Redmile Group LLC Buys 81,762 Shares of Beam Therapeutics Inc. $BEAM

Key Points

• Redmile Group LLC increased its stake in Beam Therapeutics by 5.3%, owning approximately 1.6% of the company, valued at $31.45 million at the end of the last quarter.
• Analysts have varying views on Beam Therapeutics, with a consensus rating of "Buy" and a price target averaging $48.45, although some price targets have been decreased recently.
• Beam Therapeutics reported negative earnings of ($1.00) per share, surpassing estimates but showing a significant year-over-year revenue decline of 28%, leading analysts to project a fiscal year EPS of -4.57.

Redmile Group LLC grew its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 5.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,610,329 shares of the company's stock after purchasing an additional 81,762 shares during the quarter. Beam Therapeutics makes up 3.0% of Redmile Group LLC's holdings, making the stock its 11th biggest holding. Redmile Group LLC owned approximately 1.60% of Beam Therapeutics worth $31,450,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Quarry LP boosted its stake in shares of Beam Therapeutics by 200.0% during the first quarter. Quarry LP now owns 4,500 shares of the company's stock valued at $88,000 after purchasing an additional 3,000 shares in the last quarter. Rafferty Asset Management LLC raised its position in shares of Beam Therapeutics by 7.9% during the first quarter. Rafferty Asset Management LLC now owns 119,871 shares of the company's stock worth $2,341,000 after acquiring an additional 8,771 shares during the last quarter. Corebridge Financial Inc. raised its position in shares of Beam Therapeutics by 17.9% during the first quarter. Corebridge Financial Inc. now owns 44,808 shares of the company's stock worth $875,000 after acquiring an additional 6,795 shares during the last quarter. MetLife Investment Management LLC increased its holdings in Beam Therapeutics by 17.3% in the first quarter. MetLife Investment Management LLC now owns 55,008 shares of the company's stock worth $1,074,000 after purchasing an additional 8,108 shares in the last quarter. Finally, AlphaQuest LLC increased its holdings in Beam Therapeutics by 216.6% in the first quarter. AlphaQuest LLC now owns 8,262 shares of the company's stock worth $161,000 after purchasing an additional 5,652 shares in the last quarter. 99.68% of the stock is owned by institutional investors and hedge funds.

Beam Therapeutics Price Performance

Shares of NASDAQ BEAM traded up $2.34 during trading on Friday, reaching $20.88. 4,720,561 shares of the stock traded hands, compared to its average volume of 2,594,498. Beam Therapeutics Inc. has a 52-week low of $13.52 and a 52-week high of $35.25. The company has a 50-day moving average of $18.84 and a 200-day moving average of $19.47. The stock has a market capitalization of $2.11 billion, a P/E ratio of -4.64 and a beta of 2.14.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported ($1.00) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.04) by $0.04. The business had revenue of $8.47 million for the quarter, compared to analysts' expectations of $13.29 million. Beam Therapeutics had a negative return on equity of 43.15% and a negative net margin of 661.31%.The firm's quarterly revenue was down 28.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($1.11) EPS. Analysts expect that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Insider Activity at Beam Therapeutics

In other news, insider Fmr Llc sold 48,374 shares of the stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $20.50, for a total transaction of $991,667.00. Following the transaction, the insider directly owned 2,073,665 shares in the company, valued at approximately $42,510,132.50. This represents a 2.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In the last 90 days, insiders sold 49,624 shares of company stock worth $1,015,628. 3.50% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

BEAM has been the subject of a number of research analyst reports. Cantor Fitzgerald upgraded Beam Therapeutics to a "strong-buy" rating in a report on Monday, July 21st. Barclays decreased their price objective on Beam Therapeutics from $25.00 to $21.00 and set an "equal weight" rating for the company in a report on Wednesday, August 6th. Finally, Wall Street Zen upgraded Beam Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday. 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's stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average target price of $48.45.

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.