Bank of New York Mellon Corp Purchases 49,372 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

Bank of New York Mellon Corp increased its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 21.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 276,917 shares of the company's stock after acquiring an additional 49,372 shares during the quarter. Bank of New York Mellon Corp owned about 0.33% of Beam Therapeutics worth $6,868,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of BEAM. State Street Corp raised its stake in Beam Therapeutics by 12.5% during the 3rd quarter. State Street Corp now owns 3,929,557 shares of the company's stock worth $96,274,000 after buying an additional 437,402 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Beam Therapeutics by 11.4% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company's stock valued at $98,149,000 after purchasing an additional 404,782 shares in the last quarter. Peregrine Investment Management Inc. acquired a new position in shares of Beam Therapeutics in the 4th quarter valued at approximately $3,932,000. Bellevue Group AG increased its stake in Beam Therapeutics by 7.1% during the 3rd quarter. Bellevue Group AG now owns 1,518,121 shares of the company's stock worth $37,194,000 after purchasing an additional 100,000 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Beam Therapeutics by 4.5% in the third quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company's stock valued at $44,297,000 after buying an additional 78,102 shares in the last quarter. Institutional investors and hedge funds own 99.68% of the company's stock.

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Insiders Place Their Bets

In other Beam Therapeutics news, CEO John M. Evans sold 30,000 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $26.75, for a total transaction of $802,500.00. Following the transaction, the chief executive officer now owns 908,659 shares in the company, valued at $24,306,628.25. This represents a 3.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Christine Bellon sold 1,241 shares of Beam Therapeutics stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total transaction of $30,627.88. Following the completion of the sale, the insider now owns 102,968 shares of the company's stock, valued at approximately $2,541,250.24. The trade was a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 4.20% of the company's stock.

Beam Therapeutics Stock Up 6.5 %

Shares of NASDAQ BEAM traded up $1.46 during mid-day trading on Wednesday, reaching $24.05. 1,115,687 shares of the company were exchanged, compared to its average volume of 1,207,619. The stock has a market capitalization of $2.40 billion, a P/E ratio of -13.52 and a beta of 1.91. The company's 50-day simple moving average is $26.96 and its 200-day simple moving average is $25.97. Beam Therapeutics Inc. has a twelve month low of $20.84 and a twelve month high of $36.75.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, topping analysts' consensus estimates of ($1.25) by $0.16. The company had revenue of $30.00 million for the quarter, compared to analyst estimates of $16.47 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The firm's quarterly revenue was down 90.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.73 earnings per share. As a group, equities research analysts expect that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently weighed in on BEAM shares. Jones Trading raised shares of Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 target price for the company in a research note on Monday, March 10th. Wedbush reaffirmed an "outperform" rating and set a $57.00 price target on shares of Beam Therapeutics in a research note on Monday, March 10th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Beam Therapeutics in a research report on Wednesday, March 12th. Scotiabank upgraded shares of Beam Therapeutics from a "sector perform" rating to a "sector outperform" rating and set a $40.00 price objective for the company in a research note on Monday, March 10th. Finally, Royal Bank of Canada increased their price target on Beam Therapeutics from $24.00 to $26.00 and gave the company a "sector perform" rating in a research report on Wednesday, February 26th. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, Beam Therapeutics currently has an average rating of "Buy" and a consensus target price of $50.82.

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.