Peregrine Investment Management Inc. Increases Stock Holdings in Beam Therapeutics Inc. $BEAM

Key Points

• Peregrine Investment Management Inc. increased its holdings in Beam Therapeutics by 17.8%, owning 264,260 shares worth approximately $4.5 million as of the end of the second quarter.
• Several institutional investors, including Vanguard Group Inc. and ARK Investment Management LLC, also raised their positions in Beam Therapeutics, reflecting strong investor interest.
• Beam Therapeutics has a mixed analyst outlook, with an average rating of "Buy" and a price target of $46.40, while individual ratings vary from strong buy to sell.

Peregrine Investment Management Inc. grew its position in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 17.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 264,260 shares of the company's stock after buying an additional 40,000 shares during the quarter. Beam Therapeutics accounts for approximately 2.9% of Peregrine Investment Management Inc.'s holdings, making the stock its 18th biggest holding. Peregrine Investment Management Inc. owned 0.26% of Beam Therapeutics worth $4,495,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Beam Therapeutics by 16.4% in the first quarter. Vanguard Group Inc. now owns 8,871,292 shares of the company's stock valued at $173,256,000 after buying an additional 1,249,303 shares in the last quarter. ARK Investment Management LLC increased its position in shares of Beam Therapeutics by 20.0% in the first quarter. ARK Investment Management LLC now owns 8,480,089 shares of the company's stock valued at $165,616,000 after buying an additional 1,412,060 shares in the last quarter. Nikko Asset Management Americas Inc. increased its position in shares of Beam Therapeutics by 7.9% in the first quarter. Nikko Asset Management Americas Inc. now owns 4,270,020 shares of the company's stock valued at $83,265,000 after buying an additional 312,409 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its position in Beam Therapeutics by 7.8% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,266,871 shares of the company's stock worth $83,332,000 after purchasing an additional 309,260 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in Beam Therapeutics by 72.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,026,701 shares of the company's stock worth $59,112,000 after purchasing an additional 1,273,559 shares in the last quarter. Hedge funds and other institutional investors own 99.68% of the company's stock.

Analysts Set New Price Targets

BEAM has been the subject of a number of recent research reports. HC Wainwright reiterated a "buy" rating and set a $80.00 price objective on shares of Beam Therapeutics in a research report on Monday, September 15th. Barclays dropped their price objective on Beam Therapeutics from $25.00 to $21.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 6th. Cantor Fitzgerald upgraded Beam Therapeutics to a "strong-buy" rating in a research report on Monday, July 21st. Finally, Wall Street Zen cut Beam Therapeutics from a "hold" rating to a "sell" rating in a research report on Sunday, September 14th. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $46.40.

Beam Therapeutics Stock Performance

Beam Therapeutics stock opened at $23.73 on Wednesday. The stock's 50 day moving average price is $19.39 and its 200 day moving average price is $18.97. The firm has a market capitalization of $2.40 billion, a PE ratio of -5.27 and a beta of 2.14. Beam Therapeutics Inc. has a one year low of $13.52 and a one year 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) EPS for the quarter, topping the consensus estimate of ($1.04) by $0.04. The firm had revenue of $8.47 million for the quarter, compared to analyst estimates of $13.29 million. Beam Therapeutics had a negative return on equity of 43.15% and a negative net margin of 661.31%.Beam Therapeutics's revenue for the quarter was down 28.0% on a year-over-year basis. During the same period in the previous year, the company posted ($1.11) EPS. On average, analysts forecast that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Fmr Llc sold 48,374 shares of the business's 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 directly owned 2,073,665 shares of the company's stock, valued at approximately $42,510,132.50. The trade was a 2.28% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Over the last quarter, insiders sold 49,624 shares of company stock worth $1,015,628. Insiders own 3.50% of the company's stock.

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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