18,591 Shares in Beam Therapeutics Inc. (NASDAQ:BEAM) Acquired by Norges Bank

Norges Bank acquired a new stake in Beam Therapeutics Inc. (NASDAQ:BEAM) during the 4th quarter, Holdings Channel reports. The institutional investor acquired 18,591 shares of the company’s stock, valued at approximately $461,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of BEAM. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in shares of Beam Therapeutics during the fourth quarter worth approximately $330,000. Sumitomo Mitsui Trust Group Inc. grew its stake in Beam Therapeutics by 11.4% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock worth $98,149,000 after purchasing an additional 404,782 shares in the last quarter. Teacher Retirement System of Texas increased its holdings in Beam Therapeutics by 18.4% during the 4th quarter. Teacher Retirement System of Texas now owns 20,767 shares of the company’s stock worth $515,000 after purchasing an additional 3,222 shares during the period. Charles Schwab Investment Management Inc. raised its position in Beam Therapeutics by 3.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 648,945 shares of the company’s stock valued at $16,094,000 after purchasing an additional 19,453 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Beam Therapeutics by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock worth $44,297,000 after buying an additional 78,102 shares during the period. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Trading Up 5.7 %

NASDAQ BEAM opened at $15.47 on Friday. The firm’s fifty day simple moving average is $24.37 and its two-hundred day simple moving average is $25.13. The firm has a market capitalization of $1.54 billion, a P/E ratio of -8.79 and a beta of 2.02. Beam Therapeutics Inc. has a 12-month low of $13.53 and a 12-month high of $35.25.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings data 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 firm had revenue of $30.00 million during the quarter, compared to analysts’ expectations of $16.47 million. During the same quarter last year, the firm earned $1.73 EPS. The business’s quarterly revenue was down 90.5% on a year-over-year basis. As a group, sell-side analysts predict that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Analysts Set New Price Targets

BEAM has been the topic of several research reports. Cantor Fitzgerald restated an “overweight” rating on shares of Beam Therapeutics in a research note on Wednesday, March 12th. Royal Bank of Canada raised their target price on shares of Beam Therapeutics from $24.00 to $26.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 26th. Wedbush reaffirmed an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a research report on Monday, March 10th. HC Wainwright reissued a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a report on Monday, April 7th. Finally, Guggenheim restated a “buy” rating and set a $78.00 target price on shares of Beam Therapeutics in a report on Thursday, February 27th. 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $49.45.

Insiders Place Their Bets

In related news, CEO John M. Evans sold 30,663 shares of the company’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total value of $562,666.05. Following the transaction, the chief executive officer now directly owns 986,249 shares of the company’s stock, valued at $18,097,669.15. This represents a 3.02 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Christine Bellon sold 5,674 shares of the firm’s stock in a transaction on Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total value of $104,117.90. Following the completion of the transaction, the insider now owns 117,294 shares of the company’s stock, valued at $2,152,344.90. This trade represents a 4.61 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 73,771 shares of company stock valued at $1,605,698. 4.20% of the stock is currently owned by corporate insiders.

Beam Therapeutics Company 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.