Beam Therapeutics Inc. $BEAM Holdings Raised by Woodline Partners LP

Key Points

• Woodline Partners LP increased its stake in Beam Therapeutics by 169.6% during the first quarter, totaling approximately $14.86 million worth of shares.
• Several analysts have assessed Beam Therapeutics with various ratings, resulting in a consensus rating of "Buy" and an average price target of $46.40.
• Beam Therapeutics reported a net loss of $1.00 per share for the latest quarter, surpassing the expected loss of $1.04 but with a significant revenue drop of 28% year-over-year.

Woodline Partners LP raised its position in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 169.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 760,611 shares of the company's stock after purchasing an additional 478,491 shares during the quarter. Woodline Partners LP owned 0.76% of Beam Therapeutics worth $14,855,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of BEAM. Northern Trust Corp increased its position in Beam Therapeutics by 7.2% during the 4th quarter. Northern Trust Corp now owns 740,506 shares of the company's stock worth $18,365,000 after purchasing an additional 49,415 shares in the last quarter. GAMMA Investing LLC grew its stake in Beam Therapeutics by 549.9% during the first quarter. GAMMA Investing LLC now owns 37,185 shares of the company's stock worth $726,000 after buying an additional 31,463 shares during the period. Amalgamated Bank increased its position in shares of Beam Therapeutics by 20.4% in the first quarter. Amalgamated Bank now owns 3,153 shares of the company's stock worth $62,000 after acquiring an additional 534 shares in the last quarter. Stifel Financial Corp raised its stake in shares of Beam Therapeutics by 27.8% in the 4th quarter. Stifel Financial Corp now owns 13,662 shares of the company's stock valued at $339,000 after acquiring an additional 2,976 shares during the period. Finally, Vanguard Group Inc. lifted its holdings in shares of Beam Therapeutics by 16.4% during the 1st quarter. Vanguard Group Inc. now owns 8,871,292 shares of the company's stock valued at $173,256,000 after acquiring an additional 1,249,303 shares in the last quarter. 99.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have commented on BEAM. Wall Street Zen raised Beam Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday, September 6th. Cantor Fitzgerald upgraded Beam Therapeutics to a "strong-buy" rating in a report on Monday, July 21st. Finally, Barclays reduced their price target on Beam Therapeutics from $25.00 to $21.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 6th. Three analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Beam Therapeutics currently has an average rating of "Buy" and an average price target of $46.40.

Insider Buying and Selling

In other Beam Therapeutics news, insider Fmr Llc sold 48,374 shares of the firm's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $20.50, for a total transaction of $991,667.00. Following the completion of the transaction, the insider directly owned 2,073,665 shares of the company's stock, valued at $42,510,132.50. This trade represents a 2.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders have sold 49,624 shares of company stock worth $1,015,628. Corporate insiders own 3.50% of the company's stock.

Beam Therapeutics Price Performance

BEAM traded down $0.95 on Friday, reaching $20.60. The company's stock had a trading volume of 2,440,395 shares, compared to its average volume of 2,749,239. Beam Therapeutics Inc. has a 1 year low of $13.52 and a 1 year high of $35.25. The business's 50 day moving average is $19.00 and its 200 day moving average is $19.13. The stock has a market cap of $2.08 billion, a price-to-earnings ratio of -4.58 and a beta of 2.14.

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