Sumitomo Mitsui Trust Holdings Inc. Has $78.03 Million Stock Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM) by 0.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,361,817 shares of the company’s stock after purchasing an additional 3,726 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Beam Therapeutics were worth $78,034,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Riverview Trust Co bought a new position in shares of Beam Therapeutics in the first quarter valued at $26,000. First Horizon Advisors Inc. grew its position in shares of Beam Therapeutics by 125.9% in the 4th quarter. First Horizon Advisors Inc. now owns 994 shares of the company’s stock valued at $27,000 after acquiring an additional 554 shares during the period. National Bank of Canada FI grew its position in shares of Beam Therapeutics by 200.0% in the 4th quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $41,000 after acquiring an additional 1,000 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Beam Therapeutics by 144.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock worth $43,000 after purchasing an additional 923 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. acquired a new stake in Beam Therapeutics in the 4th quarter valued at about $216,000. Institutional investors and hedge funds own 99.68% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on BEAM shares. Barclays lowered their price target on Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 8th. Wedbush reaffirmed an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a report on Tuesday, May 7th. BMO Capital Markets reissued an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a report on Wednesday, March 27th. Finally, TheStreet raised Beam Therapeutics from a “d” rating to a “c-” rating in a report on Monday, March 11th. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Beam Therapeutics has a consensus rating of “Hold” and a consensus price target of $40.18.

Beam Therapeutics Trading Up 4.0 %

NASDAQ BEAM opened at $23.48 on Friday. The firm’s 50 day simple moving average is $23.66 and its 200 day simple moving average is $27.73. The firm has a market capitalization of $1.93 billion, a price-to-earnings ratio of -13.19 and a beta of 1.87. Beam Therapeutics Inc. has a 1 year low of $16.95 and a 1 year high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, May 7th. The company reported ($1.21) earnings per share for the quarter, topping the consensus estimate of ($1.42) by $0.21. Beam Therapeutics had a negative return on equity of 15.46% and a negative net margin of 37.33%. The firm had revenue of $7.40 million during the quarter, compared to analysts’ expectations of $17.09 million. During the same period in the prior year, the company earned ($1.33) earnings per share. The company’s quarterly revenue was down 69.4% on a year-over-year basis. On average, equities research analysts forecast that Beam Therapeutics Inc. will post -4.68 earnings per share for the current year.

Insider Buying and Selling

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $24.50, for a total value of $1,470,000.00. Following the transaction, the chief executive officer now owns 998,343 shares in the company, valued at $24,459,403.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 4.20% of the stock is owned by corporate insiders.

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.