Farallon Capital Management LLC Increases Holdings in Beam Therapeutics Inc. (NASDAQ:BEAM)

Farallon Capital Management LLC increased its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 75.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,913,123 shares of the company’s stock after purchasing an additional 3,401,370 shares during the quarter. Farallon Capital Management LLC owned approximately 9.61% of Beam Therapeutics worth $185,404,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in BEAM. Riverview Trust Co purchased a new stake in Beam Therapeutics during the 1st quarter valued at approximately $26,000. Fairfield Financial Advisors LTD purchased a new position in Beam Therapeutics during the second quarter valued at $26,000. Blue Trust Inc. increased its holdings in Beam Therapeutics by 2,648.4% in the 2nd quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock valued at $40,000 after acquiring an additional 1,642 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Beam Therapeutics by 144.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock worth $43,000 after purchasing an additional 923 shares in the last quarter. Finally, National Bank of Canada FI boosted 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 valued at $69,000 after purchasing an additional 2,000 shares during the last quarter. Institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Stock Down 3.6 %

Shares of NASDAQ BEAM opened at $24.72 on Tuesday. Beam Therapeutics Inc. has a twelve month low of $16.95 and a twelve month high of $49.50. The business has a fifty day simple moving average of $26.28 and a two-hundred day simple moving average of $26.28. The firm has a market cap of $2.03 billion, a PE ratio of -13.89 and a beta of 1.86.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($1.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.13) by $0.02. The company had revenue of $11.80 million during the quarter, compared to analyst estimates of $14.18 million. Beam Therapeutics had a negative net margin of 40.56% and a negative return on equity of 16.22%. The firm’s revenue for the quarter was down 41.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($1.08) earnings per share. On average, research analysts expect that Beam Therapeutics Inc. will post -4.6 earnings per share for the current year.

Analyst Ratings Changes

BEAM has been the topic of a number of research analyst reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $27.00 target price on shares of Beam Therapeutics in a research report on Thursday, September 19th. HC Wainwright reaffirmed a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research note on Thursday, August 22nd. Barclays reduced their price objective 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. Stifel Nicolaus increased 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. Finally, Wedbush restated an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a report on Tuesday, August 6th. 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.com, Beam Therapeutics presently has a consensus rating of “Hold” and an average price target of $44.18.

Insider Activity at Beam Therapeutics

In related news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $24.50, for a total value of $1,470,000.00. Following the completion of the transaction, the chief executive officer now owns 998,343 shares of the company’s stock, valued at $24,459,403.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 4.20% of the stock is currently owned by corporate insiders.

Beam Therapeutics 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.