Sumitomo Mitsui Trust Group Inc. Has $122.23 Million Stock Holdings in Beam Therapeutics Inc. $BEAM

Key Points

• Sumitomo Mitsui Trust Group trimmed its position by 8.7%, selling 421,438 shares and ending the quarter with 4,409,300 Beam shares — a 4.35% stake valued at about $122.23 million.
• Strong quarterly beat: Beam reported EPS of $2.33 (vs. -$1.13 expected) and revenue of $114.11M (vs. $13.22M expected), a 280.3% YoY revenue increase, though the company still shows a negative net margin and analysts forecast a -$4.57 EPS for the year.
• Ownership and sentiment: roughly 99.7% of shares are held by institutions, insiders sold about 99,544 shares (~$2.59M) in the past 90 days, and the consensus rating is a "Moderate Buy" with a price target of $49.36.

Sumitomo Mitsui Trust Group Inc. cut its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 8.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,409,300 shares of the company's stock after selling 421,438 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 4.35% of Beam Therapeutics worth $122,226,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Larson Financial Group LLC increased its stake in shares of Beam Therapeutics by 4,370.5% during the 3rd quarter. Larson Financial Group LLC now owns 1,967 shares of the company's stock worth $48,000 after purchasing an additional 1,923 shares during the last quarter. Van ECK Associates Corp increased its stake in shares of Beam Therapeutics by 48.7% during the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company's stock worth $52,000 after purchasing an additional 707 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in shares of Beam Therapeutics by 1,248.8% during the 2nd quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company's stock worth $65,000 after purchasing an additional 3,534 shares during the last quarter. SBI Securities Co. Ltd. increased its stake in shares of Beam Therapeutics by 300.1% during the 3rd quarter. SBI Securities Co. Ltd. now owns 4,009 shares of the company's stock worth $97,000 after purchasing an additional 3,007 shares during the last quarter. Finally, Bayforest Capital Ltd acquired a new position in Beam Therapeutics in the 3rd quarter valued at about $114,000. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Beam Therapeutics Stock Performance

Shares of BEAM opened at $30.18 on Tuesday. Beam Therapeutics Inc. has a 52 week low of $15.35 and a 52 week high of $36.44. The firm has a market cap of $3.07 billion, a P/E ratio of -29.88 and a beta of 2.18. The firm's 50-day simple moving average is $26.30 and its 200 day simple moving average is $26.53.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its quarterly earnings data on Tuesday, February 24th. The company reported $2.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($1.13) by $3.46. The firm had revenue of $114.11 million during the quarter, compared to the consensus estimate of $13.22 million. Beam Therapeutics had a negative net margin of 57.24% and a negative return on equity of 30.65%. The business's revenue for the quarter was up 280.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.09) EPS. As a group, equities analysts forecast that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on BEAM shares. Weiss Ratings reiterated a "sell (d-)" rating on shares of Beam Therapeutics in a research note on Wednesday, January 21st. Sanford C. Bernstein upped their price target on shares of Beam Therapeutics from $37.00 to $41.00 and gave the company an "outperform" rating in a research note on Tuesday, January 20th. Tudor Pickering set a $41.00 price target on shares of Beam Therapeutics in a research note on Wednesday, January 21st. Wedbush upped their price target on shares of Beam Therapeutics from $57.00 to $65.00 and gave the company an "outperform" rating in a research note on Wednesday, February 25th. Finally, Citigroup upped their price target on shares of Beam Therapeutics from $64.00 to $68.00 and gave the company a "buy" rating in a research note on Thursday, March 26th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $49.36.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 30,078 shares of the business's stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $24.58, for a total value of $739,317.24. Following the completion of the sale, the chief executive officer owned 1,047,205 shares of the company's stock, valued at $25,740,298.90. The trade was a 2.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Christine Bellon sold 5,956 shares of the business's stock in a transaction dated Wednesday, April 1st. The shares were sold at an average price of $24.58, for a total transaction of $146,398.48. Following the completion of the sale, the insider directly owned 109,711 shares of the company's stock, valued at $2,696,696.38. This represents a 5.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 99,544 shares of company stock worth $2,591,305. 3.50% of the stock is currently owned by company insiders.

About Beam Therapeutics

Beam Therapeutics, Inc NASDAQ: BEAM is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.

Want to see what other hedge funds are holding BEAM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.