State of New Jersey Common Pension Fund D Decreases Holdings in Beam Therapeutics Inc. (NASDAQ:BEAM)

State of New Jersey Common Pension Fund D lowered its stake in Beam Therapeutics Inc. (NASDAQ:BEAM) by 20.9% in the 4th quarter, according to the company in its most recent Form 13F 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 period. State of New Jersey Common Pension Fund D’s holdings in Beam Therapeutics were worth $2,288,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. ARK Investment Management LLC boosted its holdings in shares of Beam Therapeutics by 6.9% in the 4th quarter. ARK Investment Management LLC now owns 9,393,889 shares of the company’s stock worth $255,702,000 after purchasing an additional 609,998 shares during the period. Swiss National Bank boosted its stake in Beam Therapeutics by 12.9% during the third quarter. Swiss National Bank now owns 142,400 shares of the company’s stock worth $3,425,000 after buying an additional 16,300 shares during the period. Citigroup Inc. increased its position in Beam Therapeutics by 21.5% during the third quarter. Citigroup Inc. now owns 197,597 shares of the company’s stock valued at $4,752,000 after acquiring an additional 34,943 shares during the last quarter. Rafferty Asset Management LLC raised its stake in shares of Beam Therapeutics by 31.8% in the third quarter. Rafferty Asset Management LLC now owns 340,141 shares of the company’s stock valued at $8,180,000 after acquiring an additional 82,150 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in shares of Beam Therapeutics by 35.1% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,642,180 shares of the company’s stock worth $39,494,000 after acquiring an additional 427,100 shares during the last quarter. 99.68% of the stock is owned by institutional investors.

Beam Therapeutics Price Performance

Shares of Beam Therapeutics stock opened at $21.74 on Thursday. Beam Therapeutics Inc. has a 1 year low of $16.95 and a 1 year 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 firm’s 50-day moving average is $31.41 and its two-hundred day moving average is $28.07.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings data on Tuesday, February 27th. The company reported $1.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.69) by $2.42. The firm had revenue of $316.20 million for the quarter, compared to the consensus estimate of $34.16 million. Beam Therapeutics had a negative net margin of 35.09% and a negative return on equity of 15.90%. The company’s quarterly revenue was up 1481.0% on a year-over-year basis. During the same period last year, the firm earned ($0.54) earnings per share. On average, equities analysts expect that Beam Therapeutics Inc. will post -5.53 earnings per share for the current year.

Insider Transactions at Beam Therapeutics

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

Analyst Upgrades and Downgrades

BEAM has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. raised shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $38.00 to $40.00 in a research report on Monday, January 29th. Wedbush reiterated an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a report on Tuesday, April 23rd. Barclays boosted their price objective on Beam Therapeutics from $26.00 to $42.00 and gave the company an “equal weight” rating in a report on Wednesday, February 28th. TheStreet upgraded Beam Therapeutics from a “d” rating to a “c-” rating in a research note on Monday, March 11th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research note on Wednesday, March 27th. Eight investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Beam Therapeutics currently has an average rating of “Hold” and an average target price of $41.00.

About Beam Therapeutics

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.