State of Wyoming Buys 4,936 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

State of Wyoming boosted its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 120.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,049 shares of the company’s stock after purchasing an additional 4,936 shares during the quarter. State of Wyoming’s holdings in Beam Therapeutics were worth $224,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Raiffeisen Bank International AG acquired a new position in shares of Beam Therapeutics during the fourth quarter worth approximately $1,264,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Beam Therapeutics during the fourth quarter worth approximately $191,000. Point72 Asset Management L.P. acquired a new position in shares of Beam Therapeutics during the fourth quarter worth approximately $4,795,000. Polar Asset Management Partners Inc. lifted its holdings in shares of Beam Therapeutics by 901.2% during the fourth quarter. Polar Asset Management Partners Inc. now owns 208,255 shares of the company’s stock worth $5,165,000 after buying an additional 187,455 shares during the last quarter. Finally, ProShare Advisors LLC lifted its holdings in shares of Beam Therapeutics by 31.7% during the fourth quarter. ProShare Advisors LLC now owns 25,446 shares of the company’s stock worth $631,000 after buying an additional 6,127 shares during the last quarter. Institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Price Performance

Shares of NASDAQ:BEAM opened at $16.83 on Friday. The business’s fifty day moving average price is $18.43 and its two-hundred day moving average price is $23.98. Beam Therapeutics Inc. has a fifty-two week low of $13.53 and a fifty-two week high of $35.25. The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of -9.56 and a beta of 2.35.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($1.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.13). Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The company had revenue of $7.47 million during the quarter, compared to the consensus estimate of $14.69 million. During the same quarter last year, the company earned ($1.21) earnings per share. The business’s revenue was up 1.4% on a year-over-year basis. Research analysts expect that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on BEAM shares. Bank of America upgraded Beam Therapeutics from a “neutral” rating to a “buy” rating and set a $42.00 price target for the company in a report on Friday, March 28th. Wedbush reiterated an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a report on Monday, March 10th. Wells Fargo & Company cut their price target on Beam Therapeutics from $75.00 to $70.00 and set an “overweight” rating for the company in a report on Wednesday, May 7th. Jones Trading upgraded Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 price target for the company in a report on Monday, March 10th. Finally, Guggenheim cut their target price on Beam Therapeutics from $78.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, May 7th. Two investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $48.75.

Insider Buying and Selling at Beam Therapeutics

In other news, President Giuseppe Ciaramella sold 7,434 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total transaction of $136,413.90. Following the sale, the president now owns 190,216 shares in the company, valued at approximately $3,490,463.60. This represents a 3.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Christine Bellon sold 5,674 shares of the stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total value of $104,117.90. Following the sale, the insider now owns 117,294 shares in the company, valued at $2,152,344.90. The trade was a 4.61% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,771 shares of company stock worth $803,198 over the last three months. Company 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.