ARK Investment Management LLC Has $267.91 Million Position in Beam Therapeutics Inc. $BEAM

ARK Investment Management LLC boosted its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 24.8% during the third quarter, HoldingsChannel.com reports. The firm owned 11,038,834 shares of the company’s stock after acquiring an additional 2,190,993 shares during the period. Beam Therapeutics makes up about 1.6% of ARK Investment Management LLC’s portfolio, making the stock its 16th largest holding. ARK Investment Management LLC owned approximately 0.11% of Beam Therapeutics worth $267,913,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in BEAM. Allworth Financial LP boosted its stake in shares of Beam Therapeutics by 7,080.0% during the 2nd quarter. Allworth Financial LP now owns 2,513 shares of the company’s stock valued at $43,000 after buying an additional 2,478 shares during the period. Daiwa Securities Group Inc. raised its holdings in shares of Beam Therapeutics by 1,248.8% during the second quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company’s stock worth $65,000 after acquiring an additional 3,534 shares in the last quarter. SBI Securities Co. Ltd. boosted its position in Beam Therapeutics by 300.1% during the third quarter. SBI Securities Co. Ltd. now owns 4,009 shares of the company’s stock valued at $97,000 after purchasing an additional 3,007 shares during the last quarter. Bayforest Capital Ltd purchased a new position in Beam Therapeutics in the third quarter valued at about $114,000. Finally, IvyRock Asset Management HK Ltd purchased a new position in Beam Therapeutics in the third quarter valued at about $209,000. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Price Performance

BEAM stock opened at $27.44 on Thursday. The stock has a market capitalization of $2.80 billion, a price-to-earnings ratio of -27.17 and a beta of 2.12. The company has a 50-day moving average of $28.91 and a two-hundred day moving average of $25.40. Beam Therapeutics Inc. has a 52-week low of $13.52 and a 52-week high of $36.44.

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

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on BEAM. Tudor Pickering set a $41.00 price target on Beam Therapeutics in a research note on Wednesday, January 21st. Evercore began coverage on shares of Beam Therapeutics in a research report on Monday, November 24th. They set an “outperform” rating and a $35.00 price objective on the stock. UBS Group started coverage on shares of Beam Therapeutics in a research note on Wednesday, January 7th. They issued a “neutral” rating and a $28.00 target price for the company. Royal Bank Of Canada increased their price target on shares of Beam Therapeutics from $22.00 to $26.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 25th. Finally, Wedbush raised their price target on shares of Beam Therapeutics from $57.00 to $65.00 and gave the company an “outperform” rating in a report on Wednesday, February 25th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $46.19.

Insider Activity at Beam Therapeutics

In other news, insider Christine Bellon sold 18,629 shares of the stock in a transaction that occurred 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 approximately $3,358,485.18. This represents a 16.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.50% of the stock is currently owned by company insiders.

Beam Therapeutics Company 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.