Sumitomo Mitsui Trust Holdings Inc. Has $64.19 Million Position in Beam Therapeutics Inc. (NASDAQ:BEAM)

Sumitomo Mitsui Trust Holdings Inc. grew its stake in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 43.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,358,091 shares of the company's stock after purchasing an additional 715,911 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned approximately 2.89% of Beam Therapeutics worth $64,187,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. Krilogy Financial LLC acquired a new position in Beam Therapeutics during the fourth quarter worth about $643,000. International Assets Investment Management LLC purchased a new position in Beam Therapeutics during the fourth quarter worth about $1,852,000. China Universal Asset Management Co. Ltd. raised its stake in shares of Beam Therapeutics by 325.5% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 9,667 shares of the company's stock valued at $263,000 after acquiring an additional 7,395 shares during the period. ARK Investment Management LLC raised its stake in shares of Beam Therapeutics by 6.9% in the 4th quarter. ARK Investment Management LLC now owns 9,393,889 shares of the company's stock valued at $255,702,000 after acquiring an additional 609,998 shares during the period. Finally, Raymond James Financial Services Advisors Inc. purchased a new stake in Beam Therapeutics during the 4th quarter worth approximately $216,000. Institutional investors and hedge funds own 99.68% of the company's stock.

Insider Transactions at Beam Therapeutics

In other news, insider Amy Simon sold 7,157 shares of Beam Therapeutics stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $32.13, for a total transaction of $229,954.41. Following the completion of the sale, the insider now directly owns 86,590 shares in the company, valued at $2,782,136.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Beam Therapeutics news, insider Amy Simon sold 7,157 shares of Beam Therapeutics stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $32.13, for a total transaction of $229,954.41. Following the transaction, the insider now directly owns 86,590 shares of the company's stock, valued at $2,782,136.70. The sale was disclosed in a filing with the SEC, which is available at this link. Also, President Giuseppe Ciaramella sold 4,534 shares of Beam Therapeutics stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $32.12, for a total transaction of $145,632.08. Following the transaction, the president now directly owns 169,616 shares in the company, valued at $5,448,065.92. The disclosure for this sale can be found here. Insiders sold a total of 156,804 shares of company stock worth $4,731,669 over the last ninety days. 4.40% of the stock is currently owned by corporate insiders.

Beam Therapeutics Stock Down 1.7 %

Shares of NASDAQ BEAM traded down $0.41 during midday trading on Friday, hitting $23.90. The company had a trading volume of 4,536,873 shares, compared to its average volume of 1,441,603. Beam Therapeutics Inc. has a twelve month low of $16.95 and a twelve month high of $49.50. The business has a 50-day simple moving average of $33.09 and a two-hundred day simple moving average of $28.00.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its earnings results on Tuesday, February 27th. The company reported $1.73 earnings per share for the quarter, beating the consensus estimate of ($0.69) by $2.42. Beam Therapeutics had a negative net margin of 35.09% and a negative return on equity of 15.90%. The firm had revenue of $316.20 million during the quarter, compared to the consensus estimate of $34.16 million. During the same period last year, the firm posted ($0.54) EPS. The firm's revenue for the quarter was up 1481.0% on a year-over-year basis. Equities research analysts anticipate that Beam Therapeutics Inc. will post -5.53 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Barclays upped their target price on shares of Beam Therapeutics from $26.00 to $42.00 and gave the stock an "equal weight" rating in a research note on Wednesday, February 28th. BMO Capital Markets reiterated an "outperform" rating and set a $57.00 price target on shares of Beam Therapeutics in a report on Wednesday, March 27th. Wedbush reiterated an "outperform" rating and set a $57.00 price target (up previously from $48.00) on shares of Beam Therapeutics in a report on Tuesday, February 27th. Royal Bank of Canada boosted their price target on shares of Beam Therapeutics from $27.00 to $35.00 and gave the stock a "sector perform" rating in a report on Wednesday, February 28th. Finally, JPMorgan Chase & Co. upgraded shares of Beam Therapeutics from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $38.00 to $40.00 in a report on Monday, January 29th. Eight research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Beam Therapeutics has an average rating of "Hold" and a consensus target price of $41.00.

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.