Beam Therapeutics Inc. (NASDAQ:BEAM) Shares Purchased by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company increased its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 30.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 137,089 shares of the company’s stock after purchasing an additional 32,279 shares during the quarter. The Manufacturers Life Insurance Company owned 0.17% of Beam Therapeutics worth $3,212,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Farallon Capital Management LLC lifted its holdings in shares of Beam Therapeutics by 75.4% during the second 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 during the period. Vanguard Group Inc. lifted its holdings in shares of Beam Therapeutics by 5.8% during the first quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company’s stock worth $250,402,000 after purchasing an additional 413,892 shares during the period. ARCH Venture Management LLC acquired a new stake in shares of Beam Therapeutics during the second quarter worth $127,530,000. Darwin Global Management Ltd. acquired a new stake in shares of Beam Therapeutics during the first quarter worth $70,032,000. Finally, Redmile Group LLC lifted its holdings in shares of Beam Therapeutics by 31.5% during the first quarter. Redmile Group LLC now owns 1,879,617 shares of the company’s stock worth $62,103,000 after purchasing an additional 449,834 shares during the period. 99.68% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Beam Therapeutics

In related news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $24.60, for a total value of $1,476,000.00. Following the completion of the transaction, the chief executive officer now owns 938,659 shares of the company’s stock, valued at approximately $23,091,011.40. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last quarter, insiders sold 60,674 shares of company stock valued at $1,491,826. 4.20% of the stock is owned by insiders.

Analysts Set New Price Targets

BEAM has been the subject of a number of recent analyst reports. 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. Stifel Nicolaus raised their target price on Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a report on Wednesday, September 11th. JPMorgan Chase & Co. raised their target price on Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. Barclays reduced their target price on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a report on Wednesday, August 7th. Finally, Wedbush reissued an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a report on Tuesday, August 6th. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $44.18.

Beam Therapeutics Stock Down 0.6 %

Beam Therapeutics stock opened at $23.26 on Wednesday. Beam Therapeutics Inc. has a 52 week low of $16.95 and a 52 week high of $49.50. The firm’s 50-day simple moving average is $25.12 and its 200 day simple moving average is $25.39. The firm has a market capitalization of $1.91 billion, a PE ratio of -13.07 and a beta of 1.85.

Beam Therapeutics (NASDAQ:BEAM) last released 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 net margin of 40.56% and a negative return on equity of 16.22%. The business had revenue of $11.80 million for the quarter, compared to analyst estimates of $14.18 million. During the same period in the previous year, the firm earned ($1.08) EPS. The business’s revenue for the quarter was down 41.3% compared to the same quarter last year. On average, research analysts expect that Beam Therapeutics Inc. will post -4.6 EPS for the current fiscal year.

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.