Redmile Group LLC Increases Stake in Beam Therapeutics Inc. (NASDAQ:BEAM)

Redmile Group LLC increased its stake in Beam Therapeutics Inc. (NASDAQ:BEAM) by 31.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,879,617 shares of the company’s stock after purchasing an additional 449,834 shares during the period. Beam Therapeutics accounts for about 2.3% of Redmile Group LLC’s portfolio, making the stock its 14th largest position. Redmile Group LLC owned about 2.28% of Beam Therapeutics worth $62,103,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of BEAM. Riverview Trust Co acquired a new stake in shares of Beam Therapeutics during the first quarter worth $26,000. First Horizon Advisors Inc. lifted its position in Beam Therapeutics by 125.9% during the 4th quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock worth $27,000 after acquiring an additional 554 shares during the period. National Bank of Canada FI grew its stake in Beam Therapeutics by 200.0% during the 4th quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $41,000 after purchasing an additional 1,000 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in shares of Beam Therapeutics by 144.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock valued at $43,000 after purchasing an additional 923 shares during the period. Finally, Reynders McVeigh Capital Management LLC purchased a new position in shares of Beam Therapeutics in the first quarter worth about $201,000. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Insider Activity

In related news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $24.50, for a total transaction of $1,470,000.00. Following the completion of the transaction, the chief executive officer now directly owns 998,343 shares in the company, valued at approximately $24,459,403.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 4.20% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Wedbush reiterated an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a report on Tuesday, May 7th. HC Wainwright initiated coverage on shares of Beam Therapeutics in a research note on Tuesday, July 23rd. They issued a “buy” rating and a $80.00 price objective on the stock. Finally, Barclays decreased their target price on shares of Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating for the company in a research report on Wednesday, May 8th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Beam Therapeutics currently has a consensus rating of “Hold” and an average target price of $43.50.

Beam Therapeutics Stock Down 3.3 %

BEAM stock traded down $1.10 during mid-day trading on Monday, hitting $32.04. 1,193,703 shares of the company were exchanged, compared to its average volume of 1,399,826. Beam Therapeutics Inc. has a 12-month low of $16.95 and a 12-month high of $49.50. The firm has a market capitalization of $2.64 billion, a P/E ratio of -18.00 and a beta of 1.88. The business has a fifty day simple moving average of $25.15 and a 200-day simple moving average of $27.66.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings data on Tuesday, May 7th. The company reported ($1.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.42) by $0.21. Beam Therapeutics had a negative net margin of 37.33% and a negative return on equity of 15.46%. The firm had revenue of $7.40 million during the quarter, compared to analysts’ expectations of $17.09 million. During the same quarter last year, the company posted ($1.33) EPS. The firm’s quarterly revenue was down 69.4% on a year-over-year basis. Research analysts predict that Beam Therapeutics Inc. will post -4.68 EPS for the current year.

Beam Therapeutics Company Profile

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.