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

Peregrine Investment Management Inc. bought a new stake in Beam Therapeutics Inc. (NASDAQ:BEAM) in the fourth quarter, HoldingsChannel reports. The fund bought 158,550 shares of the company’s stock, valued at approximately $3,932,000. Beam Therapeutics accounts for 2.3% of Peregrine Investment Management Inc.’s portfolio, making the stock its 22nd biggest position.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Beam Therapeutics by 2.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,396 shares of the company’s stock valued at $524,000 after buying an additional 516 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in Beam Therapeutics by 21.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock worth $75,000 after buying an additional 524 shares during the period. GAMMA Investing LLC increased its holdings in Beam Therapeutics by 23.9% in the 4th quarter. GAMMA Investing LLC now owns 5,722 shares of the company’s stock valued at $142,000 after purchasing an additional 1,102 shares in the last quarter. Blue Trust Inc. lifted its stake in shares of Beam Therapeutics by 36.3% during the fourth quarter. Blue Trust Inc. now owns 4,274 shares of the company’s stock worth $105,000 after purchasing an additional 1,139 shares in the last quarter. Finally, Martingale Asset Management L P boosted its position in shares of Beam Therapeutics by 17.9% in the third quarter. Martingale Asset Management L P now owns 10,529 shares of the company’s stock worth $258,000 after buying an additional 1,600 shares during the period. Institutional investors and hedge funds own 99.68% of the company’s stock.

Beam Therapeutics Price Performance

Shares of BEAM opened at $32.40 on Friday. Beam Therapeutics Inc. has a 12-month low of $20.84 and a 12-month high of $49.50. The business’s fifty day moving average price is $26.71 and its 200 day moving average price is $25.64. The stock has a market capitalization of $2.68 billion, a PE ratio of -18.41 and a beta of 1.92.

Analysts Set New Price Targets

Several research firms recently commented on BEAM. Leerink Partnrs raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. HC Wainwright reissued a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a research report on Monday, February 3rd. Royal Bank of Canada lowered their price target on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a report on Wednesday, November 6th. Leerink Partners upgraded Beam Therapeutics from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $27.00 to $39.00 in a report on Wednesday, November 6th. Finally, Wedbush reiterated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research note on Monday, January 13th. Two analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $47.67.

Insider Transactions at Beam Therapeutics

In other news, insider Christine Bellon sold 1,241 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John M. Evans sold 30,000 shares of the firm’s stock in a transaction that occurred 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 directly owns 908,659 shares in the company, valued at approximately $24,306,628.25. This trade represents a 3.20 % decrease in their position. The disclosure for this sale can be found here. Insiders own 4.20% of the company’s stock.

Beam Therapeutics Company Profile

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.