Beam Therapeutics Inc. (NASDAQ:BEAM) Shares Acquired by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lifted its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM) by 59.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,552,829 shares of the company’s stock after acquiring an additional 1,328,414 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 4.31% of Beam Therapeutics worth $87,044,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. ARCH Venture Management LLC purchased a new stake in shares of Beam Therapeutics in the second quarter worth about $127,530,000. Farallon Capital Management LLC boosted its position in Beam Therapeutics by 75.4% in the 2nd quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock worth $185,404,000 after purchasing an additional 3,401,370 shares in the last quarter. Darwin Global Management Ltd. acquired a new stake in shares of Beam Therapeutics during the 1st quarter worth approximately $70,032,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Beam Therapeutics by 3,137.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,246,189 shares of the company’s stock valued at $41,175,000 after purchasing an additional 1,207,699 shares in the last quarter. Finally, Bellevue Group AG lifted its stake in shares of Beam Therapeutics by 71.7% in the 1st quarter. Bellevue Group AG now owns 1,193,121 shares of the company’s stock valued at $39,421,000 after purchasing an additional 498,300 shares during the period. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on BEAM. Scotiabank began coverage on shares of Beam Therapeutics in a report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 price objective for the company. Barclays cut their price target on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 7th. Leerink Partners upgraded Beam Therapeutics from a “market perform” rating to an “outperform” rating and increased their price target for the stock from $27.00 to $39.00 in a research report on Wednesday, November 6th. Royal Bank of Canada cut their price objective on Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 6th. Finally, Leerink Partnrs upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $44.91.

Beam Therapeutics Trading Down 4.3 %

Shares of NASDAQ BEAM opened at $26.31 on Friday. The stock has a market cap of $2.18 billion, a PE ratio of -15.17 and a beta of 1.86. Beam Therapeutics Inc. has a 12-month low of $20.84 and a 12-month high of $49.50. The company has a 50-day moving average of $24.44 and a 200 day moving average of $24.82.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The company had revenue of $14.30 million during the quarter, compared to analysts’ expectations of $14.52 million. During the same quarter last year, the company earned ($1.22) earnings per share. Beam Therapeutics’s revenue for the quarter was down 16.9% on a year-over-year basis. On average, sell-side analysts forecast that Beam Therapeutics Inc. will post -4.66 EPS for the current fiscal year.

Insider Transactions at Beam Therapeutics

In other news, President Giuseppe Ciaramella sold 51,110 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $26.36, for a total value of $1,347,259.60. Following the completion of the sale, the president now owns 109,150 shares of the company’s stock, valued at $2,877,194. This represents a 31.89 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the sale, the chief executive officer now directly owns 938,659 shares in the company, valued at approximately $23,091,011.40. The trade was a 6.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 162,894 shares of company stock worth $4,181,745 in the last quarter. Company insiders own 4.20% of the company’s stock.

Beam Therapeutics 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.