Beam Therapeutics Inc. $BEAM Shares Sold by Redmile Group LLC

Redmile Group LLC decreased its stake in Beam Therapeutics Inc. (NASDAQ:BEAM) by 3.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,237,659 shares of the company’s stock after selling 48,200 shares during the period. Beam Therapeutics accounts for approximately 2.0% of Redmile Group LLC’s holdings, making the stock its 10th largest position. Redmile Group LLC owned approximately 1.20% of Beam Therapeutics worth $29,493,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of BEAM. CWM LLC boosted its position in Beam Therapeutics by 15.4% during the fourth quarter. CWM LLC now owns 2,466 shares of the company’s stock valued at $68,000 after purchasing an additional 329 shares during the last quarter. Wealth Effects LLC increased its position in shares of Beam Therapeutics by 4.3% during the 4th quarter. Wealth Effects LLC now owns 9,600 shares of the company’s stock worth $266,000 after purchasing an additional 400 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Beam Therapeutics by 2.6% during the 4th quarter. Franklin Resources Inc. now owns 21,948 shares of the company’s stock worth $608,000 after purchasing an additional 566 shares during the last quarter. Van ECK Associates Corp raised its stake in shares of Beam Therapeutics by 48.7% during the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock worth $52,000 after purchasing an additional 707 shares in the last quarter. Finally, Stifel Financial Corp raised its stake in shares of Beam Therapeutics by 7.8% during the 4th quarter. Stifel Financial Corp now owns 13,405 shares of the company’s stock worth $372,000 after purchasing an additional 965 shares in the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

Insider Activity

In related news, insider Fmr Llc sold 251,488 shares of Beam Therapeutics stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $35.26, for a total transaction of $8,867,466.88. Following the completion of the sale, the insider owned 854,583 shares of the company’s stock, valued at approximately $30,132,596.58. The trade was a 22.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 3.80% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on BEAM shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Friday, July 17th. Tudor Pickering set a $39.00 price target on shares of Beam Therapeutics in a research report on Wednesday, May 13th. Bank of America reiterated a “buy” rating and issued a $47.00 price target on shares of Beam Therapeutics in a research note on Wednesday, July 8th. HC Wainwright reissued a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research report on Tuesday, July 7th. Finally, Sanford C. Bernstein lowered their price objective 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. Ten analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $46.85.

Beam Therapeutics Stock Up 4.9%

BEAM stock opened at $26.29 on Wednesday. The company has a current ratio of 16.99, a quick ratio of 16.99 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $2.70 billion, a PE ratio of -38.66 and a beta of 2.18. Beam Therapeutics Inc. has a 1-year low of $15.60 and a 1-year high of $38.26. The business’s 50 day simple moving average is $31.12 and its 200 day simple moving average is $29.24.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.91) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.03) by $0.12. Beam Therapeutics had a negative return on equity of 29.00% and a negative net margin of 39.66%.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 posted ($1.23) EPS. The company’s quarterly revenue was up 323.2% on a year-over-year basis. As a group, research analysts anticipate that Beam Therapeutics Inc. will post -4.16 EPS for the current year.

Beam Therapeutics Profile

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.