Federated Hermes Inc. Buys New Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

Federated Hermes Inc. purchased a new stake in Beam Therapeutics Inc. (NASDAQ:BEAM) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 20,839 shares of the company’s stock, valued at approximately $488,000.

Other hedge funds have also added to or reduced their stakes in the company. Riverview Trust Co purchased a new stake in shares of Beam Therapeutics in the 1st quarter worth about $26,000. PNC Financial Services Group Inc. raised its stake in 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 buying an additional 923 shares in the last quarter. Blue Trust Inc. lifted its holdings 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 buying an additional 1,642 shares during the period. National Bank of Canada FI grew 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 worth $69,000 after acquiring an additional 2,000 shares during the period. Finally, GAMMA Investing LLC raised its position in shares of Beam Therapeutics by 958.7% in the 2nd quarter. GAMMA Investing LLC now owns 4,076 shares of the company’s stock worth $96,000 after acquiring an additional 3,691 shares in the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $27.00 price objective on shares of Beam Therapeutics in a report on Thursday, September 19th. Wedbush reiterated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a report on Tuesday, August 6th. JPMorgan Chase & Co. upped their price target on Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. HC Wainwright reissued a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a report on Thursday, August 22nd. Finally, Stifel Nicolaus raised 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. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $44.18.

Beam Therapeutics Trading Down 3.6 %

NASDAQ:BEAM opened at $24.72 on Tuesday. The company has a market cap of $2.03 billion, a PE ratio of -13.89 and a beta of 1.86. The company has a 50 day simple moving average of $26.28 and a two-hundred day simple moving average of $26.28. Beam Therapeutics Inc. has a 12 month low of $16.95 and a 12 month high of $49.50.

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

Insider Buying and Selling at Beam Therapeutics

In related news, CEO John M. Evans sold 60,000 shares of the firm’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 transaction, the chief executive officer now owns 998,343 shares of the company’s stock, valued at $24,459,403.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 4.20% of the company’s stock.

About Beam Therapeutics

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.