Beam Therapeutics Inc. (NASDAQ:BEAM) Holdings Raised by Arizona State Retirement System

Posted by Defense World Staff on May 18th, 2023

Arizona State Retirement System grew its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM – Get Rating) by 4.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 15,881 shares of the company’s stock after purchasing an additional 605 shares during the period. Arizona State Retirement System’s holdings in Beam Therapeutics were worth $621,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of BEAM. Ronald Blue Trust Inc. lifted its stake in Beam Therapeutics by 623.8% in the 4th quarter. Ronald Blue Trust Inc. now owns 579 shares of the company’s stock worth $28,000 after acquiring an additional 499 shares in the last quarter. Van ECK Associates Corp purchased a new stake in Beam Therapeutics in the 3rd quarter worth about $34,000. Nisa Investment Advisors LLC lifted its stake in Beam Therapeutics by 31.0% in the 3rd quarter. Nisa Investment Advisors LLC now owns 1,454 shares of the company’s stock worth $64,000 after acquiring an additional 344 shares in the last quarter. Canada Pension Plan Investment Board purchased a new stake in Beam Therapeutics in the 1st quarter worth about $86,000. Finally, Penserra Capital Management LLC purchased a new stake in Beam Therapeutics in the 1st quarter worth about $97,000. 76.70% of the stock is owned by hedge funds and other institutional investors.

Beam Therapeutics Stock Up 3.2 %

BEAM opened at $34.96 on Thursday. The firm has a market capitalization of $2.66 billion, a P/E ratio of -7.86 and a beta of 1.63. The stock’s 50 day moving average price is $31.88 and its two-hundred day moving average price is $39.01. Beam Therapeutics Inc. has a 12-month low of $28.04 and a 12-month high of $73.27.

Beam Therapeutics (NASDAQ:BEAM – Get Rating) last released its earnings results on Tuesday, February 28th. The company reported ($0.54) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.80. The firm had revenue of $20.04 million for the quarter, compared to analyst estimates of $12.73 million. Beam Therapeutics had a negative return on equity of 42.04% and a negative net margin of 412.45%. The company’s revenue was down 60.8% on a year-over-year basis. During the same quarter last year, the firm posted ($0.95) EPS. As a group, analysts anticipate that Beam Therapeutics Inc. will post -5.54 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Royal Bank of Canada reduced their price objective on Beam Therapeutics from $50.00 to $42.00 in a research note on Thursday, May 11th. Cantor Fitzgerald began coverage on Beam Therapeutics in a research note on Tuesday, January 31st. They set an “overweight” rating and a $62.00 price target for the company. SVB Leerink cut their price target on Beam Therapeutics from $81.00 to $77.00 and set an “outperform” rating for the company in a research note on Monday, January 23rd. Barclays cut their price target on Beam Therapeutics from $45.00 to $41.00 in a research note on Thursday, May 11th. Finally, Sanford C. Bernstein began coverage on Beam Therapeutics in a research note on Tuesday, March 21st. They set a “market perform” rating and a $37.00 price target for the company. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.91.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CFO Terry-Ann Burrell sold 2,454 shares of the firm’s stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $30.31, for a total value of $74,380.74. Following the sale, the chief financial officer now owns 49,303 shares of the company’s stock, valued at approximately $1,494,373.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Terry-Ann Burrell sold 2,454 shares of Beam Therapeutics stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $30.31, for a total transaction of $74,380.74. Following the sale, the chief financial officer now owns 49,303 shares of the company’s stock, valued at approximately $1,494,373.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Giuseppe Ciaramella sold 1,918 shares of Beam Therapeutics stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $30.31, for a total value of $58,134.58. Following the sale, the insider now directly owns 114,044 shares in the company, valued at approximately $3,456,673.64. The disclosure for this sale can be found here. Insiders have sold 9,533 shares of company stock valued at $288,945 in the last 90 days. 4.40% of the stock is currently owned by insiders.

Beam Therapeutics Profile

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Beam Therapeutics Inc, a biotechnology company, develops precision genetic medicines for patients suffering from serious diseases in the United States. The company is developing BEAM-101 for the treatment of sickle cell disease and beta thalassemia; BEAM-102 for the treatment of sickle cell disease; and BEAM-201, an allogeneic chimeric antigen receptor T cell for the treatment of relapsed/refractory T-cell acute lymphoblastic leukemia; and BEAM-301, a liver-targeted development candidate for the treatment of patients with Glycogen Storage Disease Type Ia.