Woodline Partners LP Buys 478,491 Shares of Beam Therapeutics Inc. $BEAM

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 grew its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 169.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 760,611 shares of the company's stock after acquiring 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 reporting period.

Other hedge funds have also modified their holdings of the company. Northern Trust Corp grew its holdings in shares of Beam Therapeutics by 7.2% during the fourth quarter. Northern Trust Corp now owns 740,506 shares of the company's stock worth $18,365,000 after buying an additional 49,415 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of 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 in the last quarter. Amalgamated Bank grew its holdings in shares of Beam Therapeutics by 20.4% during the first quarter. Amalgamated Bank now owns 3,153 shares of the company's stock worth $62,000 after buying an additional 534 shares in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in shares of Beam Therapeutics during the first quarter worth about $844,000. Finally, Stifel Financial Corp grew its holdings in shares of Beam Therapeutics by 27.8% during the fourth quarter. Stifel Financial Corp now owns 13,662 shares of the company's stock worth $339,000 after buying an additional 2,976 shares in the last quarter. 99.68% of the stock is currently owned by institutional investors.

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 stock was sold at an average price of $20.50, for a total transaction of $991,667.00. Following the transaction, the insider owned 2,073,665 shares in the company, valued at $42,510,132.50. This trade represents a 2.28% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders sold 49,624 shares of company stock worth $1,015,628. 3.50% of the stock is owned by company insiders.

Beam Therapeutics Stock Performance

NASDAQ:BEAM traded up $0.43 during mid-day trading on Tuesday, hitting $21.71. 566,449 shares of the stock were exchanged, compared to its average volume of 2,161,583. The stock has a market capitalization of $2.20 billion, a price-to-earnings ratio of -4.82 and a beta of 2.14. The firm's 50-day simple moving average is $19.04 and its 200 day simple moving average is $19.04. Beam Therapeutics Inc. has a fifty-two week low of $13.52 and a fifty-two week high of $35.25.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported ($1.00) earnings per share for the quarter, topping the consensus estimate of ($1.04) by $0.04. The business had revenue of $8.47 million during 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 revenue for the quarter was down 28.0% compared to the same quarter last year. During the same period last year, the firm posted ($1.11) EPS. On average, analysts predict that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on BEAM shares. Wall Street Zen downgraded Beam Therapeutics from a "hold" rating to a "sell" rating in a report on Sunday. Cantor Fitzgerald upgraded Beam Therapeutics to a "strong-buy" rating in a report on Monday, July 21st. Barclays decreased their price target on Beam Therapeutics from $25.00 to $21.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 6th. Finally, HC Wainwright restated a "buy" rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Monday. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, Beam Therapeutics presently has a consensus rating of "Buy" and a consensus price target of $46.40.

About Beam Therapeutics

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.