The Manufacturers Life Insurance Company Has $3.57 Million Stock Holdings in Beam Therapeutics Inc. (NASDAQ:BEAM)

The Manufacturers Life Insurance Company lifted its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 6.4% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 145,851 shares of the company’s stock after purchasing an additional 8,762 shares during the quarter. The Manufacturers Life Insurance Company owned 0.18% of Beam Therapeutics worth $3,573,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Bank of Montreal Can bought a new position in Beam Therapeutics in the second quarter valued at approximately $3,683,000. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Beam Therapeutics by 59.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company’s stock valued at $87,044,000 after purchasing an additional 1,328,414 shares during the last quarter. Algert Global LLC raised its holdings in shares of Beam Therapeutics by 282.0% during the 3rd quarter. Algert Global LLC now owns 43,523 shares of the company’s stock worth $1,066,000 after buying an additional 32,130 shares in the last quarter. International Assets Investment Management LLC bought a new stake in shares of Beam Therapeutics during the 3rd quarter worth $15,760,000. Finally, American Century Companies Inc. boosted its stake in Beam Therapeutics by 33.2% in the second quarter. American Century Companies Inc. now owns 95,578 shares of the company’s stock valued at $2,239,000 after buying an additional 23,837 shares in the last quarter. 99.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Stifel Nicolaus increased their target price on shares of Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Royal Bank of Canada dropped their price objective on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 6th. HC Wainwright reaffirmed a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a research note on Thursday, November 7th. Leerink Partners upgraded Beam Therapeutics from a “market perform” rating to an “outperform” rating and increased their price target for the company from $27.00 to $39.00 in a research note on Wednesday, November 6th. Finally, Wedbush restated an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research report on Tuesday, November 5th. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $44.91.

Beam Therapeutics Price Performance

Shares of NASDAQ BEAM opened at $26.71 on Friday. Beam Therapeutics Inc. has a 1 year low of $20.84 and a 1 year high of $49.50. The company’s 50-day moving average is $24.79 and its 200 day moving average is $25.15. The stock has a market capitalization of $2.21 billion, a P/E ratio of -15.18 and a beta of 1.90.

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

Insiders Place Their Bets

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $24.60, for a total value of $1,476,000.00. Following the transaction, the chief executive officer now directly owns 938,659 shares in the company, valued at approximately $23,091,011.40. This trade represents a 6.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction on 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 transaction, the president now owns 109,150 shares in the company, valued at $2,877,194. This represents a 31.89 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 162,894 shares of company stock valued at $4,181,745. Corporate insiders own 4.20% of the company’s stock.

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.