Beam Therapeutics Inc. (NASDAQ:BEAM) Shares Purchased by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Beam Therapeutics Inc. (NASDAQ:BEAM) by 43.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 2,358,091 shares of the company’s stock after acquiring an additional 715,911 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned 2.89% of Beam Therapeutics worth $64,187,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Alliancebernstein L.P. grew its stake in Beam Therapeutics by 0.4% in the 3rd quarter. Alliancebernstein L.P. now owns 70,100 shares of the company’s stock valued at $3,340,000 after acquiring an additional 300 shares during the period. Stifel Financial Corp grew its stake in Beam Therapeutics by 5.1% in the 1st quarter. Stifel Financial Corp now owns 7,022 shares of the company’s stock valued at $215,000 after acquiring an additional 338 shares during the period. Vident Investment Advisory LLC grew its stake in Beam Therapeutics by 4.2% in the 4th quarter. Vident Investment Advisory LLC now owns 8,520 shares of the company’s stock valued at $333,000 after acquiring an additional 343 shares during the period. The Manufacturers Life Insurance Company grew its stake in Beam Therapeutics by 1.4% in the 4th quarter. The Manufacturers Life Insurance Company now owns 25,580 shares of the company’s stock valued at $1,000,000 after acquiring an additional 343 shares during the period. Finally, Captrust Financial Advisors grew its stake in Beam Therapeutics by 29.9% in the 1st quarter. Captrust Financial Advisors now owns 1,845 shares of the company’s stock valued at $106,000 after acquiring an additional 425 shares during the period. Institutional investors and hedge funds own 99.68% of the company’s stock.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $33.86, for a total value of $2,031,600.00. Following the completion of the transaction, the chief executive officer now directly owns 998,262 shares of the company’s stock, valued at approximately $33,801,151.32. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction dated Thursday, March 28th. The stock was sold at an average price of $33.86, for a total value of $2,031,600.00. Following the completion of the transaction, the chief executive officer now directly owns 998,262 shares of the company’s stock, valued at approximately $33,801,151.32. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO John M. Evans sold 18,102 shares of Beam Therapeutics stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $32.13, for a total value of $581,617.26. Following the completion of the transaction, the chief executive officer now directly owns 1,058,343 shares of the company’s stock, valued at $34,004,560.59. The disclosure for this sale can be found here. Insiders sold a total of 156,804 shares of company stock valued at $4,731,669 in the last three months. 4.40% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on BEAM. Royal Bank of Canada raised their price objective on Beam Therapeutics from $27.00 to $35.00 and gave the company a “sector perform” rating in a report on Wednesday, February 28th. JPMorgan Chase & Co. upgraded Beam Therapeutics from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $38.00 to $40.00 in a report on Monday, January 29th. Wedbush restated an “outperform” rating and issued a $57.00 price objective (up previously from $48.00) on shares of Beam Therapeutics in a report on Tuesday, February 27th. BMO Capital Markets restated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a report on Wednesday, March 27th. Finally, TheStreet upgraded Beam Therapeutics from a “d” rating to a “c-” rating in a report on Monday, March 11th. Eight research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $41.00.

Beam Therapeutics Stock Performance

Shares of BEAM opened at $24.31 on Friday. The firm has a market cap of $1.99 billion, a P/E ratio of -12.79 and a beta of 1.77. Beam Therapeutics Inc. has a 12-month low of $16.95 and a 12-month high of $49.50. The company’s 50-day moving average price is $33.17 and its 200 day moving average price is $28.02.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings data on Tuesday, February 27th. The company reported $1.73 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.69) by $2.42. The firm had revenue of $316.20 million for the quarter, compared to analyst estimates of $34.16 million. Beam Therapeutics had a negative net margin of 35.09% and a negative return on equity of 15.90%. Beam Therapeutics’s revenue was up 1481.0% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.54) EPS. Equities research analysts forecast that Beam Therapeutics Inc. will post -5.53 earnings per share for the current year.

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.