Woodline Partners LP Buys Shares of 282,120 Beam Therapeutics Inc. (NASDAQ:BEAM)

Woodline Partners LP purchased a new position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 282,120 shares of the company’s stock, valued at approximately $6,997,000.

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

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 30,663 shares of Beam Therapeutics stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total transaction of $562,666.05. Following the transaction, the chief executive officer now owns 986,249 shares of the company’s stock, valued at $18,097,669.15. The trade was a 3.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Christine Bellon sold 5,674 shares of the company’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 completion of the transaction, the insider now owns 117,294 shares in the company, valued at $2,152,344.90. This represents a 4.61% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 43,771 shares of company stock valued at $803,198. Company insiders own 4.20% of the company’s stock.

Beam Therapeutics Price Performance

BEAM stock opened at $16.83 on Friday. The firm has a market capitalization of $1.69 billion, a P/E ratio of -9.56 and a beta of 2.35. Beam Therapeutics Inc. has a 52-week low of $13.53 and a 52-week high of $35.25. The company’s 50 day simple moving average is $18.43 and its 200-day simple moving average is $23.98.

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

Analyst Upgrades and Downgrades

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

About Beam Therapeutics

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.