ARK Investment Management LLC recently announced the acquisition of new stake in Beam Therapeutics Inc (NASDAQ:BEAM). The institutional investor has increased its shareholding in the Healthcare company by 6.94% to 9.39 million shares with purchase of 0.61 million shares. This fresh investment now brings its stake to 11.53% valued currently at $255.7 million. In addition, BlackRock Fund Advisors raised its holdings by 0.2 million to 5.34 million shares. And Farallon Capital Management LLC has lifted its position by 30.23% or 1.04 million shares – to 4.48 million shares.
Currently, there are 71.28M common shares owned by the public and among those 66.09M shares have been available to trade.
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Insiders at the company have transacted a total of 35 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 15 of these insider trades were purchases, accounting for 391,995 shares. Insider sales of the common stock occurred on 20 occasions, with total insider shares sold totaling 280,527 shares.
The top 3 mutual fund holders in Beam Therapeutics Inc are ARK Innovation ETF, SPDR S&P Biotech ETF, and ARK Genomic Revolution ETF. ARK Innovation ETF owns 6.28 million shares of the company’s stock, all valued at over $170.85 million. The company sold 29072.0 shares recently to bring their total holdings to about 7.70% of the shares outstanding. SPDR S&P Biotech ETF sold 29100.0 shares to see its total holdings shrink to 3.01 million shares valued at over $82.04 million and representing 3.70% of the shares outstanding. ARK Genomic Revolution ETF sold 3796.0 shares to bring its total holdings to over 2.58 million shares at a value of $70.24 million. ARK Genomic Revolution ETF now owns shares totaling to 3.17% of the shares outstanding.
However, the script later moved the day high at 25.48, up 0.97%. The company’s stock has a 5-day price change of -0.40% and 41.32% over the past three months. BEAM shares are trading -8.16% year to date (YTD), with the 12-month market performance down to -43.87% lower. It has a 12-month low price of $16.95 and touched a high of $50.74 over the same period. BEAM has an average intraday trading volume of 1.44 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -6.39%, -7.66%, and -10.19% respectively.
Institutional ownership of Beam Therapeutics Inc (NASDAQ: BEAM) shares accounts for 76.03% of the company’s 71.28M shares outstanding. Mutual fund holders own 31.81%, while other institutional holders and individual stakeholders account for 44.26% and 16.10% respectively.
It has a market capitalization of $2.04B and a beta (3y monthly) value of 1.66. The earnings-per-share (ttm) stands at -$4.18. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.84% over the week and 6.06% over the month.
Analysts forecast that Beam Therapeutics Inc (BEAM) will achieve an EPS of -$1.01 for the current quarter, -$1.12 for the next quarter and -$4.53 for 2024. The lowest estimate earnings-per-share for the quarter is -$1.46 while analysts give the company a high EPS estimate of $1.21. Comparatively, EPS for the current quarter was -$0.54 a year ago. Earnings per share for the fiscal year are expected to decrease by -3.25%, and -6.37% over the next financial year. EPS should grow at an annualized rate of 4.10% over the next five years, compared to -84.16% over the past 5-year period.
Looking at the support for the BEAM, a number of firms have released research notes about the stock. BofA Securities stated their Neutral rating for the stock in a research note on December 15, 2023, with the firm’s price target at $35.
