Nikko Asset Management Americas Inc. Purchases 404,782 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

Nikko Asset Management Americas Inc. increased its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 11.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,957,611 shares of the company’s stock after acquiring an additional 404,782 shares during the period. Beam Therapeutics comprises about 1.1% of Nikko Asset Management Americas Inc.’s portfolio, making the stock its 28th biggest position. Nikko Asset Management Americas Inc. owned about 4.78% of Beam Therapeutics worth $98,109,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Horizon Kinetics Asset Management LLC grew its position in Beam Therapeutics by 4.4% during the 4th quarter. Horizon Kinetics Asset Management LLC now owns 9,597 shares of the company’s stock worth $238,000 after acquiring an additional 403 shares during the last quarter. Swiss National Bank lifted its holdings in Beam Therapeutics by 0.8% during the 4th quarter. Swiss National Bank now owns 137,800 shares of the company’s stock worth $3,417,000 after buying an additional 1,100 shares during the period. Wealthfront Advisers LLC acquired a new position in Beam Therapeutics during the 4th quarter worth about $41,000. Vestmark Advisory Solutions Inc. lifted its holdings in Beam Therapeutics by 29.3% during the 4th quarter. Vestmark Advisory Solutions Inc. now owns 173,152 shares of the company’s stock worth $4,482,000 after buying an additional 39,250 shares during the period. Finally, Raymond James Financial Inc. acquired a new position in Beam Therapeutics during the 4th quarter worth about $703,000. Institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Stock Performance

BEAM stock opened at $24.23 on Monday. The stock’s 50 day simple moving average is $27.09 and its 200 day simple moving average is $26.01. Beam Therapeutics Inc. has a fifty-two week low of $20.84 and a fifty-two week high of $36.75. The company has a market cap of $2.42 billion, a P/E ratio of -13.77 and a beta of 1.91.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.25) by $0.16. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The business had revenue of $30.00 million for the quarter, compared to the consensus estimate of $16.47 million. During the same period in the prior year, the business earned $1.73 EPS. The firm’s revenue for the quarter was down 90.5% on a year-over-year basis. Equities analysts predict that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Jones Trading raised Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 target price on the stock in a report on Monday, March 10th. Scotiabank raised Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 target price on the stock in a report on Monday, March 10th. Wedbush reaffirmed an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a report on Monday, March 10th. Guggenheim reaffirmed a “buy” rating and set a $78.00 target price on shares of Beam Therapeutics in a report on Thursday, February 27th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Beam Therapeutics in a report on Wednesday, March 12th. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $50.82.

Insider Buying and Selling

In related news, CEO John M. Evans sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $26.75, for a total transaction of $802,500.00. Following the transaction, the chief executive officer now directly owns 908,659 shares of the company’s stock, valued at approximately $24,306,628.25. This represents a 3.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christine Bellon sold 1,241 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total value of $30,627.88. Following the transaction, the insider now directly owns 102,968 shares in the company, valued at approximately $2,541,250.24. This trade represents a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.20% of the stock is owned by company 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.