XTX Topco Ltd Takes Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

XTX Topco Ltd purchased a new stake in Beam Therapeutics Inc. (NASDAQ:BEAM) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 31,810 shares of the company’s stock, valued at approximately $745,000.

Several other hedge funds also recently added to or reduced their stakes in BEAM. Darwin Global Management Ltd. purchased a new stake in Beam Therapeutics in the first quarter valued at $70,032,000. Price T Rowe Associates Inc. MD boosted its holdings in Beam Therapeutics by 3,137.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,246,189 shares of the company’s stock valued at $41,175,000 after purchasing an additional 1,207,699 shares during the last quarter. Bellevue Group AG boosted its holdings in Beam Therapeutics by 71.7% in the first quarter. Bellevue Group AG now owns 1,193,121 shares of the company’s stock valued at $39,421,000 after purchasing an additional 498,300 shares during the last quarter. Redmile Group LLC boosted its holdings in Beam Therapeutics by 31.5% in the first quarter. Redmile Group LLC now owns 1,879,617 shares of the company’s stock valued at $62,103,000 after purchasing an additional 449,834 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Beam Therapeutics by 5.8% in the first quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company’s stock valued at $250,402,000 after purchasing an additional 413,892 shares during the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Beam Therapeutics

In related news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 998,343 shares of the company’s stock, valued at approximately $24,459,403.50. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 4.20% of the stock is owned by corporate insiders.

Beam Therapeutics Stock Down 1.5 %

BEAM opened at $25.65 on Monday. Beam Therapeutics Inc. has a twelve month low of $16.95 and a twelve month high of $49.50. The company has a 50-day moving average price of $26.30 and a 200 day moving average price of $26.36. The company has a market cap of $2.11 billion, a PE ratio of -14.41 and a beta of 1.86.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($1.11) earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $11.80 million during the quarter, compared to analysts’ expectations of $14.18 million. During the same quarter in the prior year, the company earned ($1.08) EPS. Beam Therapeutics’s revenue was down 41.3% compared to the same quarter last year. As a group, sell-side analysts expect that Beam Therapeutics Inc. will post -4.6 earnings per share for the current year.

Analysts Set New Price Targets

BEAM has been the topic of several recent research reports. JPMorgan Chase & Co. upped 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. Royal Bank of Canada reiterated a “sector perform” rating and issued a $27.00 price objective on shares of Beam Therapeutics in a research report on Thursday. Wedbush reiterated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research report on Tuesday, August 6th. Stifel Nicolaus upped their price objective on shares of Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. Finally, Barclays decreased their price objective on shares of 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. Seven equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock 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.