Handelsbanken Fonder AB Has $1.24 Million Stock Holdings in Beam Therapeutics Inc. $BEAM

Handelsbanken Fonder AB lifted its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 76.9% in the third quarter, Holdings Channel reports. The institutional investor owned 51,123 shares of the company’s stock after acquiring an additional 22,223 shares during the period. Handelsbanken Fonder AB’s holdings in Beam Therapeutics were worth $1,241,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of BEAM. Allworth Financial LP increased its position in Beam Therapeutics by 7,080.0% during the second quarter. Allworth Financial LP now owns 2,513 shares of the company’s stock worth $43,000 after acquiring an additional 2,478 shares during the period. Daiwa Securities Group Inc. grew its position in shares of Beam Therapeutics by 1,248.8% during the 2nd quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company’s stock worth $65,000 after purchasing an additional 3,534 shares in the last quarter. SBI Securities Co. Ltd. increased its holdings in shares of Beam Therapeutics by 300.1% during the third quarter. SBI Securities Co. Ltd. now owns 4,009 shares of the company’s stock worth $97,000 after purchasing an additional 3,007 shares during the period. Bayforest Capital Ltd acquired a new stake in shares of Beam Therapeutics in the third quarter valued at approximately $114,000. Finally, Gallagher Fiduciary Advisors LLC bought a new stake in shares of Beam Therapeutics in the second quarter valued at approximately $200,000. Institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Stock Up 0.8%

NASDAQ:BEAM opened at $27.44 on Thursday. Beam Therapeutics Inc. has a twelve month low of $13.52 and a twelve month high of $36.44. The stock’s 50-day simple moving average is $28.91 and its 200 day simple moving average is $25.40. The firm has a market capitalization of $2.80 billion, a PE ratio of -27.17 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. Beam Therapeutics had a negative net margin of 57.24% and a negative return on equity of 30.65%. The firm had revenue of $114.11 million during the quarter, compared to analysts’ expectations of $13.22 million. During the same quarter in the prior year, the business earned ($1.09) earnings per share. The business’s revenue for the quarter was up 280.3% compared to the same quarter last year. On average, analysts anticipate that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Insider Buying and Selling

In other Beam Therapeutics news, insider Christine Bellon sold 18,629 shares of the firm’s stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $34.61, for a total value of $644,749.69. Following the sale, the insider owned 97,038 shares in the company, valued at $3,358,485.18. This trade represents a 16.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 3.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on BEAM. Evercore started coverage on Beam Therapeutics in a research note on Monday, November 24th. They set an “outperform” rating and a $35.00 price objective on the stock. Wall Street Zen raised Beam Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Sanford C. Bernstein upped their price objective on shares of Beam Therapeutics from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 20th. UBS Group assumed coverage on shares of Beam Therapeutics in a report on Wednesday, January 7th. They issued a “neutral” rating and a $28.00 target price on the stock. Finally, Royal Bank Of Canada boosted their target price on shares of Beam Therapeutics from $22.00 to $26.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 25th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Beam Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $46.19.

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.