Readystate Asset Management LP Invests $2.28 Million in Beam Therapeutics Inc. $BEAM

Readystate Asset Management LP bought a new stake in Beam Therapeutics Inc. (NASDAQ:BEAM) in the 3rd quarter, according to its most recent filing with the SEC. The fund bought 93,930 shares of the company’s stock, valued at approximately $2,280,000.

A number of other hedge funds have also recently added to or reduced their stakes in BEAM. Squarepoint Ops LLC increased its position in shares of Beam Therapeutics by 468.3% in the second quarter. Squarepoint Ops LLC now owns 138,765 shares of the company’s stock valued at $2,360,000 after buying an additional 114,349 shares in the last quarter. Capital Fund Management S.A. purchased a new stake in Beam Therapeutics in the 2nd quarter worth $654,000. Privium Fund Management B.V. acquired a new position in Beam Therapeutics during the third quarter worth $1,480,000. Y Intercept Hong Kong Ltd purchased a new position in Beam Therapeutics during the third quarter valued at $1,059,000. Finally, SG Americas Securities LLC grew its position in shares of Beam Therapeutics by 498.9% in the third quarter. SG Americas Securities LLC now owns 43,220 shares of the company’s stock valued at $1,049,000 after purchasing an additional 36,004 shares during the period. 99.68% of the stock is owned by hedge funds and other institutional investors.

Beam Therapeutics Price Performance

Shares of Beam Therapeutics stock opened at $27.49 on Wednesday. The stock’s 50 day simple moving average is $28.59 and its 200-day simple moving average is $24.63. The stock has a market cap of $2.79 billion, a P/E ratio of -6.21 and a beta of 2.12. Beam Therapeutics Inc. has a 1-year low of $13.52 and a 1-year high of $36.44.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BEAM. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Wednesday, January 21st. Tudor Pickering set a $41.00 target price on Beam Therapeutics in a report on Wednesday, January 21st. Benchmark reaffirmed a “speculative buy” rating on shares of Beam Therapeutics in a research note on Monday, November 17th. Evercore began coverage on Beam Therapeutics in a research report on Monday, November 24th. They set an “outperform” rating and a $35.00 price target for the company. Finally, Wall Street Zen downgraded Beam Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday, February 8th. One investment analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $43.80.

Insiders Place Their Bets

In other Beam Therapeutics news, insider Christine Bellon sold 18,629 shares of the firm’s stock in a transaction on Thursday, January 15th. The stock was sold at an average price of $34.61, for a total value of $644,749.69. Following the completion of the sale, the insider directly owned 97,038 shares of the company’s stock, valued at $3,358,485.18. This trade represents a 16.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 3.50% of the company’s stock.

Beam Therapeutics Profile

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.