Sumitomo Mitsui Trust Group Inc. Has $83.33 Million Stock Holdings in Beam Therapeutics Inc. (NASDAQ:BEAM)

Sumitomo Mitsui Trust Group Inc. grew its position in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 7.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 4,266,871 shares of the company's stock after buying an additional 309,260 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 4.24% of Beam Therapeutics worth $83,332,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Farallon Capital Management LLC increased its stake in shares of Beam Therapeutics by 0.4% in the 4th quarter. Farallon Capital Management LLC now owns 8,239,123 shares of the company's stock valued at $204,330,000 after buying an additional 31,000 shares during the period. Nikko Asset Management Americas Inc. increased its stake in shares of Beam Therapeutics by 11.4% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company's stock valued at $98,109,000 after buying an additional 404,782 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Beam Therapeutics by 18.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,753,142 shares of the company's stock valued at $43,479,000 after buying an additional 266,834 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Beam Therapeutics by 24.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,538,398 shares of the company's stock valued at $38,155,000 after buying an additional 298,067 shares during the period. Finally, Casdin Capital LLC grew its stake in shares of Beam Therapeutics by 61.3% during the fourth quarter. Casdin Capital LLC now owns 1,250,000 shares of the company's stock worth $31,000,000 after purchasing an additional 475,000 shares during the period. 99.68% of the stock is owned by institutional investors and hedge funds.

Beam Therapeutics Trading Up 3.1%

Shares of NASDAQ:BEAM traded up $0.52 during trading on Tuesday, hitting $17.53. 1,583,668 shares of the company's stock traded hands, compared to its average volume of 1,493,593. Beam Therapeutics Inc. has a 52 week low of $13.53 and a 52 week high of $35.25. The company has a market cap of $1.76 billion, a price-to-earnings ratio of -3.80 and a beta of 2.09. The company has a 50-day moving average price of $17.66 and a 200-day moving average price of $22.18.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its quarterly earnings data 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 net margin of 609.24% and a negative return on equity of 44.24%. The business had revenue of $7.47 million for the quarter, compared to the consensus estimate of $14.69 million. During the same quarter last year, the firm earned ($1.21) EPS. The company's revenue for the quarter was up 1.4% on a year-over-year basis. On average, analysts predict that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently commented on BEAM. Bank of America upgraded Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 price objective for the company in a report on Friday, March 28th. Barclays reduced their target price on Beam Therapeutics from $31.00 to $25.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 7th. Wells Fargo & Company reduced their target price on Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating on the stock in a report on Wednesday, May 7th. Guggenheim reduced their target price on Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating on the stock in a report on Wednesday, May 7th. Finally, Wedbush restated an "outperform" rating and set a $57.00 target price on shares of Beam Therapeutics in a report on Monday, March 10th. Two investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $48.75.

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.