Redmile Group LLC Has $29.49 Million Stock Position in Beam Therapeutics Inc. $BEAM

Redmile Group LLC trimmed its position in Beam Therapeutics Inc. (NASDAQ:BEAM) by 3.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,237,659 shares of the company’s stock after selling 48,200 shares during the quarter. Beam Therapeutics accounts for 2.0% of Redmile Group LLC’s holdings, making the stock its 10th biggest holding. Redmile Group LLC’s holdings in Beam Therapeutics were worth $29,493,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp boosted its position in shares of Beam Therapeutics by 55,780.0% in the first quarter. Jones Financial Companies Lllp now owns 33,528 shares of the company’s stock valued at $655,000 after acquiring an additional 33,468 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Beam Therapeutics by 10.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 438,529 shares of the company’s stock valued at $8,564,000 after purchasing an additional 42,609 shares during the period. Prudential Financial Inc. bought a new stake in Beam Therapeutics in the 2nd quarter valued at about $201,000. New York State Common Retirement Fund grew its position in shares of Beam Therapeutics by 17.7% during the 2nd quarter. New York State Common Retirement Fund now owns 30,629 shares of the company’s stock worth $521,000 after purchasing an additional 4,600 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of Beam Therapeutics by 46.0% during the 2nd quarter. Invesco Ltd. now owns 128,874 shares of the company’s stock worth $2,192,000 after purchasing an additional 40,583 shares in the last quarter. Institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Stock Performance

Shares of Beam Therapeutics stock opened at $26.29 on Wednesday. The company has a 50 day moving average of $31.12 and a 200-day moving average of $29.24. Beam Therapeutics Inc. has a 1-year low of $15.60 and a 1-year high of $38.26. The company has a current ratio of 16.99, a quick ratio of 16.99 and a debt-to-equity ratio of 0.09. The company has a market cap of $2.70 billion, a PE ratio of -38.66 and a beta of 2.18.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.91) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.03) by $0.12. The business had revenue of $31.74 million for the quarter, compared to analyst estimates of $10.98 million. Beam Therapeutics had a negative net margin of 39.66% and a negative return on equity of 29.00%. The firm’s revenue for the quarter was up 323.2% on a year-over-year basis. During the same quarter last year, the business posted ($1.23) EPS. As a group, equities research analysts forecast that Beam Therapeutics Inc. will post -4.16 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Beam Therapeutics news, insider Fmr Llc sold 251,488 shares of the company’s stock in a transaction on Friday, June 26th. The stock was sold at an average price of $35.26, for a total transaction of $8,867,466.88. Following the completion of the sale, the insider directly owned 854,583 shares in the company, valued at $30,132,596.58. This represents a 22.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.80% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on BEAM shares. Sanford C. Bernstein dropped their price target on shares of Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Bank of America reissued a “buy” rating and set a $47.00 price target on shares of Beam Therapeutics in a research report on Wednesday, July 8th. HC Wainwright restated a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research note on Tuesday, July 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a report on Friday, July 17th. Finally, Tudor Pickering set a $39.00 target price on Beam Therapeutics in a research report on Wednesday, May 13th. Ten investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $46.85.

Beam Therapeutics Profile

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.