Sumitomo Mitsui Trust Group Inc. Boosts Stake in Beam Therapeutics Inc. (NASDAQ:BEAM)

Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 59.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,552,829 shares of the company's stock after buying an additional 1,328,414 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 4.31% of Beam Therapeutics worth $87,044,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Fairfield Financial Advisors LTD bought a new stake in Beam Therapeutics in the 2nd quarter valued at $26,000. Blue Trust Inc. grew its stake in shares of Beam Therapeutics by 2,648.4% in the second quarter. Blue Trust Inc. now owns 1,704 shares of the company's stock valued at $40,000 after acquiring an additional 1,642 shares in the last quarter. National Bank of Canada FI increased its position in Beam Therapeutics by 200.0% during the second quarter. National Bank of Canada FI now owns 3,000 shares of the company's stock worth $69,000 after acquiring an additional 2,000 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in Beam Therapeutics by 21.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company's stock worth $75,000 after purchasing an additional 524 shares in the last quarter. Finally, Quarry LP increased its holdings in shares of Beam Therapeutics by 350.0% during the second quarter. Quarry LP now owns 3,600 shares of the company's stock worth $84,000 after purchasing an additional 2,800 shares during the period. Institutional investors and hedge funds own 99.68% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on BEAM shares. HC Wainwright reiterated a "buy" rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Thursday, November 7th. Wedbush restated an "outperform" rating and issued a $57.00 price target on shares of Beam Therapeutics in a research report on Tuesday, November 5th. Barclays cut their price objective on shares of Beam Therapeutics from $33.00 to $31.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 7th. JPMorgan Chase & Co. raised their target price on shares of Beam Therapeutics from $45.00 to $48.00 and gave the company an "overweight" rating in a report on Wednesday, August 7th. Finally, Royal Bank of Canada cut their price target on shares of Beam Therapeutics from $27.00 to $24.00 and set a "sector perform" rating for the company in a report on Wednesday, November 6th. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $44.91.

Beam Therapeutics Price Performance

Shares of NASDAQ BEAM traded down $2.26 during mid-day trading on Friday, hitting $24.05. 2,258,894 shares of the stock traded hands, compared to its average volume of 1,237,036. The company has a market cap of $1.99 billion, a PE ratio of -13.66 and a beta of 1.86. Beam Therapeutics Inc. has a twelve month low of $20.84 and a twelve month high of $49.50. The firm has a 50 day simple moving average of $24.49 and a two-hundred day simple moving average of $24.83.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings data 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 business had revenue of $14.30 million during the quarter, compared to the consensus estimate of $14.52 million. The firm's quarterly revenue was down 16.9% compared to the same quarter last year. During the same quarter last year, the business earned ($1.22) EPS. On average, equities research analysts anticipate that Beam Therapeutics Inc. will post -4.66 earnings per share for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

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