Beam Therapeutics Inc. $BEAM Shares Bought by Northern Trust Corp

Northern Trust Corp lifted its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 15.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 853,549 shares of the company’s stock after buying an additional 113,043 shares during the quarter. Northern Trust Corp owned approximately 0.85% of Beam Therapeutics worth $16,670,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in BEAM. Vanguard Group Inc. increased its holdings in Beam Therapeutics by 16.4% in the 1st quarter. Vanguard Group Inc. now owns 8,871,292 shares of the company’s stock worth $173,256,000 after acquiring an additional 1,249,303 shares in the last quarter. ARK Investment Management LLC increased its stake in shares of Beam Therapeutics by 20.0% during the first quarter. ARK Investment Management LLC now owns 8,480,089 shares of the company’s stock worth $165,616,000 after purchasing an additional 1,412,060 shares in the last quarter. Farallon Capital Management LLC raised its position in shares of Beam Therapeutics by 0.4% during the 4th quarter. Farallon Capital Management LLC now owns 8,239,123 shares of the company’s stock worth $204,330,000 after purchasing an additional 31,000 shares during the last quarter. Nikko Asset Management Americas Inc. lifted its stake in Beam Therapeutics by 7.9% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 4,270,020 shares of the company’s stock valued at $83,265,000 after buying an additional 312,409 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. lifted its stake in Beam Therapeutics by 7.8% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,266,871 shares of the company’s stock valued at $83,332,000 after buying an additional 309,260 shares in the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on BEAM shares. Guggenheim reduced their target price on Beam Therapeutics from $78.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, May 7th. Cantor Fitzgerald raised Beam Therapeutics to a “strong-buy” rating in a research note on Monday, July 21st. Wells Fargo & Company decreased their price objective on Beam Therapeutics from $75.00 to $70.00 and set an “overweight” rating on the stock in a report on Wednesday, May 7th. Finally, Barclays dropped their target price on shares of Beam Therapeutics from $25.00 to $21.00 and set an “equal weight” rating for the company in a report on Wednesday, August 6th. Three investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Beam Therapeutics presently has a consensus rating of “Buy” and a consensus target price of $48.45.

Insider Buying and Selling

In other news, insider Fmr Llc sold 48,374 shares of the company’s stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $20.50, for a total value of $991,667.00. Following the transaction, the insider owned 2,073,665 shares of the company’s stock, valued at $42,510,132.50. This represents a 2.28% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold a total of 49,624 shares of company stock valued at $1,015,628 in the last quarter. 3.50% of the stock is owned by insiders.

Beam Therapeutics Price Performance

Shares of BEAM stock opened at $16.31 on Wednesday. The company has a market capitalization of $1.65 billion, a PE ratio of -3.62 and a beta of 2.14. The firm’s 50-day moving average is $18.69 and its two-hundred day moving average is $19.76. Beam Therapeutics Inc. has a 12 month low of $13.52 and a 12 month high of $35.25.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, August 5th. The company reported ($1.00) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.04) by $0.04. Beam Therapeutics had a negative net margin of 661.31% and a negative return on equity of 43.15%. The business had revenue of $8.47 million during the quarter, compared to the consensus estimate of $13.29 million. During the same quarter last year, the firm earned ($1.11) EPS. The business’s revenue was down 28.0% compared to the same quarter last year. Sell-side analysts forecast that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

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.