Beam Therapeutics Inc. $BEAM Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. reduced its position in Beam Therapeutics Inc. (NASDAQ:BEAM) by 13.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,825,585 shares of the company’s stock after selling 583,715 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 3.72% of Beam Therapeutics worth $91,164,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in BEAM. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in shares of Beam Therapeutics during the 4th quarter valued at $47,000. Larson Financial Group LLC grew its stake in Beam Therapeutics by 4,370.5% during the 3rd quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock worth $48,000 after buying an additional 1,923 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in Beam Therapeutics during the 4th quarter valued at about $59,000. Van ECK Associates Corp increased its position in Beam Therapeutics by 48.7% during the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock valued at $52,000 after buying an additional 707 shares in the last quarter. Finally, Leonteq Securities AG acquired a new position in Beam Therapeutics during the 4th quarter valued at about $66,000. 99.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on BEAM. Tudor Pickering set a $39.00 price target on Beam Therapeutics in a report on Wednesday, May 13th. Bank of America restated a “buy” rating and set a $47.00 price objective on shares of Beam Therapeutics in a report on Wednesday. Sanford C. Bernstein decreased their price objective on shares of Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating for the company in a research report on Wednesday, May 13th. Citigroup lifted their target price on shares of Beam Therapeutics from $64.00 to $68.00 and gave the stock a “buy” rating in a research note on Thursday, March 26th. Finally, HC Wainwright reissued a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.85.

Beam Therapeutics Stock Performance

BEAM stock traded down $3.14 during midday trading on Friday, reaching $32.68. The stock had a trading volume of 2,832,978 shares, compared to its average volume of 2,470,542. The stock has a market cap of $3.36 billion, a PE ratio of -48.06 and a beta of 2.18. The company has a debt-to-equity ratio of 0.09, a quick ratio of 16.99 and a current ratio of 16.99. The firm has a fifty day simple moving average of $31.72 and a two-hundred day simple moving average of $29.24. Beam Therapeutics Inc. has a 52-week low of $15.60 and a 52-week high of $38.26.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.91) EPS for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.12. The company had revenue of $31.74 million during the quarter, compared to analysts’ expectations of $10.98 million. Beam Therapeutics had a negative return on equity of 29.00% and a negative net margin of 39.66%.The firm’s revenue was up 323.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.23) EPS. As a group, equities research analysts anticipate that Beam Therapeutics Inc. will post -4.16 EPS for the current year.

Insider Activity at Beam Therapeutics

In related news, insider Fmr Llc sold 251,488 shares of the company’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $35.26, for a total value of $8,867,466.88. Following the sale, the insider owned 854,583 shares in the company, valued at $30,132,596.58. This represents a 22.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.80% of the stock is owned by company insiders.

Beam Therapeutics Company Profile

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.