Bank of New York Mellon Corp Purchases 41,109 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

Bank of New York Mellon Corp grew its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 14.8% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 318,026 shares of the company's stock after purchasing an additional 41,109 shares during the period. Bank of New York Mellon Corp owned approximately 0.32% of Beam Therapeutics worth $6,211,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. GF Fund Management CO. LTD. acquired a new stake in Beam Therapeutics in the 4th quarter valued at about $43,000. Sterling Capital Management LLC increased its stake in Beam Therapeutics by 816.0% in the 4th quarter. Sterling Capital Management LLC now owns 2,409 shares of the company's stock valued at $60,000 after buying an additional 2,146 shares during the period. Amalgamated Bank grew its holdings in Beam Therapeutics by 20.4% in the first quarter. Amalgamated Bank now owns 3,153 shares of the company's stock valued at $62,000 after purchasing an additional 534 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Beam Therapeutics during the fourth quarter worth approximately $191,000. Finally, Summit Investment Advisors Inc. lifted its stake in shares of Beam Therapeutics by 6.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 7,999 shares of the company's stock worth $198,000 after purchasing an additional 496 shares in the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on BEAM shares. Guggenheim cut their price objective on shares of Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Cantor Fitzgerald raised Beam Therapeutics to a "strong-buy" rating in a research report on Monday, July 21st. HC Wainwright reaffirmed a "buy" rating and issued a $80.00 price target on shares of Beam Therapeutics in a report on Monday, April 7th. Wells Fargo & Company cut their price target on shares of Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating on the stock in a report on Wednesday, May 7th. Finally, Barclays cut their target price on shares of Beam Therapeutics from $31.00 to $25.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 7th. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and three have issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $48.75.

Beam Therapeutics Trading Up 3.7%

NASDAQ:BEAM traded up $0.77 during mid-day trading on Friday, reaching $21.72. 1,623,416 shares of the stock were exchanged, compared to its average volume of 2,500,295. The business has a fifty day moving average price of $18.41 and a 200 day moving average price of $21.36. The firm has a market capitalization of $2.18 billion, a PE ratio of -4.71 and a beta of 2.07. Beam Therapeutics Inc. has a 1-year low of $13.52 and a 1-year high of $35.25.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported ($1.24) earnings per share for the quarter, missing the consensus estimate of ($1.11) by ($0.13). Beam Therapeutics had a negative return on equity of 44.24% and a negative net margin of 609.24%. The firm had revenue of $7.47 million during the quarter, compared to analysts' expectations of $14.69 million. During the same period last year, the business earned ($1.21) earnings per share. The business's revenue was up 1.4% on a year-over-year basis. On average, sell-side analysts forecast that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Beam Therapeutics 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.