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

Nikko Asset Management Americas Inc. increased its holdings in Beam Therapeutics Inc. (NASDAQ:BEAM) by 11.4% in the 4th quarter, HoldingsChannel.com reports. The fund owned 3,957,611 shares of the company’s stock after buying an additional 404,782 shares during the period. Beam Therapeutics comprises about 1.1% of Nikko Asset Management Americas Inc.’s holdings, making the stock its 28th biggest position. Nikko Asset Management Americas Inc.’s holdings in Beam Therapeutics were worth $98,109,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of BEAM. Wealthfront Advisers LLC bought a new position in shares of Beam Therapeutics in the fourth quarter valued at approximately $41,000. KBC Group NV grew its holdings in shares of Beam Therapeutics by 103.2% in the fourth quarter. KBC Group NV now owns 4,143 shares of the company’s stock valued at $103,000 after acquiring an additional 2,104 shares in the last quarter. Blue Trust Inc. lifted its stake in Beam Therapeutics by 36.3% in the fourth quarter. Blue Trust Inc. now owns 4,274 shares of the company’s stock valued at $105,000 after purchasing an additional 1,139 shares during the last quarter. GAMMA Investing LLC lifted its stake in Beam Therapeutics by 23.9% in the fourth quarter. GAMMA Investing LLC now owns 5,722 shares of the company’s stock valued at $142,000 after purchasing an additional 1,102 shares during the last quarter. Finally, Quarry LP lifted its stake in Beam Therapeutics by 66.7% in the third quarter. Quarry LP now owns 6,000 shares of the company’s stock valued at $147,000 after purchasing an additional 2,400 shares during the last quarter. 99.68% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on BEAM shares. Guggenheim reiterated a “buy” rating and issued a $78.00 price objective on shares of Beam Therapeutics in a research note on Thursday, February 27th. Sanford C. Bernstein upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Scotiabank upgraded Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 price objective on the stock in a research note on Monday, March 10th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Beam Therapeutics in a research note on Wednesday, March 12th. Finally, Wedbush restated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Monday, March 10th. Two research analysts have rated the stock with a hold rating, ten have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $50.82.

Beam Therapeutics Stock Performance

Shares of BEAM stock opened at $24.23 on Monday. Beam Therapeutics Inc. has a 52-week low of $20.84 and a 52-week high of $36.75. The company has a market capitalization of $2.42 billion, a PE ratio of -13.77 and a beta of 1.91. The business’s fifty day moving average is $27.09 and its 200 day moving average is $26.01.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings data on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) 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 company had revenue of $30.00 million for the quarter, compared to the consensus estimate of $16.47 million. During the same quarter last year, the business posted $1.73 earnings per share. The firm’s revenue was down 90.5% compared to the same quarter last year. On average, sell-side analysts forecast that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

Insider Buying and Selling

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