Redmile Group LLC Cuts Stock Holdings in Beam Therapeutics Inc. (NASDAQ:BEAM)

Redmile Group LLC lowered its position in Beam Therapeutics Inc. (NASDAQ:BEAM) by 5.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,528,567 shares of the company’s stock after selling 82,446 shares during the period. Beam Therapeutics comprises about 2.6% of Redmile Group LLC’s portfolio, making the stock its 12th largest position. Redmile Group LLC owned about 1.85% of Beam Therapeutics worth $37,908,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. Avanza Fonder AB bought a new stake in Beam Therapeutics in the 4th quarter valued at about $1,247,000. SG Americas Securities LLC increased its stake in shares of Beam Therapeutics by 19.4% in the fourth quarter. SG Americas Securities LLC now owns 12,118 shares of the company’s stock worth $301,000 after purchasing an additional 1,971 shares in the last quarter. Blue Trust Inc. lifted its stake 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 buying an additional 1,139 shares in the last quarter. KBC Group NV boosted its holdings in Beam Therapeutics by 103.2% in the 4th quarter. KBC Group NV now owns 4,143 shares of the company’s stock worth $103,000 after buying an additional 2,104 shares during the period. Finally, China Universal Asset Management Co. Ltd. boosted its holdings in shares of Beam Therapeutics by 10.6% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 17,794 shares of the company’s stock worth $441,000 after acquiring an additional 1,707 shares during the period. 99.68% of the stock is owned by institutional investors.

Beam Therapeutics Trading Down 4.5%

BEAM stock opened at $17.24 on Thursday. The stock has a market capitalization of $1.73 billion, a price-to-earnings ratio of -9.80 and a beta of 2.35. The firm’s 50-day moving average price is $19.73 and its two-hundred day moving average price is $24.29. Beam Therapeutics Inc. has a 12-month low of $13.53 and a 12-month high of $35.25.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, May 6th. The company reported ($1.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.13). Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business had revenue of $7.47 million for the quarter, compared to analysts’ expectations of $14.69 million. During the same quarter in the prior year, the firm earned ($1.21) EPS. The firm’s revenue for the quarter was up 1.4% on a year-over-year basis. Equities analysts predict that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Insider Activity

In other Beam Therapeutics news, CEO John M. Evans sold 30,663 shares of the business’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $562,666.05. Following the transaction, the chief executive officer now directly owns 986,249 shares of the company’s stock, valued at approximately $18,097,669.15. The trade was a 3.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christine Bellon sold 5,674 shares of the company’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total transaction of $104,117.90. Following the completion of the transaction, the insider now owns 117,294 shares of the company’s stock, valued at $2,152,344.90. This trade represents a 4.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 43,771 shares of company stock valued at $803,198. Company insiders own 4.20% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on BEAM shares. Barclays cut 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. HC Wainwright restated a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research report on Monday, April 7th. Wedbush reiterated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Monday, March 10th. Bank of America upgraded shares of Beam Therapeutics from a “neutral” rating to a “buy” rating and set a $42.00 target price for the company in a research report on Friday, March 28th. Finally, Royal Bank of Canada raised their price target on Beam Therapeutics from $24.00 to $26.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 26th. Two analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Beam Therapeutics currently has a consensus rating of “Buy” and an average price target of $48.75.

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.