California State Teachers Retirement System Sells 698 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

California State Teachers Retirement System trimmed its stake in Beam Therapeutics Inc. (NASDAQ:BEAM) by 1.0% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 65,962 shares of the company’s stock after selling 698 shares during the period. California State Teachers Retirement System owned 0.07% of Beam Therapeutics worth $1,636,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in BEAM. Northern Trust Corp raised its holdings in shares of Beam Therapeutics by 7.2% in the fourth quarter. Northern Trust Corp now owns 740,506 shares of the company’s stock worth $18,365,000 after buying an additional 49,415 shares during the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of Beam Therapeutics in the fourth quarter valued at about $330,000. Sumitomo Mitsui Trust Group Inc. raised its stake in shares of Beam Therapeutics by 11.4% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock worth $98,149,000 after purchasing an additional 404,782 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in shares of Beam Therapeutics by 18.4% during the fourth quarter. Teacher Retirement System of Texas now owns 20,767 shares of the company’s stock worth $515,000 after purchasing an additional 3,222 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in Beam Therapeutics by 3.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 648,945 shares of the company’s stock valued at $16,094,000 after buying an additional 19,453 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors.

Beam Therapeutics Trading Up 9.3%

Beam Therapeutics stock opened at $18.58 on Monday. The stock has a market capitalization of $1.87 billion, a price-to-earnings ratio of -10.56 and a beta of 2.08. The stock has a 50 day moving average of $17.39 and a two-hundred day moving average of $23.30. Beam Therapeutics Inc. has a twelve month low of $13.53 and a twelve month high of $35.25.

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

Analysts Set New Price Targets

BEAM has been the subject of a number of recent research reports. Wedbush reaffirmed an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research note on Monday, March 10th. Cantor Fitzgerald restated an “overweight” rating on shares of Beam Therapeutics in a research report on Wednesday, March 12th. Royal Bank of Canada increased their price target on Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 26th. Guggenheim dropped their price objective on Beam Therapeutics from $78.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday, May 7th. Finally, Scotiabank raised Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 target price for the company in a research note on Monday, March 10th. Two investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Beam Therapeutics has a consensus rating of “Buy” and a consensus target price of $48.75.

Insiders Place Their Bets

In other news, CEO John M. Evans sold 30,663 shares of the company’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction 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 represents a 3.02% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, President Giuseppe Ciaramella sold 7,434 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total transaction of $136,413.90. Following the completion of 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 43,771 shares of company stock worth $803,198. 3.50% of the stock is owned by corporate 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.