Nikko Asset Management Americas Inc. Raises Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

Nikko Asset Management Americas Inc. lifted its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 11.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,957,611 shares of the company's stock after purchasing an additional 404,782 shares during the quarter. Beam Therapeutics accounts for approximately 1.1% of Nikko Asset Management Americas Inc.'s portfolio, making the stock its 28th largest position. Nikko Asset Management Americas Inc. owned about 4.78% of Beam Therapeutics worth $98,109,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Wealthfront Advisers LLC bought a new stake in Beam Therapeutics during the fourth quarter worth about $41,000. KBC Group NV lifted its position in Beam Therapeutics by 103.2% in the 4th quarter. KBC Group NV now owns 4,143 shares of the company's stock worth $103,000 after buying an additional 2,104 shares during the last quarter. Blue Trust Inc. boosted its stake in 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. GAMMA Investing LLC grew its position in Beam Therapeutics by 23.9% during the fourth quarter. GAMMA Investing LLC now owns 5,722 shares of the company's stock valued at $142,000 after acquiring an additional 1,102 shares during the last quarter. Finally, Quarry LP raised its stake in shares of Beam Therapeutics by 66.7% during the third quarter. Quarry LP now owns 6,000 shares of the company's stock worth $147,000 after acquiring an additional 2,400 shares in the last quarter. 99.68% of the stock is currently owned by institutional investors.

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Insider Buying and Selling at Beam Therapeutics

In other news, 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 transaction, the insider now directly owns 102,968 shares in the company, valued at approximately $2,541,250.24. This trade represents a 1.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO John M. Evans sold 30,000 shares of the company's stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $26.75, for a total value of $802,500.00. Following the completion of the sale, the chief executive officer now owns 908,659 shares in the company, valued at $24,306,628.25. The trade was a 3.20 % decrease in their position. The disclosure for this sale can be found here. Insiders own 4.20% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Scotiabank raised 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. Guggenheim reaffirmed a "buy" rating and set a $78.00 price objective on shares of Beam Therapeutics in a research note on Thursday, February 27th. Wedbush reissued an "outperform" rating and issued a $57.00 target price on shares of Beam Therapeutics in a research note on Monday, March 10th. Cantor Fitzgerald restated an "overweight" rating on shares of Beam Therapeutics in a research report on Wednesday, March 12th. Finally, Royal Bank of Canada boosted their price objective 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 given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Beam Therapeutics currently has an average rating of "Buy" and an average price target of $50.82.

Beam Therapeutics Price Performance

BEAM stock traded up $0.43 during trading on Friday, reaching $23.30. The company had a trading volume of 2,507,420 shares, compared to its average volume of 1,217,874. Beam Therapeutics Inc. has a 52 week low of $20.84 and a 52 week high of $36.75. The business has a 50 day moving average of $26.82 and a 200 day moving average of $25.93. The company has a market cap of $2.32 billion, a P/E ratio of -13.24 and a beta of 1.91.

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