Peregrine Investment Management Inc. Has $4.38 Million Stake in Beam Therapeutics Inc. (NASDAQ:BEAM)

Peregrine Investment Management Inc. lifted its position in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 41.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 224,260 shares of the company's stock after purchasing an additional 65,710 shares during the quarter. Beam Therapeutics accounts for 3.3% of Peregrine Investment Management Inc.'s portfolio, making the stock its 16th largest position. Peregrine Investment Management Inc. owned about 0.22% of Beam Therapeutics worth $4,380,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of BEAM. CWM LLC raised its stake in Beam Therapeutics by 79.8% during the first quarter. CWM LLC now owns 2,684 shares of the company's stock worth $52,000 after acquiring an additional 1,191 shares in the last quarter. New York State Common Retirement Fund raised its stake in Beam Therapeutics by 14.5% during the first quarter. New York State Common Retirement Fund now owns 26,029 shares of the company's stock worth $508,000 after acquiring an additional 3,300 shares in the last quarter. Arizona State Retirement System increased its stake in shares of Beam Therapeutics by 25.6% in the first quarter. Arizona State Retirement System now owns 25,534 shares of the company's stock valued at $499,000 after buying an additional 5,197 shares in the last quarter. Concurrent Investment Advisors LLC acquired a new stake in shares of Beam Therapeutics in the first quarter valued at $371,000. Finally, Bank of New York Mellon Corp increased its position in Beam Therapeutics by 14.8% in the first quarter. Bank of New York Mellon Corp now owns 318,026 shares of the company's stock worth $6,211,000 after purchasing an additional 41,109 shares during the period. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on BEAM. Wells Fargo & Company cut their price objective on Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating on the stock in a report on Wednesday, May 7th. HC Wainwright reaffirmed a "buy" rating and set a $80.00 price target on shares of Beam Therapeutics in a research report on Monday, April 7th. Barclays reduced their target price on Beam Therapeutics from $31.00 to $25.00 and set an "equal weight" rating for the company in a research note on Wednesday, May 7th. Bank of America upgraded Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 price target for the company in a research note on Friday, March 28th. Finally, Guggenheim cut their target price on Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Two investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $48.75.

Beam Therapeutics Trading Down 3.9%

Shares of BEAM stock opened at $21.16 on Friday. The stock has a market cap of $2.13 billion, a price-to-earnings ratio of -4.59 and a beta of 2.07. The stock has a 50-day moving average of $17.73 and a 200-day moving average of $21.72. Beam Therapeutics Inc. has a 1-year low of $13.53 and a 1-year high of $35.25.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($1.24) earnings per share for the quarter, missing the consensus estimate of ($1.11) by ($0.13). Beam Therapeutics had a negative net margin of 609.24% and a negative return on equity of 44.24%. The company had revenue of $7.47 million during the quarter, compared to analyst estimates of $14.69 million. During the same period in the previous year, the company posted ($1.21) EPS. The company's quarterly revenue was up 1.4% on a year-over-year basis. Sell-side analysts forecast that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

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.

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