Peregrine Investment Management Inc. Makes New $3.93 Million Investment in Beam Therapeutics Inc. (NASDAQ:BEAM)

Peregrine Investment Management Inc. bought a new stake in Beam Therapeutics Inc. (NASDAQ:BEAM) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 158,550 shares of the company’s stock, valued at approximately $3,932,000. Beam Therapeutics accounts for approximately 2.3% of Peregrine Investment Management Inc.’s investment portfolio, making the stock its 22nd largest holding. Peregrine Investment Management Inc. owned approximately 0.19% of Beam Therapeutics at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Blue Trust Inc. grew its position in Beam Therapeutics by 84.0% in the 3rd quarter. Blue Trust Inc. now owns 3,135 shares of the company’s stock valued at $73,000 after buying an additional 1,431 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Beam Therapeutics by 21.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock valued at $75,000 after acquiring an additional 524 shares in the last quarter. Arcadia Investment Management Corp MI purchased a new stake in shares of Beam Therapeutics in the third quarter valued at about $98,000. KBC Group NV increased its stake in shares of Beam Therapeutics by 103.2% during the fourth quarter. KBC Group NV now owns 4,143 shares of the company’s stock worth $103,000 after acquiring an additional 2,104 shares during the period. Finally, GAMMA Investing LLC raised its holdings in Beam Therapeutics by 23.9% during the fourth quarter. GAMMA Investing LLC now owns 5,722 shares of the company’s stock worth $142,000 after purchasing an additional 1,102 shares in the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Leerink Partnrs upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Leerink Partners raised Beam Therapeutics from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $27.00 to $39.00 in a report on Wednesday, November 6th. Cantor Fitzgerald upgraded Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research report on Wednesday, January 29th. Royal Bank of Canada decreased their target price on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a research report on Wednesday, November 6th. Finally, Wedbush reiterated an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a report on Monday, January 13th. Two investment analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Beam Therapeutics currently has a consensus rating of “Buy” and an average target price of $47.67.

Beam Therapeutics Price Performance

Shares of BEAM opened at $32.40 on Friday. Beam Therapeutics Inc. has a 1-year low of $20.84 and a 1-year high of $49.50. The stock has a market cap of $2.68 billion, a price-to-earnings ratio of -18.41 and a beta of 1.92. The firm has a 50 day simple moving average of $26.71 and a 200-day simple moving average of $25.64.

Insiders Place Their Bets

In other Beam Therapeutics news, CEO John M. Evans sold 30,000 shares of the firm’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $26.75, for a total transaction of $802,500.00. Following the sale, the chief executive officer now directly owns 908,659 shares of the company’s stock, valued at $24,306,628.25. This trade represents a 3.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Christine Bellon sold 1,241 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total transaction of $30,627.88. Following the completion of the transaction, the insider now directly owns 102,968 shares of the company’s stock, valued at approximately $2,541,250.24. This represents a 1.19 % decrease in their position. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by company insiders.

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.