Stifel Financial Corp Purchases New Holdings in Beam Therapeutics Inc. (NASDAQ:BEAM)

Stifel Financial Corp bought a new stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 10,686 shares of the company’s stock, valued at approximately $262,000.

A number of other institutional investors and hedge funds have also made changes to their positions in BEAM. ARCH Venture Management LLC purchased a new position in Beam Therapeutics during the second quarter valued at $127,530,000. Farallon Capital Management LLC boosted its stake in Beam Therapeutics by 75.4% in the 2nd quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock worth $185,404,000 after purchasing an additional 3,401,370 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in Beam Therapeutics by 59.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock valued at $87,044,000 after purchasing an additional 1,328,414 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Beam Therapeutics by 63.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,049,360 shares of the company’s stock valued at $24,589,000 after purchasing an additional 407,499 shares in the last quarter. Finally, Bank of Montreal Can purchased a new position in Beam Therapeutics in the second quarter worth about $3,683,000. Institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Price Performance

Shares of Beam Therapeutics stock opened at $26.59 on Monday. Beam Therapeutics Inc. has a 1-year low of $20.84 and a 1-year high of $49.50. The company’s fifty day simple moving average is $26.01 and its 200-day simple moving average is $25.57. The stock has a market capitalization of $2.20 billion, a PE ratio of -15.11 and a beta of 1.90.

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

Wall Street Analysts Forecast Growth

BEAM has been the subject of several analyst reports. Leerink Partners raised shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and raised their price target for the company from $27.00 to $39.00 in a research report on Wednesday, November 6th. Royal Bank of Canada reduced their price objective on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. Wedbush restated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research note on Monday, December 9th. HC Wainwright reiterated a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Monday, December 9th. Finally, Scotiabank began coverage on shares of Beam Therapeutics in a report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 target price on the stock. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $47.67.

Insider Buying and Selling

In related news, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics 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 transaction, the president now owns 109,150 shares in the company, valued at approximately $2,877,194. The trade was a 31.89 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last ninety days, insiders sold 102,894 shares of company stock valued at $2,705,745. 4.20% of the stock is 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.