Sumitomo Mitsui Trust Group Inc. Has $98.15 Million Stock Holdings in Beam Therapeutics Inc. (NASDAQ:BEAM)

Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 11.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,957,611 shares of the company's stock after purchasing an additional 404,782 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 4.78% of Beam Therapeutics worth $98,149,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Beam Therapeutics by 2.5% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,396 shares of the company's stock worth $524,000 after acquiring an additional 516 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Beam Therapeutics by 21.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company's stock worth $75,000 after buying an additional 524 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Beam Therapeutics by 13.3% in the third quarter. GAMMA Investing LLC now owns 4,620 shares of the company's stock worth $113,000 after buying an additional 544 shares in the last quarter. Blue Trust Inc. raised its position in shares of Beam Therapeutics by 36.3% in the fourth quarter. Blue Trust Inc. now owns 4,274 shares of the company's stock worth $105,000 after buying an additional 1,139 shares in the last quarter. Finally, Martingale Asset Management L P raised its position in shares of Beam Therapeutics by 17.9% in the third quarter. Martingale Asset Management L P now owns 10,529 shares of the company's stock worth $258,000 after buying an additional 1,600 shares in the last quarter. Institutional investors own 99.68% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. HC Wainwright reissued a "buy" rating and issued a $80.00 target price on shares of Beam Therapeutics in a research note on Monday, February 3rd. Sanford C. Bernstein raised shares of Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a report on Tuesday, January 7th. Leerink Partnrs upgraded shares of Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, November 6th. Scotiabank started coverage on shares of Beam Therapeutics in a research note on Wednesday, October 16th. They issued a "sector outperform" rating and a $24.00 target price on the stock. Finally, Cantor Fitzgerald upgraded shares of Beam Therapeutics from a "neutral" rating to an "overweight" rating in a research note on Wednesday, January 29th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average price target of $47.67.

Beam Therapeutics Price Performance

Shares of BEAM traded up $1.72 during midday trading on Wednesday, reaching $28.57. The stock had a trading volume of 1,127,405 shares, compared to its average volume of 1,126,095. Beam Therapeutics Inc. has a 1-year low of $20.84 and a 1-year high of $49.50. The company's fifty day simple moving average is $26.48 and its two-hundred day simple moving average is $25.64. The company has a market cap of $2.37 billion, a price-to-earnings ratio of -16.23 and a beta of 1.92.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, insider Christine Bellon sold 1,241 shares of Beam Therapeutics stock in a transaction dated 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 transaction, the insider now owns 102,968 shares in the company, valued at approximately $2,541,250.24. The trade was a 1.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO John M. Evans sold 30,000 shares of Beam Therapeutics stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $26.75, for a total transaction of $802,500.00. Following the sale, the chief executive officer now owns 908,659 shares of the company's stock, valued at approximately $24,306,628.25. This trade represents a 3.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.