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

Sumitomo Mitsui Trust Group Inc. trimmed its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM) by 13.2% during the 1st quarter, Holdings Channel.com reports. The firm owned 3,825,585 shares of the company’s stock after selling 583,715 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Beam Therapeutics were worth $91,164,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of the stock. ARK Investment Management LLC grew its holdings in Beam Therapeutics by 12.9% during the fourth quarter. ARK Investment Management LLC now owns 12,467,189 shares of the company’s stock worth $345,590,000 after acquiring an additional 1,428,355 shares during the period. Farallon Capital Management LLC lifted its stake in shares of Beam Therapeutics by 0.5% in the 3rd quarter. Farallon Capital Management LLC now owns 10,063,111 shares of the company’s stock valued at $244,232,000 after purchasing an additional 50,000 shares during the period. State Street Corp boosted its holdings in Beam Therapeutics by 30.4% during the fourth quarter. State Street Corp now owns 5,228,529 shares of the company’s stock worth $144,935,000 after buying an additional 1,219,871 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Beam Therapeutics by 20.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,730,282 shares of the company’s stock worth $75,684,000 after buying an additional 467,133 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Beam Therapeutics by 13.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,947,879 shares of the company’s stock valued at $53,996,000 after buying an additional 227,589 shares during the period. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Insider Buying and Selling

In related news, insider Fmr Llc sold 251,488 shares of the stock in a transaction 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 completion of the transaction, the insider directly owned 854,583 shares of the company’s stock, valued at approximately $30,132,596.58. This represents a 22.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 3.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Tudor Pickering set a $39.00 price objective on shares of Beam Therapeutics in a report on Wednesday, May 13th. Citigroup raised their target price on Beam Therapeutics from $64.00 to $68.00 and gave the company a “buy” rating in a research report on Thursday, March 26th. HC Wainwright restated a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Tuesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a report on Monday, April 20th. Finally, Sanford C. Bernstein lowered their price target on Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 13th. One investment 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 stock. According to data from MarketBeat.com, Beam Therapeutics presently has an average rating of “Moderate Buy” and a consensus price target of $46.85.

Beam Therapeutics Price Performance

NASDAQ:BEAM traded down $3.14 during trading hours on Friday, hitting $32.68. 2,832,978 shares of the stock were exchanged, compared to its average volume of 2,470,542. Beam Therapeutics Inc. has a 52-week low of $15.60 and a 52-week high of $38.26. The firm’s fifty day moving average price is $31.72 and its 200 day moving average price is $29.24. The company has a current ratio of 16.99, a quick ratio of 16.99 and a debt-to-equity ratio of 0.09. The company has a market cap of $3.36 billion, a P/E ratio of -48.06 and a beta of 2.18.

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

Beam Therapeutics 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.