KLP Kapitalforvaltning AS Has $381,000 Holdings in Beam Therapeutics Inc. (NASDAQ:BEAM)

KLP Kapitalforvaltning AS increased its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 45.5% during the first quarter, Holdings Channel.com reports. The institutional investor owned 19,500 shares of the company’s stock after purchasing an additional 6,100 shares during the period. KLP Kapitalforvaltning AS’s holdings in Beam Therapeutics were worth $381,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Northern Trust Corp grew its position in shares of Beam Therapeutics by 7.2% in the 4th quarter. Northern Trust Corp now owns 740,506 shares of the company’s stock valued at $18,365,000 after acquiring an additional 49,415 shares during the period. GAMMA Investing LLC lifted its stake in Beam Therapeutics by 549.9% in the 1st quarter. GAMMA Investing LLC now owns 37,185 shares of the company’s stock valued at $726,000 after purchasing an additional 31,463 shares during the last quarter. Amalgamated Bank grew its holdings in Beam Therapeutics by 20.4% during the first quarter. Amalgamated Bank now owns 3,153 shares of the company’s stock worth $62,000 after purchasing an additional 534 shares during the period. Stifel Financial Corp increased its position in Beam Therapeutics by 27.8% during the fourth quarter. Stifel Financial Corp now owns 13,662 shares of the company’s stock worth $339,000 after buying an additional 2,976 shares during the last quarter. Finally, Rhumbline Advisers increased its position in Beam Therapeutics by 11.9% during the first quarter. Rhumbline Advisers now owns 141,204 shares of the company’s stock worth $2,758,000 after buying an additional 14,971 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

BEAM has been the subject of a number of recent analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research report on Monday, April 7th. 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. Guggenheim reduced their price objective on shares of Beam Therapeutics from $78.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, May 7th. Barclays decreased their price objective on shares of Beam Therapeutics from $31.00 to $25.00 and set an “equal weight” rating on the stock in a report on Wednesday, May 7th. Finally, Cantor Fitzgerald upgraded shares of Beam Therapeutics to a “strong-buy” rating in a research note on Monday, July 21st. Two research analysts have rated the stock with a hold rating, ten have assigned a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Beam Therapeutics currently has a consensus rating of “Buy” and an average target price of $48.75.

Beam Therapeutics Trading Up 1.1%

Shares of BEAM stock opened at $20.15 on Thursday. The stock has a market cap of $2.03 billion, a P/E ratio of -4.37 and a beta of 2.07. Beam Therapeutics Inc. has a 1 year low of $13.52 and a 1 year high of $35.25. The stock has a 50 day simple moving average of $18.58 and a 200 day simple moving average of $21.27.

Beam Therapeutics (NASDAQ:BEAM) last released its 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 609.24% and a negative return on equity of 44.24%. The company had revenue of $7.47 million for the quarter, compared to the consensus estimate of $14.69 million. During the same quarter in the previous year, the company posted ($1.21) earnings per share. The business’s revenue was up 1.4% compared to the same quarter last year. Analysts forecast 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.