Arizona State Retirement System Acquires 392 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

Arizona State Retirement System grew its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM) by 2.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 19,431 shares of the company’s stock after acquiring an additional 392 shares during the period. Arizona State Retirement System’s holdings in Beam Therapeutics were worth $455,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Riverview Trust Co bought a new position in Beam Therapeutics in the first quarter worth approximately $26,000. Blue Trust Inc. raised its position in Beam Therapeutics by 2,648.4% in the second quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock worth $40,000 after acquiring an additional 1,642 shares during the period. National Bank of Canada FI raised its position in Beam Therapeutics by 200.0% in the fourth quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $41,000 after acquiring an additional 1,000 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Beam Therapeutics by 144.0% in the fourth 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, GAMMA Investing LLC increased its stake in shares of Beam Therapeutics by 958.7% in the second quarter. GAMMA Investing LLC now owns 4,076 shares of the company’s stock worth $96,000 after purchasing an additional 3,691 shares in the last quarter. 99.68% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BEAM. JPMorgan Chase & Co. increased their price objective on shares of Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Royal Bank of Canada reissued a “sector perform” rating and issued a $27.00 price objective on shares of Beam Therapeutics in a research note on Wednesday, August 7th. Barclays reduced 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 note on Wednesday, August 7th. Wedbush reissued an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research note on Tuesday, August 6th. Finally, HC Wainwright reissued a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research note on Thursday, August 22nd. Seven research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $44.18.

Insider Transactions 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 transaction, the chief executive officer now directly owns 998,343 shares in the company, valued at approximately $24,459,403.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 4.20% of the company’s stock.

Beam Therapeutics Stock Down 2.6 %

Beam Therapeutics stock opened at $25.62 on Tuesday. The company’s 50-day moving average price is $26.25 and its 200-day moving average price is $26.73. Beam Therapeutics Inc. has a twelve month low of $16.95 and a twelve month high of $49.50. The company has a market cap of $2.11 billion, a PE ratio of -14.39 and a beta of 1.86.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results 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. 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 for the quarter, compared to the consensus estimate of $14.18 million. During the same period in the previous year, the firm posted ($1.08) EPS. The business’s quarterly revenue was down 41.3% on a year-over-year basis. As a group, sell-side analysts expect that Beam Therapeutics Inc. will post -4.6 earnings per share for the current fiscal year.

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.