ARK Investment Management LLC Has $175.29 Million Stake in Beam Therapeutics Inc. (NASDAQ:BEAM)

ARK Investment Management LLC boosted its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM) by 8.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,068,029 shares of the company’s stock after purchasing an additional 536,930 shares during the quarter. Beam Therapeutics accounts for about 1.5% of ARK Investment Management LLC’s portfolio, making the stock its 20th largest holding. ARK Investment Management LLC owned approximately 8.54% of Beam Therapeutics worth $175,287,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new stake in Beam Therapeutics in the 4th quarter worth about $330,000. Charles Schwab Investment Management Inc. raised its position in shares of Beam Therapeutics by 6.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock valued at $15,423,000 after buying an additional 36,226 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Beam Therapeutics by 11.4% in 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 buying an additional 404,782 shares in the last quarter. Bellevue Group AG raised its position in shares of Beam Therapeutics by 7.1% in the 3rd quarter. Bellevue Group AG now owns 1,518,121 shares of the company’s stock valued at $37,194,000 after buying an additional 100,000 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Beam Therapeutics by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock valued at $44,297,000 after buying an additional 78,102 shares in the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

Beam Therapeutics Price Performance

BEAM opened at $29.84 on Wednesday. Beam Therapeutics Inc. has a fifty-two week low of $20.84 and a fifty-two week high of $49.50. The firm has a market capitalization of $2.47 billion, a price-to-earnings ratio of -16.95 and a beta of 1.92. The company’s 50 day moving average price is $27.17 and its two-hundred day moving average price is $25.86.

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

Insiders Place Their Bets

In other Beam Therapeutics news, CEO John M. Evans sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $26.75, for a total transaction of $802,500.00. Following the sale, the chief executive officer now directly owns 908,659 shares of the company’s stock, valued at $24,306,628.25. The trade was a 3.20 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Christine Bellon sold 1,241 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total transaction of $30,627.88. Following the sale, the insider now directly owns 102,968 shares in the company, valued at $2,541,250.24. The trade was a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.

Wall Street Analysts Forecast Growth

BEAM has been the subject of several analyst reports. Wedbush restated an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a research report on Monday, January 13th. Cantor Fitzgerald upgraded shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research report on Wednesday, January 29th. Leerink Partnrs upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. 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 for the company in a research report on Wednesday, November 6th. Finally, HC Wainwright reiterated a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research report on Monday, February 3rd. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $47.67.

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.