Beam Therapeutics Inc. (NASDAQ:BEAM) Shares Acquired by Nikko Asset Management Americas Inc.

Key Points

• Nikko Asset Management Americas Inc. has increased its holdings in Beam Therapeutics Inc. by 7.9%, owning approximately 4.25% of the company, valued at $83.3 million.
• Several investment firms have also increased their stakes in Beam Therapeutics, indicating a strong interest from institutional investors, with 99.68% of the stock owned by such entities.
• The company's recent earnings report showed a loss of ($1.24) EPS, missing analysts' estimates, alongside a revenue shortfall compared to expectations, totaling $7.47 million.

Nikko Asset Management Americas Inc. raised its position in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 7.9% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 4,270,020 shares of the company's stock after buying an additional 312,409 shares during the quarter. Beam Therapeutics comprises about 1.1% of Nikko Asset Management Americas Inc.'s holdings, making the stock its 25th largest position. Nikko Asset Management Americas Inc. owned approximately 4.25% of Beam Therapeutics worth $83,265,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new stake in Beam Therapeutics during the fourth quarter worth approximately $703,000. Teacher Retirement System of Texas boosted its position in Beam Therapeutics by 18.4% during the fourth quarter. Teacher Retirement System of Texas now owns 20,767 shares of the company's stock worth $515,000 after acquiring an additional 3,222 shares during the last quarter. American Century Companies Inc. boosted its position in Beam Therapeutics by 13.2% during the fourth quarter. American Century Companies Inc. now owns 135,380 shares of the company's stock worth $3,357,000 after acquiring an additional 15,774 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in Beam Therapeutics during the fourth quarter worth approximately $332,000. Finally, LPL Financial LLC boosted its position in Beam Therapeutics by 5.6% during the fourth quarter. LPL Financial LLC now owns 27,698 shares of the company's stock worth $687,000 after acquiring an additional 1,462 shares during the last quarter. Hedge funds and other institutional investors own 99.68% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on BEAM shares. Wells Fargo & Company decreased 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. Barclays decreased their price target on shares of Beam Therapeutics from $31.00 to $25.00 and set an "equal weight" rating on the stock in a report on Wednesday, May 7th. Guggenheim decreased their price target 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. HC Wainwright reiterated a "buy" rating and issued a $80.00 price target on shares of Beam Therapeutics in a report on Monday, April 7th. Finally, Cantor Fitzgerald upgraded shares of Beam Therapeutics to a "strong-buy" rating in a report on Monday, July 21st. Two analysts have rated the stock with a hold rating, ten have issued a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $48.75.

Beam Therapeutics Stock Performance

Shares of Beam Therapeutics stock traded up $1.23 on Wednesday, reaching $21.16. 1,253,291 shares of the company were exchanged, compared to its average volume of 2,029,821. The firm has a market cap of $2.13 billion, a price-to-earnings ratio of -4.58 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. The company's 50-day moving average is $18.52 and its two-hundred day moving average is $21.28.

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

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.