State Street Corp Increases Stake in Beam Therapeutics Inc. (NASDAQ:BEAM)

State Street Corp raised its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 12.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 3,929,557 shares of the company’s stock after purchasing an additional 437,402 shares during the period. State Street Corp owned 4.75% of Beam Therapeutics worth $96,274,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in BEAM. Fairfield Financial Advisors LTD purchased a new stake in shares of Beam Therapeutics during the second quarter worth about $26,000. Blue Trust Inc. boosted its stake in Beam Therapeutics by 2,648.4% in the 2nd quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock worth $40,000 after purchasing an additional 1,642 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in Beam Therapeutics by 21.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock valued at $75,000 after buying an additional 524 shares in the last quarter. National Bank of Canada FI raised its position in shares of Beam Therapeutics by 200.0% during the second quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock valued at $69,000 after buying an additional 2,000 shares during the last quarter. Finally, Quarry LP lifted its holdings in shares of Beam Therapeutics by 350.0% in the second quarter. Quarry LP now owns 3,600 shares of the company’s stock worth $84,000 after buying an additional 2,800 shares in the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Beam Therapeutics

In related news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the transaction, the chief executive officer now directly owns 938,659 shares of the company’s stock, valued at $23,091,011.40. This trade represents a 6.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, President Giuseppe Ciaramella sold 51,110 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $26.36, for a total value of $1,347,259.60. Following the sale, the president now owns 109,150 shares of the company’s stock, valued at approximately $2,877,194. This represents a 31.89 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 162,894 shares of company stock worth $4,181,745 over the last three months. 4.20% of the stock is owned by corporate insiders.

Beam Therapeutics Price Performance

Shares of BEAM stock opened at $28.93 on Tuesday. The company’s 50-day simple moving average is $25.29 and its two-hundred day simple moving average is $25.30. Beam Therapeutics Inc. has a one year low of $20.84 and a one year high of $49.50. The company has a market capitalization of $2.40 billion, a P/E ratio of -16.44 and a beta of 1.90.

Beam Therapeutics (NASDAQ:BEAM) last issued its earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The firm had revenue of $14.30 million for the quarter, compared to the consensus estimate of $14.52 million. During the same period last year, the firm earned ($1.22) earnings per share. The company’s revenue for the quarter was down 16.9% on a year-over-year basis. On average, research analysts expect that Beam Therapeutics Inc. will post -4.66 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. Leerink Partnrs upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Stifel Nicolaus increased their price target on Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, September 11th. Wedbush reissued an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a report on Monday, December 9th. Royal Bank of Canada lowered their price objective on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 6th. Finally, HC Wainwright restated a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a research report on Monday, December 9th. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Beam Therapeutics has a consensus rating of “Moderate Buy” and a consensus price target of $47.67.

Beam Therapeutics Company 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.