State of New Jersey Common Pension Fund D Sells 22,208 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

State of New Jersey Common Pension Fund D reduced its position in Beam Therapeutics Inc. (NASDAQ:BEAM) by 20.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 84,061 shares of the company’s stock after selling 22,208 shares during the quarter. State of New Jersey Common Pension Fund D owned 0.10% of Beam Therapeutics worth $2,288,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. SG Americas Securities LLC purchased a new stake in Beam Therapeutics during the third quarter valued at about $363,000. Commonwealth Equity Services LLC boosted its holdings in Beam Therapeutics by 11.7% during the 3rd quarter. Commonwealth Equity Services LLC now owns 9,812 shares of the company’s stock valued at $236,000 after acquiring an additional 1,030 shares during the period. Bank of New York Mellon Corp grew its position in Beam Therapeutics by 2.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 493,916 shares of the company’s stock worth $11,879,000 after acquiring an additional 12,060 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Beam Therapeutics by 15.0% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,907 shares of the company’s stock worth $286,000 after acquiring an additional 1,549 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its stake in Beam Therapeutics by 10.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 325,682 shares of the company’s stock worth $7,833,000 after purchasing an additional 30,909 shares during the period. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on BEAM shares. TheStreet upgraded shares of Beam Therapeutics from a “d” rating to a “c-” rating in a report on Monday, March 11th. JPMorgan Chase & Co. raised shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $38.00 to $40.00 in a report on Monday, January 29th. Barclays upped their price objective on shares of Beam Therapeutics from $26.00 to $42.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 28th. Royal Bank of Canada increased their target price 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, Wedbush restated an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a report on Tuesday, April 23rd. Eight equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $41.00.

Beam Therapeutics Stock Performance

Beam Therapeutics stock opened at $21.74 on Thursday. Beam Therapeutics Inc. has a fifty-two week low of $16.95 and a fifty-two week high of $49.50. The stock has a market cap of $1.79 billion, a price-to-earnings ratio of -11.44 and a beta of 1.77. The stock’s 50 day simple moving average is $31.41 and its two-hundred day simple moving average is $28.07.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly 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. The company had revenue of $316.20 million for the quarter, compared to analyst estimates of $34.16 million. Beam Therapeutics had a negative return on equity of 15.90% and a negative net margin of 35.09%. The firm’s revenue was up 1481.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.54) earnings per share. On average, analysts predict that Beam Therapeutics Inc. will post -5.53 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Fmr Llc sold 1,565 shares of the business’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $30.76, for a total transaction of $48,139.40. Following the sale, the insider now owns 2,771,913 shares of the company’s stock, valued at $85,264,043.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Amy Simon sold 7,157 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $32.13, for a total value of $229,954.41. Following the sale, the insider now directly owns 86,590 shares of the company’s stock, valued at $2,782,136.70. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Fmr Llc sold 1,565 shares of Beam Therapeutics stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $30.76, for a total value of $48,139.40. Following the completion of the transaction, the insider now directly owns 2,771,913 shares of the company’s stock, valued at approximately $85,264,043.88. The disclosure for this sale can be found here. Insiders sold a total of 96,804 shares of company stock worth $3,211,869 in the last three months. 4.20% of the stock is owned by corporate insiders.

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.