Farallon Capital Management LLC Purchases 50,000 Shares of Beam Therapeutics Inc. $BEAM

Farallon Capital Management LLC raised its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 0.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,063,111 shares of the company’s stock after purchasing an additional 50,000 shares during the quarter. Beam Therapeutics accounts for about 1.0% of Farallon Capital Management LLC’s investment portfolio, making the stock its 29th largest position. Farallon Capital Management LLC owned approximately 9.92% of Beam Therapeutics worth $244,232,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Jones Financial Companies Lllp raised its position in shares of Beam Therapeutics by 55,780.0% during the 1st quarter. Jones Financial Companies Lllp now owns 33,528 shares of the company’s stock valued at $655,000 after purchasing an additional 33,468 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Beam Therapeutics by 10.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 438,529 shares of the company’s stock worth $8,564,000 after buying an additional 42,609 shares during the period. Envestnet Asset Management Inc. increased its stake in Beam Therapeutics by 17.4% in the 2nd quarter. Envestnet Asset Management Inc. now owns 34,848 shares of the company’s stock worth $593,000 after buying an additional 5,166 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Beam Therapeutics by 26.8% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 13,300 shares of the company’s stock valued at $226,000 after acquiring an additional 2,808 shares during the period. Finally, Allworth Financial LP raised its holdings in Beam Therapeutics by 7,080.0% during the second quarter. Allworth Financial LP now owns 2,513 shares of the company’s stock valued at $43,000 after acquiring an additional 2,478 shares during the period. 99.68% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

BEAM has been the subject of a number of recent analyst reports. Tudor Pickering set a $41.00 price objective on Beam Therapeutics in a research note on Wednesday, January 21st. Royal Bank Of Canada lifted their target price on Beam Therapeutics from $22.00 to $26.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 25th. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a report on Wednesday, January 21st. UBS Group began coverage on Beam Therapeutics in a research note on Wednesday, January 7th. They issued a “neutral” rating and a $28.00 price target for the company. Finally, Benchmark reaffirmed a “speculative buy” rating on shares of Beam Therapeutics in a report on Monday, November 17th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Beam Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $47.50.

Beam Therapeutics Stock Down 1.7%

Shares of Beam Therapeutics stock opened at $25.16 on Monday. Beam Therapeutics Inc. has a twelve month low of $13.52 and a twelve month high of $36.44. The business has a 50-day moving average price of $28.69 and a 200-day moving average price of $25.93. The firm has a market cap of $2.56 billion, a price-to-earnings ratio of -24.91 and a beta of 2.12.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Tuesday, February 24th. The company reported $2.33 EPS for the quarter, topping analysts’ consensus estimates of ($1.13) by $3.46. The company had revenue of $114.11 million for the quarter, compared to the consensus estimate of $13.22 million. Beam Therapeutics had a negative return on equity of 30.65% and a negative net margin of 57.24%.The firm’s revenue for the quarter was up 280.3% on a year-over-year basis. During the same period in the previous year, the business earned ($1.09) earnings per share. On average, equities analysts expect that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Insider Activity

In other news, insider Christine Bellon sold 1,371 shares of the company’s stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $34.00, for a total transaction of $46,614.00. Following the sale, the insider directly owned 95,667 shares of the company’s stock, valued at $3,252,678. This represents a 1.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.50% of the stock is owned by company insiders.

About Beam Therapeutics

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.