Massachusetts Financial Services Co. MA Invests $1.39 Million in Beam Therapeutics Inc. (NASDAQ:BEAM)

Massachusetts Financial Services Co. MA acquired a new stake in Beam Therapeutics Inc. (NASDAQ:BEAM) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 59,095 shares of the company’s stock, valued at approximately $1,385,000. Massachusetts Financial Services Co. MA owned approximately 0.07% of Beam Therapeutics at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Arizona State Retirement System grew 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. American International Group Inc. boosted its stake in shares of Beam Therapeutics by 2.0% in the 1st quarter. American International Group Inc. now owns 36,760 shares of the company’s stock worth $1,215,000 after buying an additional 732 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Beam Therapeutics by 4.5% in the 1st quarter. Principal Financial Group Inc. now owns 18,418 shares of the company’s stock worth $609,000 after buying an additional 789 shares during the last quarter. Riverview Trust Co purchased a new position in shares of Beam Therapeutics in the 1st quarter worth $26,000. Finally, PNC Financial Services Group Inc. increased its position in Beam Therapeutics by 144.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock valued at $43,000 after acquiring an additional 923 shares during the last quarter. 99.68% of the stock is owned by institutional investors.

Beam Therapeutics Stock Down 1.5 %

BEAM stock opened at $25.65 on Monday. Beam Therapeutics Inc. has a 52 week low of $16.95 and a 52 week high of $49.50. The firm has a market capitalization of $2.11 billion, a P/E ratio of -14.41 and a beta of 1.86. The company has a fifty day simple moving average of $26.30 and a two-hundred day simple moving average of $26.36.

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

Insider Activity at Beam Therapeutics

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

Analyst Upgrades and Downgrades

BEAM has been the subject of several research reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $27.00 price target on shares of Beam Therapeutics in a research report on Thursday. Stifel Nicolaus lifted their price target on shares of Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Wedbush reiterated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Tuesday, August 6th. Barclays reduced their price target 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. Finally, JPMorgan Chase & Co. increased their target price on shares of Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Beam Therapeutics presently has an average rating of “Hold” and a consensus target price of $44.18.

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.