ARK Investment Management LLC Purchases 536,930 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

ARK Investment Management LLC grew its position in Beam Therapeutics Inc. (NASDAQ:BEAM) by 8.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 7,068,029 shares of the company’s stock after purchasing an additional 536,930 shares during the quarter. Beam Therapeutics makes up about 1.5% of ARK Investment Management LLC’s portfolio, making the stock its 20th largest position. ARK Investment Management LLC owned 0.09% of Beam Therapeutics worth $175,287,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of Beam Therapeutics during the 4th quarter valued at $330,000. Charles Schwab Investment Management Inc. lifted its position in shares of Beam Therapeutics by 6.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock valued at $15,423,000 after acquiring an additional 36,226 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Beam Therapeutics by 11.4% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock valued at $98,149,000 after acquiring an additional 404,782 shares during the period. Bellevue Group AG lifted its position in shares of Beam Therapeutics by 7.1% during the 3rd quarter. Bellevue Group AG now owns 1,518,121 shares of the company’s stock valued at $37,194,000 after acquiring an additional 100,000 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of Beam Therapeutics by 4.5% during the 3rd quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock valued at $44,297,000 after acquiring an additional 78,102 shares during the period. 99.68% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently issued reports on BEAM. Cantor Fitzgerald upgraded shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research report on Wednesday, January 29th. Royal Bank of Canada dropped their target price on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. Leerink Partnrs upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Sanford C. Bernstein upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Finally, Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $27.00 to $39.00 in a report on Wednesday, November 6th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $47.67.

Beam Therapeutics Trading Down 3.1 %

BEAM opened at $29.84 on Wednesday. The company’s fifty day moving average price is $27.17 and its two-hundred day moving average price is $25.86. The company has a market cap of $2.47 billion, a price-to-earnings ratio of -16.95 and a beta of 1.92. Beam Therapeutics Inc. has a 1-year low of $20.84 and a 1-year high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, February 25th. The company reported ($1.09) EPS for the quarter, beating the consensus estimate of ($1.25) by $0.16. The company had revenue of $30.00 million during the quarter, compared to the consensus estimate of $16.47 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The firm’s revenue for the quarter was down 90.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.73 earnings per share. As a group, equities analysts forecast that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO John M. Evans sold 30,000 shares of the stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $26.75, for a total transaction of $802,500.00. Following the completion of the transaction, the chief executive officer now owns 908,659 shares in the company, valued at approximately $24,306,628.25. This represents a 3.20 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Christine Bellon sold 1,241 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total transaction of $30,627.88. Following the transaction, the insider now owns 102,968 shares of the company’s stock, valued at approximately $2,541,250.24. The trade was a 1.19 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by corporate insiders.

Beam Therapeutics Company 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.