Sumitomo Mitsui Trust Group Inc. Has $80.45 Million Stock Position in Beam Therapeutics Inc. $BEAM

Sumitomo Mitsui Trust Group Inc. raised its position in Beam Therapeutics Inc. (NASDAQ:BEAM) by 10.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,729,444 shares of the company’s stock after acquiring an additional 462,573 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 4.70% of Beam Therapeutics worth $80,448,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the company. Jacobs Levy Equity Management Inc. bought a new position in shares of Beam Therapeutics during the 1st quarter worth approximately $844,000. Woodline Partners LP raised its stake in Beam Therapeutics by 169.6% during the first quarter. Woodline Partners LP now owns 760,611 shares of the company’s stock worth $14,855,000 after acquiring an additional 478,491 shares in the last quarter. Rhumbline Advisers increased its position in shares of Beam Therapeutics by 11.9% during the 1st quarter. Rhumbline Advisers now owns 141,204 shares of the company’s stock worth $2,758,000 after purchasing an additional 14,971 shares in the last quarter. Peregrine Investment Management Inc. increased its position in shares of Beam Therapeutics by 17.8% during the 2nd quarter. Peregrine Investment Management Inc. now owns 264,260 shares of the company’s stock worth $4,495,000 after purchasing an additional 40,000 shares in the last quarter. Finally, Amalgamated Bank increased its position in shares of Beam Therapeutics by 20.4% during the 1st quarter. Amalgamated Bank now owns 3,153 shares of the company’s stock worth $62,000 after purchasing an additional 534 shares in the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on BEAM shares. Jefferies Financial Group started coverage on shares of Beam Therapeutics in a research report on Thursday, October 9th. They set a “buy” rating and a $41.00 target price for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a report on Friday. Wall Street Zen raised Beam Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday. HC Wainwright reaffirmed a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a report on Friday, October 10th. Finally, Barclays dropped their price target on Beam Therapeutics from $25.00 to $21.00 and set an “equal weight” rating for the company in a report on Wednesday, August 6th. Three analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $45.92.

Beam Therapeutics Stock Down 0.9%

Shares of BEAM stock opened at $27.96 on Monday. The stock has a 50-day moving average price of $22.45 and a 200 day moving average price of $19.75. The firm has a market cap of $2.83 billion, a price-to-earnings ratio of -6.21 and a beta of 2.25. Beam Therapeutics Inc. has a 12 month low of $13.52 and a 12 month high of $35.25.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, August 5th. The company reported ($1.00) EPS for the quarter, topping the consensus estimate of ($1.04) by $0.04. Beam Therapeutics had a negative net margin of 661.31% and a negative return on equity of 43.15%. The company had revenue of $8.47 million during the quarter, compared to analysts’ expectations of $13.29 million. During the same quarter in the previous year, the company earned ($1.11) EPS. Beam Therapeutics’s revenue was down 28.0% on a year-over-year basis. Sell-side analysts predict that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Fmr Llc sold 48,374 shares of the business’s stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $20.50, for a total transaction of $991,667.00. Following the completion of the transaction, the insider directly owned 2,073,665 shares in the company, valued at approximately $42,510,132.50. The trade was a 2.28% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 3.50% of the company’s stock.

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.