EcoR1 Capital LLC Invests $10.29 Million in Beam Therapeutics Inc. $BEAM

Key Points

• EcoR1 Capital LLC acquired a new stake in Beam Therapeutics, purchasing 526,685 shares valued at approximately $10.3 million, making it the company's 23rd largest holding.
• In a recent earnings announcement, Beam Therapeutics reported a loss of $1.00 per share for the quarter, slightly better than analysts' expectations of $1.04 loss, while revenue was down 28% year-over-year.
• Approximately 99.68% of Beam Therapeutics' stock is owned by institutional investors, highlighting significant institutional confidence in the company.

EcoR1 Capital LLC bought a new position in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 526,685 shares of the company's stock, valued at approximately $10,286,000. Beam Therapeutics accounts for 0.6% of EcoR1 Capital LLC's holdings, making the stock its 23rd largest holding. EcoR1 Capital LLC owned approximately 0.52% of Beam Therapeutics as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Northern Trust Corp boosted its position in shares of Beam Therapeutics by 7.2% in 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 during the period. GAMMA Investing LLC boosted its position in shares of Beam Therapeutics by 549.9% in 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 boosted 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 buying an additional 534 shares during the period. Stifel Financial Corp boosted its position in shares of Beam Therapeutics by 27.8% in 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 during the period. Finally, Rhumbline Advisers boosted its position in shares of Beam Therapeutics by 11.9% in the first quarter. Rhumbline Advisers now owns 141,204 shares of the company's stock worth $2,758,000 after buying an additional 14,971 shares during the period. Hedge funds and other institutional investors own 99.68% of the company's stock.

Beam Therapeutics Stock Down 4.5%

NASDAQ:BEAM traded down $0.94 during trading hours on Monday, reaching $19.94. 4,789,142 shares of the stock were exchanged, compared to its average volume of 2,164,308. The firm has a 50 day simple moving average of $18.84 and a 200-day simple moving average of $19.38. Beam Therapeutics Inc. has a 52 week low of $13.52 and a 52 week high of $35.25. The stock has a market capitalization of $2.02 billion, a P/E ratio of -4.43 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, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $13.29 million. During the same quarter last year, the business posted ($1.11) EPS. Beam Therapeutics's quarterly revenue was down 28.0% compared to the same quarter last year. As a group, analysts expect that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Insider Buying and Selling

In other Beam Therapeutics news, insider Fmr Llc sold 48,374 shares of the stock in a transaction that occurred 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 of the company's stock, valued at $42,510,132.50. This trade represents a 2.28% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Over the last 90 days, insiders sold 49,624 shares of company stock worth $1,015,628. Company insiders own 3.50% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on BEAM. Barclays reduced their price target 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. Wall Street Zen raised Beam Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday. Finally, Cantor Fitzgerald raised Beam Therapeutics to a "strong-buy" rating in a report on Monday, July 21st. Three investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target 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.