Beam Therapeutics Inc. (NASDAQ:BEAM) Shares Bought by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. raised its position in Beam Therapeutics Inc. (NASDAQ:BEAM) by 43.6% during the 4th quarter, Holdings Channel reports. The firm owned 2,358,091 shares of the company’s stock after acquiring an additional 715,911 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Beam Therapeutics were worth $64,187,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of BEAM. Allworth Financial LP grew its holdings in Beam Therapeutics by 163.7% in the third quarter. Allworth Financial LP now owns 1,105 shares of the company’s stock valued at $27,000 after purchasing an additional 686 shares during the last quarter. Point72 Middle East FZE acquired a new stake in shares of Beam Therapeutics during the fourth quarter valued at $35,000. China Universal Asset Management Co. Ltd. boosted its stake in shares of Beam Therapeutics by 84.0% during the third quarter. China Universal Asset Management Co. Ltd. now owns 2,272 shares of the company’s stock valued at $55,000 after acquiring an additional 1,037 shares during the last quarter. Signaturefd LLC boosted its stake in shares of Beam Therapeutics by 4,605.3% during the third quarter. Signaturefd LLC now owns 2,682 shares of the company’s stock valued at $65,000 after acquiring an additional 2,625 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted its stake in shares of Beam Therapeutics by 70.0% during the third quarter. Nisa Investment Advisors LLC now owns 3,312 shares of the company’s stock valued at $80,000 after acquiring an additional 1,364 shares during the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on BEAM. Royal Bank of Canada increased their price objective on Beam Therapeutics from $27.00 to $35.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 28th. JPMorgan Chase & Co. raised Beam Therapeutics from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $38.00 to $40.00 in a research note on Monday, January 29th. Wedbush reaffirmed an “outperform” rating and set a $57.00 price objective (up previously from $48.00) on shares of Beam Therapeutics in a research note on Tuesday, February 27th. BMO Capital Markets reaffirmed an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research note on Wednesday, March 27th. Finally, Barclays increased their target price on Beam Therapeutics from $26.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 28th. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $41.00.

Beam Therapeutics Stock Performance

NASDAQ BEAM opened at $24.31 on Friday. The business’s 50-day moving average price is $33.17 and its 200 day moving average price is $28.02. The company has a market capitalization of $1.99 billion, a PE ratio of -12.79 and a beta of 1.77. Beam Therapeutics Inc. has a twelve month low of $16.95 and a twelve month high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings data on Tuesday, February 27th. The company reported $1.73 EPS for the quarter, topping analysts’ consensus estimates of ($0.69) by $2.42. The company had revenue of $316.20 million for the quarter, compared to the consensus estimate of $34.16 million. Beam Therapeutics had a negative return on equity of 15.90% and a negative net margin of 35.09%. The company’s quarterly revenue was up 1481.0% compared to the same quarter last year. During the same period last year, the business posted ($0.54) EPS. Equities analysts predict that Beam Therapeutics Inc. will post -5.53 EPS for the current year.

Insider Transactions at Beam Therapeutics

In other news, President Giuseppe Ciaramella sold 4,534 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $32.12, for a total value of $145,632.08. Following the transaction, the president now directly owns 169,616 shares in the company, valued at approximately $5,448,065.92. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, President Giuseppe Ciaramella sold 4,534 shares of the firm’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $32.12, for a total value of $145,632.08. Following the transaction, the president now directly owns 169,616 shares in the company, valued at approximately $5,448,065.92. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO John M. Evans sold 18,102 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $32.13, for a total value of $581,617.26. Following the sale, the chief executive officer now owns 1,058,343 shares in the company, valued at $34,004,560.59. The disclosure for this sale can be found here. Insiders have sold a total of 156,804 shares of company stock worth $4,731,669 in the last three months. 4.40% 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.