shares of the business’s stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $26.36, for a total transaction of $1,347,259.60. Following the completion of the transaction, the president now directly owns 109,150 shares in the company, valued at $2,877,194. The trade was a 31.89 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 4.20% of the company’s stock.

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.