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

Nikko Asset Management Americas Inc. boosted its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 43.6% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,358,091 shares of the company's stock after purchasing an additional 715,911 shares during the quarter. Nikko Asset Management Americas Inc. owned approximately 2.89% of Beam Therapeutics worth $64,093,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. ARK Investment Management LLC boosted its position in shares of Beam Therapeutics by 6.9% in the fourth quarter. ARK Investment Management LLC now owns 9,393,889 shares of the company's stock worth $255,702,000 after acquiring an additional 609,998 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in shares of Beam Therapeutics by 43.6% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,358,091 shares of the company's stock valued at $64,187,000 after purchasing an additional 715,911 shares during the last quarter. Baillie Gifford & Co. grew its stake in shares of Beam Therapeutics by 67.2% during the 3rd quarter. Baillie Gifford & Co. now owns 875,747 shares of the company's stock valued at $21,062,000 after buying an additional 352,014 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Beam Therapeutics by 5.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 571,236 shares of the company's stock worth $15,549,000 after buying an additional 29,826 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in shares of Beam Therapeutics by 2.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 493,916 shares of the company's stock worth $11,879,000 after buying an additional 12,060 shares during the period. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BEAM has been the topic of several research analyst reports. Barclays reduced their price objective on Beam Therapeutics from $42.00 to $33.00 and set an "equal weight" rating on the stock in a research note on Wednesday, May 8th. Wedbush reissued an "outperform" rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research report on Tuesday, May 7th. Royal Bank of Canada lifted their target price on shares of Beam Therapeutics from $27.00 to $35.00 and gave the company a "sector perform" rating in a report on Wednesday, February 28th. JPMorgan Chase & Co. upgraded Beam Therapeutics from a "neutral" rating to an "overweight" rating and increased their price target for the company from $38.00 to $40.00 in a report on Monday, January 29th. Finally, BMO Capital Markets restated an "outperform" rating and set a $57.00 price objective on shares of Beam Therapeutics in a research note on Wednesday, March 27th. Eight research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $40.18.

Beam Therapeutics Stock Up 3.5 %

Shares of Beam Therapeutics stock traded up $0.83 on Friday, hitting $24.62. 1,166,598 shares of the company's stock traded hands, compared to its average volume of 1,412,692. The firm's 50-day moving average is $28.01 and its 200 day moving average is $28.26. The stock has a market cap of $2.03 billion, a P/E ratio of -13.83 and a beta of 1.88. Beam Therapeutics Inc. has a 52-week low of $16.95 and a 52-week high of $49.50.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its quarterly earnings data on Tuesday, May 7th. The company reported ($1.21) EPS for the quarter, beating analysts' consensus estimates of ($1.42) by $0.21. The firm had revenue of $7.40 million for the quarter, compared to the consensus estimate of $17.09 million. Beam Therapeutics had a negative net margin of 37.33% and a negative return on equity of 15.46%. The firm's revenue was down 69.4% compared to the same quarter last year. During the same period in the prior year, the firm posted ($1.33) EPS. Equities research analysts forecast that Beam Therapeutics Inc. will post -4.68 EPS for the current year.

Insider Buying and Selling at Beam Therapeutics

In other news, President Giuseppe Ciaramella sold 4,534 shares of Beam Therapeutics stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $32.12, for a total value of $145,632.08. Following the completion of the transaction, the president now owns 169,616 shares in the company, valued at approximately $5,448,065.92. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction that occurred on Thursday, March 28th. The stock was sold at an average price of $33.86, for a total value of $2,031,600.00. Following the completion of the transaction, the chief executive officer now directly owns 998,262 shares in the company, valued at $33,801,151.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Giuseppe Ciaramella sold 4,534 shares of the company's stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $32.12, for a total value of $145,632.08. Following the transaction, the president now directly owns 169,616 shares of the company's stock, valued at $5,448,065.92. The disclosure for this sale can be found here. Insiders have sold 95,239 shares of company stock worth $3,163,729 over the last quarter. 4.20% of the stock is owned by corporate insiders.

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.

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