Beam Therapeutics Inc. $BEAM Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. cut its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 3.1% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 3,349,244 shares of the company’s stock after selling 105,799 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 3.24% of Beam Therapeutics worth $81,889,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Beam Therapeutics in the 3rd quarter worth approximately $129,000. Profund Advisors LLC raised its holdings in shares of Beam Therapeutics by 10.0% in the 3rd quarter. Profund Advisors LLC now owns 52,359 shares of the company’s stock worth $1,280,000 after purchasing an additional 4,775 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in Beam Therapeutics by 15.1% during the third quarter. China Universal Asset Management Co. Ltd. now owns 18,846 shares of the company’s stock valued at $462,000 after purchasing an additional 2,473 shares during the last quarter. D.A. Davidson & CO. lifted its stake in Beam Therapeutics by 5.0% during the third quarter. D.A. Davidson & CO. now owns 105,697 shares of the company’s stock valued at $2,584,000 after purchasing an additional 5,069 shares during the last quarter. Finally, Sterling Capital Management LLC lifted its stake in Beam Therapeutics by 504.0% during the third quarter. Sterling Capital Management LLC now owns 3,135 shares of the company’s stock valued at $77,000 after purchasing an additional 2,616 shares during the last quarter. Institutional investors own 99.68% of the company’s stock.

Insider Activity at Beam Therapeutics

In other news, CEO John Evans sold 25,000 shares of Beam Therapeutics stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $23.57, for a total transaction of $589,250.00. Following the transaction, the chief executive officer owned 1,047,205 shares in the company, valued at approximately $24,682,621.85. The trade was a 2.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 3.80% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

BEAM has been the topic of several recent research reports. Canaccord Genuity Group lifted their price target on shares of Beam Therapeutics from $78.00 to $79.00 and gave the stock a “buy” rating in a research report on Thursday, October 29th. HC Wainwright reiterated a “buy” rating on shares of Beam Therapeutics in a research report on Tuesday, October 27th. Wall Street Zen downgraded Beam Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Saturday. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Thursday, October 15th. Finally, Wedbush decreased their target price on Beam Therapeutics from $65.00 to $28.00 and set an “outperform” rating on the stock in a report on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $46.90.

Beam Therapeutics Stock Performance

Shares of NASDAQ:BEAM opened at $26.33 on Wednesday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 14.57 and a current ratio of 14.57. Beam Therapeutics Inc. has a 52 week low of $20.23 and a 52 week high of $38.26. The firm has a 50 day simple moving average of $25.81 and a 200 day simple moving average of $28.10.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, November 3rd. The company reported ($1.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.17) by ($0.11). The firm had revenue of $0.31 million for the quarter, compared to analyst estimates of $8.75 million. Beam Therapeutics had a negative net margin of 54.75% and a negative return on equity of 30.71%. Beam Therapeutics’s revenue for the quarter was down 96.8% compared to the same quarter last year. During the same period last year, the firm earned ($1.10) earnings per share. Research analysts forecast that Beam Therapeutics Inc. will post -4.49 EPS for the current fiscal year.

Beam Therapeutics Profile

Beam Therapeutics Inc is a biotechnology company developing precision genetic medicines for patients with serious diseases. The company’s platform uses base editing, a form of gene editing designed to make targeted changes to individual DNA letters without creating double-strand breaks. Beam is also advancing related editing technologies and delivery systems intended to improve the precision and effectiveness of genetic treatments.

Beam’s pipeline includes investigational programs for diseases such as sickle cell disease, beta thalassemia, alpha-1 antitrypsin deficiency and glycogen storage disease type Ia.