Woodline Partners LP Invests $7 Million in Beam Therapeutics Inc. (NASDAQ:BEAM)

Woodline Partners LP acquired a new position in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 282,120 shares of the company's stock, valued at approximately $6,997,000. Woodline Partners LP owned 0.34% of Beam Therapeutics as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Squarepoint Ops LLC acquired a new position in Beam Therapeutics in the 4th quarter worth approximately $3,851,000. Twinbeech Capital LP boosted its stake in shares of Beam Therapeutics by 119.3% during the 4th quarter. Twinbeech Capital LP now owns 127,664 shares of the company's stock valued at $3,166,000 after buying an additional 69,456 shares during the period. Two Sigma Advisers LP boosted its stake in shares of Beam Therapeutics by 77.6% during the 4th quarter. Two Sigma Advisers LP now owns 19,000 shares of the company's stock valued at $471,000 after buying an additional 8,300 shares during the period. Two Sigma Investments LP boosted its stake in shares of Beam Therapeutics by 75.2% during the 4th quarter. Two Sigma Investments LP now owns 117,088 shares of the company's stock valued at $2,904,000 after buying an additional 50,271 shares during the period. Finally, State of Wyoming boosted its stake in shares of Beam Therapeutics by 120.0% during the 4th quarter. State of Wyoming now owns 9,049 shares of the company's stock valued at $224,000 after buying an additional 4,936 shares during the period. Institutional investors and hedge funds own 99.68% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Cantor Fitzgerald reissued an "overweight" rating on shares of Beam Therapeutics in a research note on Wednesday, March 12th. Scotiabank raised shares of Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 target price for the company in a research note on Monday, March 10th. Guggenheim decreased their target price on shares of Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Barclays decreased their target price on shares of 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. Finally, Wedbush reissued an "outperform" rating and set a $57.00 target price on shares of Beam Therapeutics in a research note on Monday, March 10th. Two investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Beam Therapeutics currently has an average rating of "Buy" and an average price target of $48.75.

Insider Transactions at Beam Therapeutics

In other Beam Therapeutics news, insider Christine Bellon sold 5,674 shares of the business's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $104,117.90. Following the transaction, the insider now directly owns 117,294 shares in the company, valued at $2,152,344.90. The trade was a 4.61% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Giuseppe Ciaramella sold 7,434 shares of the business's stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $136,413.90. Following the completion of the transaction, the president now owns 190,216 shares in the company, valued at approximately $3,490,463.60. This trade represents a 3.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,771 shares of company stock worth $803,198. 4.20% of the stock is currently owned by company insiders.

Beam Therapeutics Trading Down 3.3%

BEAM traded down $0.56 during trading on Thursday, hitting $16.32. The stock had a trading volume of 1,068,365 shares, compared to its average volume of 1,454,432. The company has a 50 day simple moving average of $18.04 and a 200-day simple moving average of $23.78. Beam Therapeutics Inc. has a 12 month low of $13.53 and a 12 month high of $35.25. The firm has a market cap of $1.64 billion, a PE ratio of -9.26 and a beta of 2.35.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.11) by ($0.13). Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company had revenue of $7.47 million for the quarter, compared to the consensus estimate of $14.69 million. During the same quarter in the previous year, the firm posted ($1.21) EPS. The business's revenue for the quarter was up 1.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Beam Therapeutics Company 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.