Cinctive Capital Management LP Invests $1.62 Million in Beam Therapeutics Inc. (NASDAQ:BEAM)

by · The Markets Daily

Cinctive Capital Management LP bought a new position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM – Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 65,242 shares of the company’s stock, valued at approximately $1,618,000. Cinctive Capital Management LP owned 0.08% of Beam Therapeutics at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of BEAM. Wealthfront Advisers LLC bought a new stake in shares of Beam Therapeutics in the fourth quarter valued at about $41,000. KBC Group NV lifted its position in shares of Beam Therapeutics by 103.2% in the 4th quarter. KBC Group NV now owns 4,143 shares of the company’s stock worth $103,000 after acquiring an additional 2,104 shares during the period. Blue Trust Inc. grew its holdings in shares of Beam Therapeutics by 36.3% during the 4th quarter. Blue Trust Inc. now owns 4,274 shares of the company’s stock worth $105,000 after purchasing an additional 1,139 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Beam Therapeutics by 23.9% during the fourth quarter. GAMMA Investing LLC now owns 5,722 shares of the company’s stock valued at $142,000 after purchasing an additional 1,102 shares during the period. Finally, Quarry LP raised its stake in shares of Beam Therapeutics by 66.7% in the third quarter. Quarry LP now owns 6,000 shares of the company’s stock valued at $147,000 after purchasing an additional 2,400 shares in the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 30,000 shares of the firm’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $26.75, for a total transaction of $802,500.00. Following the transaction, the chief executive officer now directly owns 908,659 shares in the company, valued at approximately $24,306,628.25. This trade represents a 3.20 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Christine Bellon sold 5,674 shares of Beam Therapeutics stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total transaction of $104,117.90. Following the transaction, the insider now directly owns 117,294 shares in the company, valued at $2,152,344.90. This represents a 4.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 73,771 shares of company stock valued at $1,605,698. Company insiders own 4.20% of the company’s stock.

Beam Therapeutics Trading Down 10.9 %

Shares of Beam Therapeutics stock opened at $16.46 on Friday. The company has a 50 day moving average of $26.08 and a 200-day moving average of $25.68. The company has a market cap of $1.64 billion, a PE ratio of -9.35 and a beta of 2.02. Beam Therapeutics Inc. has a 1-year low of $16.30 and a 1-year high of $35.25.

Beam Therapeutics (NASDAQ:BEAM – Get Free Report) last released its quarterly earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, topping the consensus estimate of ($1.25) by $0.16. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company had revenue of $30.00 million for the quarter, compared to analysts’ expectations of $16.47 million. During the same period in the previous year, the business posted $1.73 earnings per share. The business’s quarterly revenue was down 90.5% compared to the same quarter last year. Research analysts forecast that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently weighed in on BEAM. Guggenheim reissued a “buy” rating and issued a $78.00 target price on shares of Beam Therapeutics in a research note on Thursday, February 27th. HC Wainwright reiterated a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research report on Monday, March 10th. Cantor Fitzgerald restated an “overweight” rating on shares of Beam Therapeutics in a research note on Wednesday, March 12th. Scotiabank upgraded shares of Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 target price for the company in a research note on Monday, March 10th. Finally, Royal Bank of Canada raised their price objective on shares of Beam Therapeutics from $24.00 to $26.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 26th. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $49.45.

Read Our Latest Report on BEAM

Beam Therapeutics Company Profile

(Free Report)

Beam Therapeutics Inc, a biotechnology company, engages in the development of precision genetic medicines for patients suffering from serious diseases in the United States. It develops BEAM-101 for the treatment of sickle cell disease or beta-thalassemia; and BEAM-302, a liver-targeting LNP formulation to treat severe alpha-1 antitrypsin deficiency; BEAM-201, an anti-CD7 CAR-T product candidate, which is in Phase 1/2 clinical trials for the treatment of refractory T-cell acute lymphoblastic leukemia/T cell lymphoblastic lymphoma; and BEAM-301, a liver-targeting LNP formulation for the treatment of glycogen storage disease 1a.

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