Profund Advisors LLC Has $1.82 Million Stock Position in Beam Therapeutics Inc. $BEAM

Profund Advisors LLC lifted its position in Beam Therapeutics Inc. (NASDAQ:BEAM) by 118.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 65,617 shares of the company’s stock after buying an additional 35,571 shares during the period. Profund Advisors LLC owned about 0.06% of Beam Therapeutics worth $1,819,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. ARK Investment Management LLC grew its stake in Beam Therapeutics by 24.8% in the third quarter. ARK Investment Management LLC now owns 11,038,834 shares of the company’s stock valued at $267,913,000 after acquiring an additional 2,190,993 shares during the period. Contrarius Group Holdings Ltd bought a new stake in shares of Beam Therapeutics in the third quarter worth about $37,212,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Beam Therapeutics by 237.5% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,665,385 shares of the company’s stock worth $40,419,000 after purchasing an additional 1,171,977 shares during the period. Qube Research & Technologies Ltd bought a new position in shares of Beam Therapeutics during the 2nd quarter valued at about $10,101,000. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Beam Therapeutics by 820.1% during the 2nd quarter. BNP Paribas Financial Markets now owns 265,008 shares of the company’s stock valued at $4,508,000 after purchasing an additional 236,207 shares in the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

Beam Therapeutics Price Performance

NASDAQ BEAM opened at $27.11 on Thursday. Beam Therapeutics Inc. has a 12-month low of $15.35 and a 12-month high of $36.44. The firm’s 50 day moving average is $27.51 and its 200-day moving average is $27.21. The company has a market capitalization of $2.79 billion, a PE ratio of -39.87 and a beta of 2.26. The company has a quick ratio of 16.99, a current ratio of 16.99 and a debt-to-equity ratio of 0.09.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Thursday, May 7th. The company reported ($0.91) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.03) by $0.12. Beam Therapeutics had a negative net margin of 39.66% and a negative return on equity of 29.00%. The business had revenue of $31.74 million during the quarter, compared to the consensus estimate of $10.98 million. During the same quarter last year, the firm earned ($1.23) earnings per share. The firm’s revenue for the quarter was up 323.2% compared to the same quarter last year. Equities research analysts anticipate that Beam Therapeutics Inc. will post -4.23 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on BEAM shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Monday, April 20th. Sanford C. Bernstein cut their price target on shares of Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Tudor Pickering set a $39.00 price target on shares of Beam Therapeutics in a report on Wednesday, May 13th. Canaccord Genuity Group started coverage on shares of Beam Therapeutics in a report on Friday, February 20th. They set a “buy” rating and a $74.00 price objective on the stock. Finally, Royal Bank Of Canada boosted their price objective 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 analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $46.83.

Insider Buying and Selling

In other Beam Therapeutics news, CEO John M. Evans sold 30,078 shares of the stock in a transaction on Wednesday, April 1st. The shares were sold at an average price of $24.58, for a total value of $739,317.24. Following the completion of the sale, the chief executive officer owned 1,047,205 shares in the company, valued at $25,740,298.90. This trade represents a 2.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Amy Simon sold 6,700 shares of the business’s stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total transaction of $164,686.00. Following the transaction, the insider owned 102,735 shares in the company, valued at $2,525,226.30. This represents a 6.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 79,544 shares of company stock valued at $1,899,942. 3.80% of the stock is currently 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.