Elmind Capital LP Buys New Stake in Beam Therapeutics Inc. $BEAM

Elmind Capital LP bought a new stake in Beam Therapeutics Inc. (NASDAQ:BEAM) during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 476,338 shares of the company’s stock, valued at approximately $16,347,920,000. Beam Therapeutics accounts for approximately 4.1% of Elmind Capital LP’s investment portfolio, making the stock its 12th biggest holding. Elmind Capital LP owned 0.46% of Beam Therapeutics as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in BEAM. BlackRock Inc. acquired a new stake in shares of Beam Therapeutics during the second quarter worth about $308,796,000. ARCH Venture Management LLC acquired a new position in shares of Beam Therapeutics in the second quarter valued at approximately $155,771,929,000. ADAR1 Capital Management LLC acquired a new position in shares of Beam Therapeutics in the first quarter valued at approximately $34,467,000. ARK Investment Management LLC increased its stake in Beam Therapeutics by 12.9% during the 4th quarter. ARK Investment Management LLC now owns 12,467,189 shares of the company’s stock worth $345,590,000 after buying an additional 1,428,355 shares during the period. Finally, MWG Caph Ltd purchased a new stake in Beam Therapeutics during the 4th quarter worth approximately $35,119,000. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Amy Simon sold 16,667 shares of the business’s stock in a transaction on Monday, July 27th. The shares were sold at an average price of $25.74, for a total transaction of $429,008.58. Following the completion of the transaction, the insider owned 85,696 shares in the company, valued at approximately $2,205,815.04. The trade was a 16.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Fmr Llc sold 251,488 shares of the stock in a transaction on Friday, June 26th. The shares were sold at an average price of $35.26, for a total value of $8,867,466.88. Following the completion of the transaction, the insider directly owned 854,583 shares in the company, valued at $30,132,596.58. This trade represents a 22.74% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 301,527 shares of company stock valued at $10,468,500. Insiders own 3.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Bank of America reissued a “buy” rating and issued a $47.00 price target on shares of Beam Therapeutics in a research report on Wednesday, July 8th. HC Wainwright reaffirmed a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research report on Tuesday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Friday, July 17th. Wall Street Zen lowered Beam Therapeutics from a “sell” rating to a “strong sell” rating in a report on Sunday, August 16th. Finally, Sanford C. Bernstein lowered their target price on Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Ten research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $49.00.

Beam Therapeutics Stock Up 9.5%

Shares of Beam Therapeutics stock opened at $31.03 on Wednesday. Beam Therapeutics Inc. has a 52-week low of $16.02 and a 52-week high of $38.26. The company has a 50 day moving average of $30.06 and a 200 day moving average of $28.79. The company has a quick ratio of 14.57, a current ratio of 14.57 and a debt-to-equity ratio of 0.09. The company has a market capitalization of $3.21 billion, a P/E ratio of -36.08 and a beta of 2.23.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($1.18) EPS for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.07). Beam Therapeutics had a negative net margin of 54.75% and a negative return on equity of 30.71%. The firm had revenue of $0.49 million during the quarter, compared to analysts’ expectations of $16.37 million. During the same period in the prior year, the company posted ($1.00) earnings per share. The company’s revenue for the quarter was down 94.2% on a year-over-year basis. As a group, research analysts forecast that Beam Therapeutics Inc. will post -4.49 EPS for the current fiscal year.

Beam Therapeutics Company Profile

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.