Wealthfront Advisers LLC Invests $41,000 in Beam Therapeutics Inc. (NASDAQ:BEAM)

Wealthfront Advisers LLC acquired a new position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,637 shares of the company’s stock, valued at approximately $41,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. KBC Group NV boosted its position in shares of Beam Therapeutics by 103.2% during the 4th quarter. KBC Group NV now owns 4,143 shares of the company’s stock worth $103,000 after purchasing an additional 2,104 shares in the last quarter. Blue Trust Inc. boosted its position in shares of Beam Therapeutics by 36.3% during the 4th quarter. Blue Trust Inc. now owns 4,274 shares of the company’s stock worth $105,000 after purchasing an additional 1,139 shares in the last quarter. GAMMA Investing LLC boosted its position in shares of Beam Therapeutics by 23.9% during the 4th quarter. GAMMA Investing LLC now owns 5,722 shares of the company’s stock worth $142,000 after purchasing an additional 1,102 shares in the last quarter. Quarry LP raised its holdings in shares of Beam Therapeutics by 66.7% in the 3rd quarter. Quarry LP now owns 6,000 shares of the company’s stock worth $147,000 after acquiring an additional 2,400 shares during the last quarter. Finally, Atria Investments Inc acquired a new stake in shares of Beam Therapeutics in the 3rd quarter worth about $200,000. Institutional investors own 99.68% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. HC Wainwright restated a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a report on Monday, March 10th. Guggenheim restated a “buy” rating and issued a $78.00 target price on shares of Beam Therapeutics in a report on Thursday, February 27th. Sanford C. Bernstein upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Cantor Fitzgerald restated an “overweight” rating on shares of Beam Therapeutics in a report on Wednesday, March 12th. Finally, Wedbush restated an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a report on Monday, March 10th. Two research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $50.82.

Insider Transactions at Beam Therapeutics

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

Beam Therapeutics Stock Down 7.9 %

Shares of BEAM stock opened at $22.59 on Wednesday. The company has a 50 day moving average of $26.96 and a 200-day moving average of $25.97. Beam Therapeutics Inc. has a 12-month low of $20.84 and a 12-month high of $36.75. The firm has a market cap of $2.25 billion, a P/E ratio of -12.84 and a beta of 1.91.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.25) by $0.16. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The company had revenue of $30.00 million during the quarter, compared to analyst estimates of $16.47 million. During the same quarter last year, the business posted $1.73 EPS. Beam Therapeutics’s quarterly revenue was down 90.5% compared to the same quarter last year. As a group, equities analysts expect that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

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.