Beam Therapeutics Inc. (NASDAQ:BEAM) Shares Bought by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Beam Therapeutics Inc. (NASDAQ:BEAM) by 9.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 10,492 shares of the company’s stock after acquiring an additional 879 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Beam Therapeutics were worth $205,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Northern Trust Corp lifted its stake in shares of Beam Therapeutics by 7.2% in the 4th quarter. Northern Trust Corp now owns 740,506 shares of the company’s stock worth $18,365,000 after acquiring an additional 49,415 shares during the period. GAMMA Investing LLC increased its holdings in shares of Beam Therapeutics by 549.9% in the 1st quarter. GAMMA Investing LLC now owns 37,185 shares of the company’s stock valued at $726,000 after purchasing an additional 31,463 shares in the last quarter. Amalgamated Bank increased its holdings in shares of Beam Therapeutics by 20.4% in the 1st quarter. Amalgamated Bank now owns 3,153 shares of the company’s stock valued at $62,000 after purchasing an additional 534 shares in the last quarter. Stifel Financial Corp increased its holdings in shares of Beam Therapeutics by 27.8% in the 4th quarter. Stifel Financial Corp now owns 13,662 shares of the company’s stock valued at $339,000 after purchasing an additional 2,976 shares in the last quarter. Finally, Rhumbline Advisers increased its holdings in shares of Beam Therapeutics by 11.9% in the 1st quarter. Rhumbline Advisers now owns 141,204 shares of the company’s stock valued at $2,758,000 after purchasing an additional 14,971 shares in the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

Insider Activity

In related news, insider Fmr Llc sold 48,374 shares of the business’s stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $20.50, for a total value of $991,667.00. Following the completion of the sale, the insider directly owned 2,073,665 shares in the company, valued at approximately $42,510,132.50. The trade was a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders have sold 49,624 shares of company stock worth $1,015,628. 3.50% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on BEAM. Guggenheim cut their price target on shares of Beam Therapeutics from $78.00 to $55.00 and set a “buy” rating for the company in a report on Wednesday, May 7th. Barclays dropped their target price on shares of Beam Therapeutics from $25.00 to $21.00 and set an “equal weight” rating for the company in a report on Wednesday, August 6th. Cantor Fitzgerald upgraded shares of Beam Therapeutics to a “strong-buy” rating in a report on Monday, July 21st. Finally, Wells Fargo & Company dropped their target price on shares of Beam Therapeutics from $75.00 to $70.00 and set an “overweight” rating for the company in a report on Wednesday, May 7th. Two equities research analysts have rated the stock with a hold rating, nine have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $48.45.

Beam Therapeutics Price Performance

Beam Therapeutics stock opened at $17.63 on Friday. Beam Therapeutics Inc. has a 12-month low of $13.52 and a 12-month high of $35.25. The stock has a market capitalization of $1.78 billion, a P/E ratio of -3.92 and a beta of 2.22. The firm’s 50-day moving average is $18.88 and its two-hundred day moving average is $20.77.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results on Tuesday, August 5th. The company reported ($1.00) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.04) by $0.04. Beam Therapeutics had a negative net margin of 661.31% and a negative return on equity of 43.15%. The company had revenue of $8.47 million for the quarter, compared to analysts’ expectations of $13.29 million. During the same period last year, the company earned ($1.11) EPS. The firm’s revenue for the quarter was down 28.0% compared to the same quarter last year. As a group, analysts forecast that Beam Therapeutics Inc. will post -4.57 EPS for the current year.

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.