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

Peregrine Investment Management Inc. acquired a new position in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 158,550 shares of the company's stock, valued at approximately $3,932,000. Beam Therapeutics makes up approximately 2.3% of Peregrine Investment Management Inc.'s holdings, making the stock its 22nd biggest holding. Peregrine Investment Management Inc. owned about 0.19% of Beam Therapeutics at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in BEAM. Sumitomo Mitsui Trust Group Inc. grew its holdings in Beam Therapeutics by 59.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company's stock worth $87,044,000 after buying an additional 1,328,414 shares in the last quarter. State Street Corp grew its holdings in Beam Therapeutics by 12.5% in the 3rd quarter. State Street Corp now owns 3,929,557 shares of the company's stock worth $96,274,000 after buying an additional 437,402 shares in the last quarter. Bellevue Group AG grew its holdings in Beam Therapeutics by 7.1% in the 3rd quarter. Bellevue Group AG now owns 1,518,121 shares of the company's stock worth $37,194,000 after buying an additional 100,000 shares in the last quarter. Geode Capital Management LLC grew its holdings in Beam Therapeutics by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company's stock worth $44,297,000 after buying an additional 78,102 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new position in Beam Therapeutics in the 3rd quarter worth approximately $15,760,000. 99.68% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Leerink Partnrs raised Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, November 6th. Cantor Fitzgerald raised Beam Therapeutics from a "neutral" rating to an "overweight" rating in a research note on Wednesday, January 29th. Wedbush reaffirmed an "outperform" rating and set a $57.00 price target on shares of Beam Therapeutics in a research note on Monday, January 13th. Sanford C. Bernstein raised Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 7th. Finally, Leerink Partners raised Beam Therapeutics from a "market perform" rating to an "outperform" rating and increased their price target for the company from $27.00 to $39.00 in a research note on Wednesday, November 6th. Two 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.com, the company has an average rating of "Buy" and a consensus target price of $47.67.

Insider Activity

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

Beam Therapeutics Price Performance

Shares of NASDAQ:BEAM traded up $0.67 on Wednesday, reaching $34.16. 1,581,795 shares of the company traded hands, compared to its average volume of 1,240,369. Beam Therapeutics Inc. has a fifty-two week low of $20.84 and a fifty-two week high of $49.50. The company's 50 day moving average is $26.81 and its 200-day moving average is $25.62. The stock has a market capitalization of $2.83 billion, a PE ratio of -19.41 and a beta of 1.92.

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.