Proficio Capital Partners LLC Makes New $406,000 Investment in Beam Therapeutics Inc. (NASDAQ:BEAM)

Proficio Capital Partners LLC bought a new position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 16,368 shares of the company’s stock, valued at approximately $406,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in BEAM. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in Beam Therapeutics in the 4th quarter valued at about $330,000. Charles Schwab Investment Management Inc. increased its position in Beam Therapeutics by 6.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock valued at $15,423,000 after acquiring an additional 36,226 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its position in Beam Therapeutics by 11.4% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock valued at $98,149,000 after acquiring an additional 404,782 shares during the period. Bellevue Group AG increased its position in Beam Therapeutics by 7.1% during the 3rd quarter. Bellevue Group AG now owns 1,518,121 shares of the company’s stock worth $37,194,000 after purchasing an additional 100,000 shares during the period. Finally, Geode Capital Management LLC increased its position in Beam Therapeutics by 4.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock worth $44,297,000 after purchasing an additional 78,102 shares during the period. Institutional investors and hedge funds own 99.68% of the company’s stock.

Beam Therapeutics Trading Down 9.8 %

Shares of NASDAQ BEAM opened at $25.69 on Tuesday. The stock has a fifty day moving average price of $27.02 and a 200 day moving average price of $26.03. The company has a market cap of $2.15 billion, a P/E ratio of -14.60 and a beta of 1.91. Beam Therapeutics Inc. has a 12-month low of $20.84 and a 12-month high of $38.37.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings data on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.25) by $0.16. The company had revenue of $30.00 million during the quarter, compared to analysts’ expectations of $16.47 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The firm’s revenue for the quarter was down 90.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.73 EPS. On average, sell-side analysts forecast that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 30,000 shares of the firm’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $26.75, for a total value of $802,500.00. Following the transaction, the chief executive officer now owns 908,659 shares of the company’s stock, valued at $24,306,628.25. This trade represents a 3.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Christine Bellon sold 1,241 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total transaction of $30,627.88. Following the completion of the transaction, the insider now directly owns 102,968 shares in the company, valued at $2,541,250.24. This represents a 1.19 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

BEAM has been the topic of several recent analyst reports. Wedbush reiterated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Monday. Guggenheim reissued a “buy” rating and set a $78.00 price target on shares of Beam Therapeutics in a research note on Thursday, February 27th. Jones Trading raised Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a research note on Monday. Royal Bank of Canada upped their target price on Beam Therapeutics from $24.00 to $26.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 26th. Finally, HC Wainwright reiterated a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a report on Monday. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $50.82.

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.