Mirae Asset Global Investments Co. Ltd. Buys 1,175 Shares of Beam Therapeutics Inc. $BEAM

Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 43.4% during the 2nd quarter, HoldingsChannel reports. The firm owned 3,884 shares of the company’s stock after buying an additional 1,175 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Beam Therapeutics were worth $66,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in BEAM. CWM LLC grew its position in shares of Beam Therapeutics by 79.8% during the 1st quarter. CWM LLC now owns 2,684 shares of the company’s stock worth $52,000 after buying an additional 1,191 shares in the last quarter. Amalgamated Bank grew its holdings in Beam Therapeutics by 20.4% during the 1st quarter. Amalgamated Bank now owns 3,153 shares of the company’s stock worth $62,000 after acquiring an additional 534 shares in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Beam Therapeutics during the 1st quarter valued at about $87,000. Quarry LP raised its holdings in shares of Beam Therapeutics by 200.0% in the 1st quarter. Quarry LP now owns 4,500 shares of the company’s stock valued at $88,000 after purchasing an additional 3,000 shares in the last quarter. Finally, AlphaQuest LLC lifted its position in shares of Beam Therapeutics by 216.6% in the 1st quarter. AlphaQuest LLC now owns 8,262 shares of the company’s stock worth $161,000 after purchasing an additional 5,652 shares during the period. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BEAM has been the topic of several research reports. Wall Street Zen lowered shares of Beam Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, September 14th. Jefferies Financial Group started coverage on Beam Therapeutics in a research report on Thursday. They issued a “buy” rating and a $41.00 price target for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Wednesday, October 8th. Barclays reduced their target price on shares of Beam Therapeutics from $25.00 to $21.00 and set an “equal weight” rating for the company in a report on Wednesday, August 6th. Finally, Cantor Fitzgerald upgraded shares of Beam Therapeutics to a “strong-buy” rating in a research note on Monday, July 21st. Three equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $45.91.

Beam Therapeutics Price Performance

Shares of BEAM opened at $26.32 on Monday. The firm has a market capitalization of $2.66 billion, a PE ratio of -5.85 and a beta of 2.25. Beam Therapeutics Inc. has a 1-year low of $13.52 and a 1-year high of $35.25. The company’s fifty day moving average price is $20.54 and its 200-day moving average price is $19.02.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, August 5th. The company reported ($1.00) EPS for the quarter, topping analysts’ consensus estimates of ($1.04) by $0.04. The company had revenue of $8.47 million during the quarter, compared to analysts’ expectations of $13.29 million. Beam Therapeutics had a negative return on equity of 43.15% and a negative net margin of 661.31%.The firm’s revenue was down 28.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.11) EPS. As a group, research analysts anticipate that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Insider Activity at Beam Therapeutics

In related news, insider Fmr Llc sold 48,374 shares of the company’s stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $20.50, for a total value of $991,667.00. Following the sale, the insider owned 2,073,665 shares in the company, valued at $42,510,132.50. This represents a 2.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.50% of the stock is owned by company insiders.

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.