EcoR1 Capital LLC Makes New Investment 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 acquired a new position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 526,685 shares of the company's stock, valued at approximately $10,286,000. Beam Therapeutics makes up approximately 0.6% of EcoR1 Capital LLC's investment portfolio, making the stock its 23rd biggest position. EcoR1 Capital LLC owned approximately 0.52% of Beam Therapeutics as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also modified their holdings of BEAM. Amalgamated Bank grew its position in Beam Therapeutics by 20.4% in the 1st quarter. Amalgamated Bank now owns 3,153 shares of the company's stock valued at $62,000 after buying an additional 534 shares during the last quarter. Martingale Asset Management L P grew its position in Beam Therapeutics by 5.2% in the 1st quarter. Martingale Asset Management L P now owns 12,038 shares of the company's stock valued at $235,000 after buying an additional 600 shares during the last quarter. Avanza Fonder AB grew its position in Beam Therapeutics by 1.6% in the 1st quarter. Avanza Fonder AB now owns 51,077 shares of the company's stock valued at $944,000 after buying an additional 792 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Beam Therapeutics by 9.1% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 10,492 shares of the company's stock valued at $205,000 after buying an additional 879 shares during the last quarter. Finally, CWM LLC grew its position in Beam Therapeutics by 79.8% in the 1st quarter. CWM LLC now owns 2,684 shares of the company's stock valued at $52,000 after buying an additional 1,191 shares during the last quarter. 99.68% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Beam Therapeutics news, insider Fmr Llc sold 48,374 shares of the stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $20.50, for a total value of $991,667.00. Following the sale, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders sold 49,624 shares of company stock valued at $1,015,628 over the last quarter. 3.50% of the stock is owned by company insiders.

Beam Therapeutics Stock Performance

BEAM stock traded down $0.03 during trading on Tuesday, hitting $19.91. The stock had a trading volume of 999,117 shares, compared to its average volume of 2,157,281. The company's 50 day moving average price is $18.90 and its two-hundred day moving average price is $19.30. The stock has a market cap of $2.01 billion, a price-to-earnings ratio of -4.42 and a beta of 2.14. Beam Therapeutics Inc. has a 1-year low of $13.52 and a 1-year high of $35.25.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its earnings results 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 firm had revenue of $8.47 million during the quarter, compared to the consensus estimate of $13.29 million. Beam Therapeutics had a negative net margin of 661.31% and a negative return on equity of 43.15%. The company's revenue was down 28.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.11) EPS. As a group, sell-side analysts forecast that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on BEAM shares. Wall Street Zen upgraded shares of Beam Therapeutics from a "sell" rating to a "hold" rating in a research report on Saturday. Cantor Fitzgerald upgraded shares of Beam Therapeutics to a "strong-buy" rating in a research report on Monday, July 21st. Finally, Barclays decreased their target price on shares of 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, nine have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average 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.