Northern Trust Corp Grows Stock Holdings in Beam Therapeutics Inc. (NASDAQ:BEAM)

Northern Trust Corp lifted its stake in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 7.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 740,506 shares of the company's stock after buying an additional 49,415 shares during the quarter. Northern Trust Corp owned approximately 0.89% of Beam Therapeutics worth $18,365,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of BEAM. Avanza Fonder AB purchased a new stake in shares of Beam Therapeutics in the fourth quarter worth about $1,247,000. SG Americas Securities LLC boosted its stake in shares of Beam Therapeutics by 19.4% in the fourth quarter. SG Americas Securities LLC now owns 12,118 shares of the company's stock worth $301,000 after buying an additional 1,971 shares during the last quarter. Blue Trust Inc. boosted its stake in shares of Beam Therapeutics by 36.3% in the fourth quarter. Blue Trust Inc. now owns 4,274 shares of the company's stock worth $105,000 after buying an additional 1,139 shares during the last quarter. KBC Group NV boosted its position in Beam Therapeutics by 103.2% during the fourth quarter. KBC Group NV now owns 4,143 shares of the company's stock worth $103,000 after purchasing an additional 2,104 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. boosted its position in Beam Therapeutics by 10.6% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 17,794 shares of the company's stock worth $441,000 after purchasing an additional 1,707 shares in the last quarter. Hedge funds and other institutional investors own 99.68% of the company's stock.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 30,663 shares of Beam Therapeutics stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total value of $562,666.05. Following the sale, the chief executive officer now owns 986,249 shares in the company, valued at $18,097,669.15. The trade was a 3.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christine Bellon sold 5,674 shares of Beam Therapeutics stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total value of $104,117.90. Following the completion of the sale, the insider now owns 117,294 shares in the company, valued at $2,152,344.90. This represents a 4.61% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 43,771 shares of company stock valued at $803,198. 4.20% of the stock is currently owned by insiders.

Beam Therapeutics Price Performance

Shares of NASDAQ:BEAM traded up $0.64 during midday trading on Friday, hitting $17.89. The company had a trading volume of 1,653,131 shares, compared to its average volume of 1,441,858. Beam Therapeutics Inc. has a twelve month low of $13.53 and a twelve month high of $35.25. The stock has a market cap of $1.80 billion, a price-to-earnings ratio of -10.16 and a beta of 2.35. The business's 50-day simple moving average is $19.17 and its 200-day simple moving average is $24.18.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported ($1.24) EPS for the quarter, missing the consensus estimate of ($1.11) by ($0.13). Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The company had revenue of $7.47 million during the quarter, compared to analyst estimates of $14.69 million. During the same period in the prior year, the business posted ($1.21) EPS. Beam Therapeutics's revenue for the quarter was up 1.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

Analysts Set New Price Targets

BEAM has been the topic of a number of recent analyst reports. Cantor Fitzgerald reiterated an "overweight" rating on shares of Beam Therapeutics in a research report on Wednesday, March 12th. Guggenheim lowered their price target on Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Royal Bank of Canada increased their price target on Beam Therapeutics from $24.00 to $26.00 and gave the stock a "sector perform" rating in a research report on Wednesday, February 26th. Wedbush reiterated an "outperform" rating and set a $57.00 price target on shares of Beam Therapeutics in a research report on Monday, March 10th. Finally, Bank of America upgraded Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 price target on the stock in a research report on Friday, March 28th. Two research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $48.75.

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.