Beam Therapeutics Inc. (NASDAQ:BEAM) Shares Purchased by Northern Trust Corp

Northern Trust Corp boosted its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 7.2% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 740,506 shares of the company’s stock after acquiring an additional 49,415 shares during the period. Northern Trust Corp owned about 0.89% of Beam Therapeutics worth $18,365,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Wealthfront Advisers LLC purchased a new stake in Beam Therapeutics during the 4th quarter worth approximately $41,000. Sterling Capital Management LLC boosted its stake in shares of Beam Therapeutics by 816.0% in the fourth quarter. Sterling Capital Management LLC now owns 2,409 shares of the company’s stock worth $60,000 after acquiring an additional 2,146 shares during the last quarter. KBC Group NV increased its position 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 purchasing an additional 2,104 shares in the last quarter. Blue Trust Inc. increased its position 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, Summit Investment Advisors Inc. raised its stake in Beam Therapeutics by 6.6% in the 4th quarter. Summit Investment Advisors Inc. now owns 7,999 shares of the company’s stock valued at $198,000 after purchasing an additional 496 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Beam Therapeutics Trading Down 1.0%

Shares of NASDAQ BEAM opened at $18.05 on Wednesday. The stock has a market capitalization of $1.82 billion, a PE ratio of -10.26 and a beta of 2.35. Beam Therapeutics Inc. has a twelve month low of $13.53 and a twelve month high of $35.25. The stock has a fifty day simple moving average of $19.92 and a 200-day simple moving average of $24.33.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, May 6th. The company reported ($1.24) EPS for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.13). The firm had revenue of $7.47 million for the quarter, compared to analysts’ expectations of $14.69 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The business’s revenue was up 1.4% compared to the same quarter last year. During the same quarter last year, the business earned ($1.21) earnings per share. On average, equities analysts predict that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 30,663 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $562,666.05. Following the completion of the transaction, the chief executive officer now owns 986,249 shares of the company’s stock, valued at $18,097,669.15. This trade represents a 3.02% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, President Giuseppe Ciaramella sold 7,434 shares of the company’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total value of $136,413.90. Following the sale, the president now directly owns 190,216 shares in the company, valued at $3,490,463.60. This represents a 3.76% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 43,771 shares of company stock worth $803,198. Corporate insiders own 4.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. HC Wainwright reissued a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Monday, April 7th. Royal Bank of Canada raised their target price on shares of Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 26th. Cantor Fitzgerald restated an “overweight” rating on shares of Beam Therapeutics in a research report on Wednesday, March 12th. Scotiabank raised Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 price target for the company in a report on Monday, March 10th. Finally, Barclays lowered their price objective on Beam Therapeutics from $31.00 to $25.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 7th. Two investment analysts have rated the stock with a hold rating, eleven have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $48.75.

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.