Polar Asset Management Partners Inc. Has $5.17 Million Holdings in Beam Therapeutics Inc. (NASDAQ:BEAM)

Polar Asset Management Partners Inc. increased its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 901.2% in the fourth quarter, Holdings Channel reports. The firm owned 208,255 shares of the company’s stock after buying an additional 187,455 shares during the quarter. Polar Asset Management Partners Inc.’s holdings in Beam Therapeutics were worth $5,165,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the stock. GF Fund Management CO. LTD. acquired a new stake in shares of Beam Therapeutics during the fourth quarter worth $43,000. Woodline Partners LP acquired a new stake in shares of Beam Therapeutics during the fourth quarter worth $6,997,000. Squarepoint Ops LLC acquired a new stake in shares of Beam Therapeutics during the fourth quarter worth $3,851,000. Twinbeech Capital LP grew its stake in shares of Beam Therapeutics by 119.3% during the fourth quarter. Twinbeech Capital LP now owns 127,664 shares of the company’s stock worth $3,166,000 after purchasing an additional 69,456 shares during the period. Finally, Two Sigma Advisers LP grew its stake in shares of Beam Therapeutics by 77.6% during the fourth quarter. Two Sigma Advisers LP now owns 19,000 shares of the company’s stock worth $471,000 after purchasing an additional 8,300 shares during the period. 99.68% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Christine Bellon sold 5,674 shares of the company’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total transaction of $104,117.90. Following the sale, the insider now owns 117,294 shares in the company, valued at approximately $2,152,344.90. This represents a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Giuseppe Ciaramella sold 7,434 shares of the company’s stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total value of $136,413.90. Following the sale, the president now owns 190,216 shares in the company, valued at $3,490,463.60. The trade was a 3.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,771 shares of company stock worth $803,198 over the last three months. Corporate insiders own 4.20% of the company’s stock.

Analyst Upgrades and Downgrades

BEAM has been the subject of a number of research analyst reports. Royal Bank of Canada boosted 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. Bank of America raised Beam Therapeutics from a “neutral” rating to a “buy” rating and set a $42.00 target price for the company in a research note on Friday, March 28th. Guggenheim decreased 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. Barclays decreased their target price on Beam Therapeutics from $31.00 to $25.00 and set an “equal weight” rating for the company in a research note on Wednesday, May 7th. Finally, Scotiabank raised Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 target price for the company in a research note on Monday, March 10th. Two equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $48.75.

Beam Therapeutics Price Performance

Shares of Beam Therapeutics stock opened at $16.83 on Monday. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of -9.56 and a beta of 2.35. The stock’s 50-day moving average is $18.43 and its 200-day moving average is $23.94. Beam Therapeutics Inc. has a one year low of $13.53 and a one year high of $35.25.

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