Woodline Partners LP Makes New Investment in Beam Therapeutics Inc. (NASDAQ:BEAM)

Woodline Partners LP purchased a new stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) during the 4th quarter, according to its most recent disclosure with the SEC. The fund purchased 282,120 shares of the company's stock, valued at approximately $6,997,000. Woodline Partners LP owned about 0.34% of Beam Therapeutics at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in BEAM. Wealthfront Advisers LLC acquired a new stake in Beam Therapeutics in the fourth quarter valued at approximately $41,000. Sterling Capital Management LLC increased its holdings in shares of Beam Therapeutics by 816.0% during the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company's stock worth $60,000 after buying an additional 2,146 shares in the last quarter. KBC Group NV lifted its stake in shares of Beam Therapeutics by 103.2% in the 4th quarter. KBC Group NV now owns 4,143 shares of the company's stock valued at $103,000 after acquiring an additional 2,104 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of Beam Therapeutics by 36.3% during the 4th quarter. Blue Trust Inc. now owns 4,274 shares of the company's stock valued at $105,000 after acquiring an additional 1,139 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Beam Therapeutics during the 4th quarter valued at $191,000. 99.68% of the stock is owned by institutional investors.

Beam Therapeutics Stock Performance

Shares of BEAM stock traded down $0.15 during mid-day trading on Wednesday, hitting $16.88. The company's stock had a trading volume of 1,399,961 shares, compared to its average volume of 1,452,872. The company has a market cap of $1.70 billion, a PE ratio of -9.59 and a beta of 2.35. The company's fifty day simple moving average is $18.17 and its 200-day simple moving average is $23.83. Beam Therapeutics Inc. has a 52 week low of $13.53 and a 52 week high of $35.25.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported ($1.24) earnings per share for the quarter, missing analysts' consensus estimates 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 business had revenue of $7.47 million during the quarter, compared to the consensus estimate of $14.69 million. During the same quarter in the previous year, the firm posted ($1.21) earnings per share. The company's revenue for the quarter was up 1.4% compared to the same quarter last year. On average, equities analysts anticipate that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Insider Activity

In other news, insider Christine Bellon sold 5,674 shares of the firm's stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total value of $104,117.90. Following the completion of the sale, the insider now directly owns 117,294 shares in the company, valued at $2,152,344.90. This trade represents a 4.61% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO John M. Evans sold 30,663 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 $562,666.05. Following the completion of the sale, the chief executive officer now directly owns 986,249 shares of the company's stock, valued at $18,097,669.15. The trade was a 3.02% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,771 shares of company stock worth $803,198 in the last quarter. 4.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have commented on BEAM shares. Wedbush reiterated an "outperform" rating and issued a $57.00 target price on shares of Beam Therapeutics in a research report on Monday, March 10th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Beam Therapeutics in a research note on Wednesday, March 12th. Barclays cut their target price on shares of Beam Therapeutics from $31.00 to $25.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 7th. Royal Bank of Canada boosted their target price on shares of Beam Therapeutics from $24.00 to $26.00 and gave the stock a "sector perform" rating in a report on Wednesday, February 26th. Finally, Jones Trading raised shares of Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 price target for the company in a research note on Monday, March 10th. Two equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Beam Therapeutics currently has an average rating of "Buy" and a consensus price target of $48.75.

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.