Redmile Group LLC Sells 480,017 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

Redmile Group LLC cut its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 19.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,052,506 shares of the company’s stock after selling 480,017 shares during the period. Beam Therapeutics accounts for 3.9% of Redmile Group LLC’s holdings, making the stock its 3rd biggest position. Redmile Group LLC’s holdings in Beam Therapeutics were worth $264,178,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Lazard Asset Management LLC purchased a new position in Beam Therapeutics during the first quarter valued at $30,000. Arkadios Wealth Advisors purchased a new position in shares of Beam Therapeutics in the second quarter worth about $31,000. Laurel Wealth Advisors LLC lifted its stake in shares of Beam Therapeutics by 100.0% in the second quarter. Laurel Wealth Advisors LLC now owns 300 shares of the company’s stock worth $39,000 after buying an additional 150 shares in the last quarter. Maverick Capital Ltd. purchased a new position in shares of Beam Therapeutics in the first quarter worth about $54,000. Finally, Panagora Asset Management Inc. purchased a new position in shares of Beam Therapeutics in the first quarter worth about $134,000. 67.30% of the stock is currently owned by hedge funds and other institutional investors.

In other news, CEO John M. Evans sold 20,000 shares of the stock in a transaction that occurred on Thursday, August 19th. The stock was sold at an average price of $99.49, for a total transaction of $1,989,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO John M. Evans sold 27,700 shares of the stock in a transaction that occurred on Wednesday, October 6th. The shares were sold at an average price of $83.80, for a total value of $2,321,260.00. The disclosure for this sale can be found here. 15.10% of the stock is owned by company insiders.

Several research firms have recently weighed in on BEAM. Zacks Investment Research raised shares of Beam Therapeutics from a “sell” rating to a “hold” rating in a research note on Tuesday, October 12th. SVB Leerink began coverage on shares of Beam Therapeutics in a research report on Tuesday, October 19th. They set an “outperform” rating and a $117.00 price objective for the company. Bank of America started coverage on shares of Beam Therapeutics in a research report on Friday, September 10th. They set a “buy” rating and a $150.00 price objective for the company. Wedbush lifted their price target on shares of Beam Therapeutics from $114.00 to $149.00 and gave the company an “outperform” rating in a research report on Tuesday, June 29th. Finally, Stifel Nicolaus began coverage on shares of Beam Therapeutics in a report on Friday, September 24th. They issued a “buy” rating and a $120.00 price objective for the company. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $119.50.

Shares of BEAM stock traded down $1.26 during trading hours on Wednesday, hitting $93.24. 3,103 shares of the company were exchanged, compared to its average volume of 874,825. The firm has a market cap of $6.19 billion, a PE ratio of -13.58 and a beta of 1.33. Beam Therapeutics Inc. has a 1 year low of $33.00 and a 1 year high of $138.52. The firm has a fifty day moving average of $98.97 and a 200 day moving average of $90.35.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Monday, August 9th. The company reported ($1.23) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.74) by ($0.49). The business had revenue of $0.01 million for the quarter, compared to analyst estimates of $8.33 million. Beam Therapeutics had a negative return on equity of 94.82% and a negative net margin of 1,698,870.50%. During the same period last year, the company posted ($0.69) EPS. As a group, equities research analysts predict that Beam Therapeutics Inc. will post -5.99 earnings per share for the current year.

About Beam Therapeutics

Beam Therapeutics Inc, a biotechnology company, develops precision genetic medicines for patients suffering from serious diseases in the United States. The company is developing BEAM-101 for the treatment of sickle cell disease and beta thalassemia; BEAM-102 for the treatment of sickle cell disease; and BEAM-201, an allogeneic chimeric antigen receptor T cell for the treatment of relapsed/refractory T-cell acute lymphoblastic leukemia.

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Institutional Ownership by Quarter for Beam Therapeutics (NASDAQ:BEAM)

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