Man Group plc Purchases New Position in Beam Therapeutics Inc. $BEAM

Man Group plc acquired a new position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 129,820 shares of the company’s stock, valued at approximately $4,455,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Alphabet Inc. acquired a new position in shares of Beam Therapeutics during the second quarter worth $11,037,000. Canal Insurance CO bought a new stake in Beam Therapeutics during the 1st quarter worth $953,000. Ishara Investments LP acquired a new position in Beam Therapeutics in the 4th quarter worth about $1,386,000. Janus Henderson Group PLC increased its holdings in Beam Therapeutics by 136.1% in the 1st quarter. Janus Henderson Group PLC now owns 93,253 shares of the company’s stock worth $2,222,000 after purchasing an additional 53,752 shares in the last quarter. Finally, First Trust Advisors LP increased its holdings in Beam Therapeutics by 111.0% in the 1st quarter. First Trust Advisors LP now owns 135,166 shares of the company’s stock worth $3,221,000 after purchasing an additional 71,110 shares in the last quarter. Institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Price Performance

Shares of NASDAQ:BEAM opened at $29.32 on Monday. The firm has a market cap of $3.03 billion, a P/E ratio of -34.09 and a beta of 2.23. Beam Therapeutics Inc. has a 12-month low of $16.02 and a 12-month high of $38.26. The business has a fifty day simple moving average of $29.84 and a 200 day simple moving average of $28.87. The company has a quick ratio of 14.57, a current ratio of 14.57 and a debt-to-equity ratio of 0.09.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results on Tuesday, August 4th. The company reported ($1.18) EPS for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.07). The company had revenue of $0.49 million during the quarter, compared to the consensus estimate of $16.37 million. Beam Therapeutics had a negative net margin of 54.75% and a negative return on equity of 30.71%. The company’s quarterly revenue was down 94.2% on a year-over-year basis. During the same quarter last year, the firm posted ($1.00) EPS. Analysts predict that Beam Therapeutics Inc. will post -4.49 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Fmr Llc sold 251,488 shares of the company’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $35.26, for a total value of $8,867,466.88. Following the sale, the insider directly owned 854,583 shares in the company, valued at $30,132,596.58. This represents a 22.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Amy Simon sold 16,667 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $25.74, for a total transaction of $429,008.58. Following the sale, the insider directly owned 85,696 shares of the company’s stock, valued at $2,205,815.04. This represents a 16.28% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 301,527 shares of company stock worth $10,468,500. 3.80% of the stock is owned by insiders.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Wall Street Zen lowered Beam Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Sunday, August 16th. Bank of America reaffirmed a “buy” rating and issued a $47.00 price objective on shares of Beam Therapeutics in a research note on Wednesday, July 8th. HC Wainwright reiterated a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a report on Tuesday, August 25th. Tudor Pickering set a $39.00 target price on shares of Beam Therapeutics in a research report on Wednesday, May 13th. Finally, Sanford C. Bernstein reduced their target price on shares of Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Ten investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $49.00.

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.