Redmile Group LLC Has $31.45 Million Holdings in Beam Therapeutics Inc. $BEAM

Redmile Group LLC boosted its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 5.3% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 1,610,329 shares of the company’s stock after buying an additional 81,762 shares during the period. Beam Therapeutics comprises about 3.0% of Redmile Group LLC’s portfolio, making the stock its 11th biggest holding. Redmile Group LLC’s holdings in Beam Therapeutics were worth $31,450,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Amalgamated Bank increased its holdings in shares of Beam Therapeutics by 20.4% during the 1st quarter. Amalgamated Bank now owns 3,153 shares of the company’s stock valued at $62,000 after acquiring an additional 534 shares during the last quarter. Martingale Asset Management L P boosted its stake in Beam Therapeutics by 5.2% during the 1st quarter. Martingale Asset Management L P now owns 12,038 shares of the company’s stock valued at $235,000 after purchasing an additional 600 shares during the period. Avanza Fonder AB grew its holdings in Beam Therapeutics by 1.6% in the 1st quarter. Avanza Fonder AB now owns 51,077 shares of the company’s stock valued at $944,000 after buying an additional 792 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Beam Therapeutics by 9.1% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 10,492 shares of the company’s stock worth $205,000 after buying an additional 879 shares during the period. Finally, CWM LLC boosted its position in shares of Beam Therapeutics by 79.8% in the first quarter. CWM LLC now owns 2,684 shares of the company’s stock valued at $52,000 after acquiring an additional 1,191 shares during the period. Institutional investors and hedge funds own 99.68% of the company’s stock.

Beam Therapeutics Price Performance

Shares of BEAM stock opened at $16.36 on Tuesday. The stock’s fifty day simple moving average is $18.71 and its 200 day simple moving average is $19.79. Beam Therapeutics Inc. has a one year low of $13.52 and a one year high of $35.25. The firm has a market cap of $1.65 billion, a price-to-earnings ratio of -3.64 and a beta of 2.14.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, August 5th. The company reported ($1.00) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.04) by $0.04. The firm had revenue of $8.47 million during the quarter, compared to the consensus estimate of $13.29 million. Beam Therapeutics had a negative net margin of 661.31% and a negative return on equity of 43.15%. The firm’s quarterly revenue was down 28.0% on a year-over-year basis. During the same period last year, the firm posted ($1.11) EPS. On average, research analysts anticipate that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Wells Fargo & Company cut their target price on shares of Beam Therapeutics from $75.00 to $70.00 and set an “overweight” rating for the company in a research note on Wednesday, May 7th. Barclays cut their price objective on shares of Beam Therapeutics from $25.00 to $21.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 6th. Guggenheim lowered their price target on Beam Therapeutics from $78.00 to $55.00 and set a “buy” rating on the stock in a research note on Wednesday, May 7th. Finally, Cantor Fitzgerald upgraded Beam Therapeutics to a “strong-buy” rating in a research report on Monday, July 21st. Three equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Beam Therapeutics currently has a consensus rating of “Buy” and an average target price of $48.45.

Insider Activity at Beam Therapeutics

In other news, insider Fmr Llc sold 48,374 shares of the business’s stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $20.50, for a total value of $991,667.00. Following the transaction, the insider directly owned 2,073,665 shares of the company’s stock, valued at $42,510,132.50. The trade was a 2.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders sold 49,624 shares of company stock valued at $1,015,628. 3.50% of the stock is owned by insiders.

Beam Therapeutics 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.