ARK Investment Management LLC has recently announced that it has increased stake in Beam Therapeutics Inc (NASDAQ:BEAM) by 4.79%. After grabbing 8.78 million shares, the institutional investor is now in possession of 0.4 million shares of the Healthcare Company. The new investment brought the stake of investor firm to 10.78% having worth around $246.65 million. Moreover, BlackRock Fund Advisors increased its share by 0.2 million to have a control over 5.34 million shares. And Farallon Capital Management LLC raised its holdings to 1.04 million shares by acquiring 4.48 million shares or 5.50% of the stake.
Beam Therapeutics Inc (BEAM) concluded trading on 12/21/23 at a closing price of $28.07, with 4.32 million shares of worth about $121.23 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -11.76% during that period and on Thursday the price saw a gain of about 1.59%. Currently the company’s common shares owned by public are about 71.28M shares, out of which, 68.86M shares are available for trading.
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According to filings with the U.S. Securities and Exchange Commission (SEC), insiders took part in trade of the company’s stock for 46 times over the past 12 months. They bought 495,536 shares in 21 of the transactions. In 25 selling transactions, insiders dumped 357,328 shares.
ARK Innovation ETF, SPDR S&P Biotech ETF, and ARK Genomic Revolution ETF are the top 3 mutual funds which are holding stakes in Beam Therapeutics Inc ARK Innovation ETF is currently holding 6.21 million shares of worth totaling $174.31 million. The company recently came selling 47242.0 shares which brought its stake up to 7.62% of the company’s outstanding shares. SPDR S&P Biotech ETF bought 13935.0 shares, after which its hold over company’s outstanding shares expand to 3.68%, leaving 3.0 million shares with the mutual fund that have a worth of about $84.22 million. ARK Genomic Revolution ETF, after buying 2.41 million shares, have now control over 2.96% of the stake in the company. It holds 0.0 shares of worth $67.77 million.
Beam Therapeutics Inc (NASDAQ: BEAM) started trading at $28.35, above $0.72 from concluding price of the previous day. However, the stock later moved at a day high price of 29.18, or with a gain of 1.59%. Stock saw a price change of -5.77% in past 5 days and over the past one month there was a price change of 0.43%. Year-to-date (YTD), BEAM shares are showing a performance of -28.23% which decreased to -32.51% when we look at its performance for past 12 months. Over the period of past 52 weeks, stock dropped to lowest price of $16.95 but also hit the highest price of $50.74 during that period. The average intraday trading volume for Beam Therapeutics Inc shares is 1.37 million. The stock is currently trading -1.46% below its 20-day simple moving average (SMA20), while that difference is up 13.32% for SMA50 and it goes to -1.12% lower than SMA200.
ARK Investment Management LLC acquired 8.78 million shares of Beam Therapeutics Inc having value of about $246.65 million. Data submitted at the U.S SEC by ARK Investment Management LLC revealed that the firm now holds 0.4 million shares in the company valued at close to $11264378.72, or have control over 4.79% stake in the company. Beam Therapeutics Inc (NASDAQ: BEAM) currently have 71.28M outstanding shares and institutions hold larger chunk of about 75.15% of that. Holding of mutual funds in the company is about 32.21% while other institutional holders and individual stake holders have control over 43.00% and 16.17% of the stake respectively.
The stock has a current market capitalization of $2.29B and its 3Y-monthly beta is at 1.68. It has posted earnings per share of -$4.18 in the same period. It has Quick Ratio of 4.72 while making debt-to-equity ratio of 0.22. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for BEAM, volatility over the week remained 7.21% while standing at 6.65% over the month.
Analysts are in expectations that Beam Therapeutics Inc (BEAM) stock would likely to be making an EPS of -$0.96 in the current quarter, while forecast for next quarter EPS is -$1.15 and it is -$4.74 for next year. For the current quarter EPS, analysts have given the company a lowest target -$1.46 which is $1.21 at the higher side of the target for the same. When we compare those targets with actual EPS, we find that company posted an EPS of -$0.54 in the same quarter a year ago. Stock’s fiscal year EPS is expected to drop by -2.11% while it is estimated to decrease by -9.12% in next year. EPS is likely to grow at an annualized rate of 4.10% for next 5-years, compared to annual growth of -84.16% made by the stock over the past 5-years.
Analysts at 15 brokerage firms have issued recommendations for the Beam Therapeutics Inc (BEAM)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.07. Out of those 15 Wall Street analysts, 7 recommended a “Buy” rating, while 8 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
Digging deeper we find that several firms have released their research notes about the support levels of the stock. Most recent of them is a note released by BofA Securities on December 15, 2023 offering a Neutral rating for the stock and assigned a target price of $35 to it.
