State Street Corp Purchases 437,402 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

State Street Corp increased its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 12.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,929,557 shares of the company's stock after purchasing an additional 437,402 shares during the quarter. State Street Corp owned 4.75% of Beam Therapeutics worth $96,274,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of BEAM. ARCH Venture Management LLC acquired a new position in shares of Beam Therapeutics during the 2nd quarter worth $127,530,000. Farallon Capital Management LLC increased its position in Beam Therapeutics by 75.4% during 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. Sumitomo Mitsui Trust Group Inc. lifted its stake in Beam Therapeutics by 59.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company's stock valued at $87,044,000 after purchasing an additional 1,328,414 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Beam Therapeutics by 63.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,049,360 shares of the company's stock worth $24,589,000 after buying an additional 407,499 shares during the last quarter. Finally, Bank of Montreal Can acquired a new stake in shares of Beam Therapeutics during the second quarter valued at about $3,683,000. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Beam Therapeutics Trading Down 1.2 %

BEAM stock traded down $0.35 during mid-day trading on Tuesday, reaching $28.58. The company's stock had a trading volume of 1,542,203 shares, compared to its average volume of 1,223,340. Beam Therapeutics Inc. has a 12 month low of $20.84 and a 12 month high of $49.50. The business's 50 day moving average price is $25.40 and its 200 day moving average price is $25.34. The company has a market cap of $2.37 billion, a price-to-earnings ratio of -16.21 and a beta of 1.90.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.16) by ($0.01). Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company had revenue of $14.30 million for the quarter, compared to the consensus estimate of $14.52 million. During the same period in the prior year, the company earned ($1.22) earnings per share. The firm's revenue was down 16.9% compared to the same quarter last year. As a group, equities analysts expect that Beam Therapeutics Inc. will post -4.66 EPS for the current fiscal year.

Insider Buying and Selling at Beam Therapeutics

In other news, CEO John M. Evans sold 60,000 shares of the 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 completion of the sale, the chief executive officer now directly owns 938,659 shares of the company's stock, valued at $23,091,011.40. This represents a 6.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $26.27, for a total value of $1,342,659.70. Following the transaction, the president now directly owns 160,260 shares in the company, valued at approximately $4,210,030.20. The trade was a 24.18 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 162,894 shares of company stock valued at $4,181,745. Company insiders own 4.20% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Wedbush reiterated an "outperform" rating and issued a $57.00 price objective on shares of Beam Therapeutics in a report on Monday, December 9th. Royal Bank of Canada dropped 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 research note on Wednesday, November 6th. Cantor Fitzgerald raised shares of Beam Therapeutics to a "hold" rating in a research note on Tuesday, December 10th. HC Wainwright restated a "buy" rating and issued a $80.00 price objective on shares of Beam Therapeutics in a report on Monday, December 9th. Finally, Stifel Nicolaus lifted their target price on Beam Therapeutics from $66.00 to $69.00 and gave the stock a "buy" rating in a report on Wednesday, September 11th. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Beam Therapeutics presently has an average rating of "Moderate Buy" and an average price target of $47.67.

About Beam Therapeutics

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.