Redmile Group LLC Has $62.10 Million Stock Holdings in Beam Therapeutics Inc. (NASDAQ:BEAM)

Redmile Group LLC raised its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 31.5% in the first quarter, HoldingsChannel reports. 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 holdings, making the stock its 14th biggest position. Redmile Group LLC’s holdings in Beam Therapeutics were worth $62,103,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the stock. First Horizon Advisors Inc. raised its holdings in shares of Beam Therapeutics by 125.9% during the fourth quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock worth $27,000 after acquiring an additional 554 shares in the last quarter. E Fund Management Co. Ltd. raised its stake in shares of Beam Therapeutics by 4.0% during the 4th quarter. E Fund Management Co. Ltd. now owns 18,174 shares of the company’s stock worth $495,000 after purchasing an additional 704 shares in the last quarter. American International Group Inc. lifted its holdings in shares of Beam Therapeutics by 2.0% during the 1st quarter. American International Group Inc. now owns 36,760 shares of the company’s stock valued at $1,215,000 after buying an additional 732 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Beam Therapeutics by 4.5% in the 1st quarter. Principal Financial Group Inc. now owns 18,418 shares of the company’s stock valued at $609,000 after buying an additional 789 shares in the last quarter. Finally, Riverview Trust Co acquired a new position in Beam Therapeutics in the first quarter worth approximately $26,000. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Beam Therapeutics

In related news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 4.20% of the company’s stock.

Beam Therapeutics Trading Down 3.3 %

Beam Therapeutics stock traded down $1.10 on Monday, reaching $32.04. 1,193,703 shares of the stock were exchanged, compared to its average volume of 1,399,826. The stock has a market cap of $2.64 billion, a PE ratio of -18.00 and a beta of 1.88. The firm has a fifty day moving average price of $25.15 and a two-hundred day moving average price of $27.66. Beam Therapeutics Inc. has a twelve month low of $16.95 and a twelve month high of $49.50.

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 the consensus estimate of ($1.42) by $0.21. The business had revenue of $7.40 million during the quarter, compared to analysts’ expectations of $17.09 million. Beam Therapeutics had a negative return on equity of 15.46% and a negative net margin of 37.33%. The firm’s revenue was down 69.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($1.33) EPS. Equities analysts anticipate that Beam Therapeutics Inc. will post -4.68 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on BEAM. Barclays reduced 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 note on Wednesday, May 8th. Wedbush reiterated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a report on Tuesday, May 7th. Finally, HC Wainwright began coverage on shares of Beam Therapeutics in a research report on Tuesday, July 23rd. They set a “buy” rating and a $80.00 target price on the stock. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $43.50.

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.