Beam Therapeutics Inc. $BEAM Position Lowered by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. cut its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 3.1% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,349,244 shares of the company’s stock after selling 105,799 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Beam Therapeutics were worth $81,889,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in Beam Therapeutics in the 2nd quarter valued at approximately $308,796,000. ARCH Venture Management LLC acquired a new stake in shares of Beam Therapeutics during the 2nd quarter valued at $155,771,929. ADAR1 Capital Management LLC acquired a new stake in shares of Beam Therapeutics during the 1st quarter valued at $34,467,000. Bank of America Corp DE acquired a new stake in shares of Beam Therapeutics during the 2nd quarter valued at $24,733,000. Finally, Elmind Capital LP purchased a new position in shares of Beam Therapeutics during the 2nd quarter valued at $16,347,920. Institutional investors and hedge funds own 99.68% of the company’s stock.

Insider Transactions at Beam Therapeutics

In related news, CEO John Evans sold 25,000 shares of the company’s stock in a transaction on Thursday, October 15th. The shares were sold at an average price of $23.57, for a total value of $589,250.00. Following the completion of the sale, the chief executive officer directly owned 1,047,205 shares in the company, valued at approximately $24,682,621.85. This represents a 2.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 3.80% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on BEAM. Wedbush dropped their price target on shares of Beam Therapeutics from $65.00 to $28.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Thursday, October 15th. Bank of America reissued a “buy” rating and set a $47.00 price objective on shares of Beam Therapeutics in a research report on Wednesday, July 8th. Canaccord Genuity Group boosted their target price on Beam Therapeutics from $78.00 to $79.00 and gave the company a “buy” rating in a research note on Thursday, October 29th. Finally, HC Wainwright reaffirmed a “buy” rating on shares of Beam Therapeutics in a research report on Tuesday, October 27th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $46.90.

Beam Therapeutics Stock Up 1.8%

NASDAQ BEAM opened at $26.33 on Wednesday. The company has a current ratio of 14.57, a quick ratio of 14.57 and a debt-to-equity ratio of 0.09. The company has a 50 day moving average price of $25.81 and a two-hundred day moving average price of $28.10. Beam Therapeutics Inc. has a 12-month low of $20.23 and a 12-month high of $38.26.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, November 3rd. The company reported ($1.28) EPS for the quarter, missing the consensus estimate of ($1.17) by ($0.11). The business had revenue of $0.31 million for the quarter, compared to analyst estimates of $8.75 million. Beam Therapeutics had a negative return on equity of 30.71% and a negative net margin of 54.75%. The business’s revenue for the quarter was down 96.8% compared to the same quarter last year. During the same quarter last year, the company earned ($1.10) EPS. Research analysts predict that Beam Therapeutics Inc. will post -4.49 EPS for the current year.

About Beam Therapeutics

Beam Therapeutics Inc is a biotechnology company developing precision genetic medicines for patients with serious diseases. The company’s platform uses base editing, a form of gene editing designed to make targeted changes to individual DNA letters without creating double-strand breaks. Beam is also advancing related editing technologies and delivery systems intended to improve the precision and effectiveness of genetic treatments.

Beam’s pipeline includes investigational programs for diseases such as sickle cell disease, beta thalassemia, alpha-1 antitrypsin deficiency and glycogen storage disease type Ia.