The Manufacturers Life Insurance Company Buys 8,762 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

The Manufacturers Life Insurance Company boosted its position in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 6.4% during the third quarter, Holdings Channel.com reports. The fund owned 145,851 shares of the company’s stock after acquiring an additional 8,762 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Beam Therapeutics were worth $3,573,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in the company. Algert Global LLC increased its stake in shares of Beam Therapeutics by 282.0% in the third quarter. Algert Global LLC now owns 43,523 shares of the company’s stock worth $1,066,000 after purchasing an additional 32,130 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Beam Therapeutics by 6.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock worth $15,423,000 after buying an additional 36,226 shares during the period. Intech Investment Management LLC bought a new position in Beam Therapeutics in the 3rd quarter worth $512,000. Quest Partners LLC increased its stake in Beam Therapeutics by 410.8% in the 3rd quarter. Quest Partners LLC now owns 36,193 shares of the company’s stock worth $887,000 after buying an additional 29,108 shares in the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. raised its holdings in Beam Therapeutics by 59.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock valued at $87,044,000 after acquiring an additional 1,328,414 shares during the period. Hedge funds and other institutional investors own 99.68% of the company’s stock.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the transaction, the chief executive officer now owns 938,659 shares in the company, valued at $23,091,011.40. The trade was a 6.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, President Giuseppe Ciaramella sold 51,110 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $26.36, for a total transaction of $1,347,259.60. Following the completion of the sale, the president now owns 109,150 shares of the company’s stock, valued at $2,877,194. This trade represents a 31.89 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 162,894 shares of company stock worth $4,181,745. Company insiders own 4.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on BEAM shares. Scotiabank initiated coverage on Beam Therapeutics in a research note on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 price objective for the company. Stifel Nicolaus upped their price target on Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Leerink Partnrs upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $27.00 to $39.00 in a research report on Wednesday, November 6th. Finally, Royal Bank of Canada reduced their price target on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 6th. Four research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Beam Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $44.91.

Beam Therapeutics Stock Up 5.5 %

Beam Therapeutics stock opened at $26.71 on Friday. The company’s 50-day moving average price is $24.79 and its 200-day moving average price is $25.15. The company has a market cap of $2.21 billion, a PE ratio of -15.18 and a beta of 1.90. Beam Therapeutics Inc. has a twelve month low of $20.84 and a twelve month high of $49.50.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.01). The company had revenue of $14.30 million for the quarter, compared to the consensus estimate of $14.52 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company’s revenue was down 16.9% compared to the same quarter last year. During the same period in the previous year, the firm earned ($1.22) earnings per share. As a group, sell-side analysts expect that Beam Therapeutics Inc. will post -4.66 earnings per share for the current fiscal year.

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.