Thrive Wealth Management LLC Takes $229,000 Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

Thrive Wealth Management LLC bought a new position in Beam Therapeutics Inc. (NASDAQ:BEAM) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 6,925 shares of the company’s stock, valued at approximately $229,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in BEAM. First Horizon Advisors Inc. lifted its stake in Beam Therapeutics by 125.9% during the fourth quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock valued at $27,000 after purchasing an additional 554 shares during the last quarter. E Fund Management Co. Ltd. lifted its position in shares of Beam Therapeutics by 4.0% during the 4th quarter. E Fund Management Co. Ltd. now owns 18,174 shares of the company’s stock valued at $495,000 after acquiring an additional 704 shares during the last quarter. Riverview Trust Co bought a new stake in shares of Beam Therapeutics during the 1st quarter worth $26,000. PNC Financial Services Group Inc. lifted its holdings in shares of Beam Therapeutics by 144.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock valued at $43,000 after purchasing an additional 923 shares during the last quarter. Finally, National Bank of Canada FI increased its stake in Beam Therapeutics by 200.0% in the 4th quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $41,000 after purchasing an additional 1,000 shares in the last quarter. 99.68% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on BEAM. Barclays dropped their target price on shares of Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 8th. TheStreet raised Beam Therapeutics from a “d” rating to a “c-” rating in a research report on Monday, March 11th. Royal Bank of Canada raised their price objective on Beam Therapeutics from $27.00 to $35.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 28th. Wedbush reiterated an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a report on Tuesday, May 7th. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a research report on Wednesday, March 27th. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $40.18.

Beam Therapeutics Stock Performance

Shares of BEAM traded down $0.86 during trading hours on Thursday, hitting $23.98. 1,068,631 shares of the company were exchanged, compared to its average volume of 1,382,688. The firm’s 50 day moving average is $23.66 and its 200-day moving average is $27.90. Beam Therapeutics Inc. has a 52 week low of $16.95 and a 52 week high of $49.50. The company has a market cap of $1.97 billion, a PE ratio of -13.47 and a beta of 1.89.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($1.21) EPS for the quarter, beating the consensus estimate of ($1.42) by $0.21. The company had revenue of $7.40 million for the quarter, compared to the consensus estimate of $17.09 million. Beam Therapeutics had a negative return on equity of 15.46% and a negative net margin of 37.33%. The company’s revenue for the quarter was down 69.4% compared to the same quarter last year. During the same quarter last year, the company posted ($1.33) earnings per share. As a group, equities analysts forecast that Beam Therapeutics Inc. will post -4.68 earnings per share for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CFO Terry-Ann Burrell sold 5,446 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $32.12, for a total value of $174,925.52. Following the sale, the chief financial officer now owns 70,137 shares of the company’s stock, valued at approximately $2,252,800.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Beam Therapeutics news, CEO John M. Evans sold 18,102 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $32.13, for a total value of $581,617.26. Following the completion of the transaction, the chief executive officer now owns 1,058,343 shares of the company’s stock, valued at approximately $34,004,560.59. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Terry-Ann Burrell sold 5,446 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $32.12, for a total value of $174,925.52. Following the sale, the chief financial officer now owns 70,137 shares in the company, valued at $2,252,800.44. The disclosure for this sale can be found here. Insiders sold 35,239 shares of company stock worth $1,132,129 over the last ninety days. Company insiders own 4.20% of the company’s stock.

About Beam Therapeutics

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.