IQ EQ FUND MANAGEMENT IRELAND Ltd Raises Stock Holdings in Beam Therapeutics Inc. (NASDAQ:BEAM)

Key Points

• IQ EQ FUND MANAGEMENT IRELAND Ltd increased its stake in Beam Therapeutics by 102.7%, owning 65,252 shares valued at approximately $1.27 million after acquiring an additional 33,054 shares in the first quarter.
• Analysts have mixed outlooks on Beam Therapeutics, with price targets ranging from $25.00 to $80.00 and a consensus rating of "Buy" with an average target price of $48.75.
• Beam Therapeutics reported a loss of $1.24 EPS for the most recent quarter, missing analyst expectations, with revenues of $7.47 million compared to expectations of $14.69 million.

IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 102.7% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 65,252 shares of the company's stock after acquiring an additional 33,054 shares during the quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd owned approximately 0.06% of Beam Therapeutics worth $1,274,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. ARK Investment Management LLC lifted its position in shares of Beam Therapeutics by 20.0% in the 1st quarter. ARK Investment Management LLC now owns 8,480,089 shares of the company's stock worth $165,616,000 after purchasing an additional 1,412,060 shares during the period. Farallon Capital Management LLC raised its stake in Beam Therapeutics by 0.4% in the fourth quarter. Farallon Capital Management LLC now owns 8,239,123 shares of the company's stock worth $204,330,000 after buying an additional 31,000 shares in the last quarter. Nikko Asset Management Americas Inc. lifted its holdings in Beam Therapeutics by 7.9% in the first quarter. Nikko Asset Management Americas Inc. now owns 4,270,020 shares of the company's stock worth $83,265,000 after buying an additional 312,409 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its position in Beam Therapeutics by 7.8% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,266,871 shares of the company's stock valued at $83,332,000 after acquiring an additional 309,260 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of Beam Therapeutics by 18.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,753,142 shares of the company's stock worth $43,479,000 after acquiring an additional 266,834 shares during the period. Institutional investors own 99.68% of the company's stock.

Insider Buying and Selling at Beam Therapeutics

In related news, insider Fmr Llc sold 48,374 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The shares were sold at an average price of $20.50, for a total value of $991,667.00. Following the transaction, the insider owned 2,073,665 shares of the company's stock, valued at approximately $42,510,132.50. This trade represents a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In the last quarter, insiders have sold 49,624 shares of company stock valued at $1,015,628. 3.50% of the stock is owned by corporate insiders.

Beam Therapeutics Stock Performance

Shares of NASDAQ BEAM traded down $0.44 during midday trading on Thursday, hitting $17.86. 1,797,447 shares of the stock traded hands, compared to its average volume of 2,400,770. The firm has a market capitalization of $1.81 billion, a P/E ratio of -3.97 and a beta of 2.22. Beam Therapeutics Inc. has a one year low of $13.52 and a one year high of $35.25. The firm has a 50-day moving average of $18.80 and a two-hundred day moving average of $21.06.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported ($1.00) earnings per share for the quarter, beating analysts' consensus estimates of ($1.04) by $0.04. The company had revenue of $8.47 million for the quarter, compared to the consensus estimate of $13.29 million. Beam Therapeutics had a negative return on equity of 43.15% and a negative net margin of 661.31%. Beam Therapeutics's revenue was down 28.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.11) earnings per share. Equities analysts forecast that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Guggenheim reduced their target price on shares of Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Cantor Fitzgerald raised Beam Therapeutics to a "strong-buy" rating in a research note on Monday, July 21st. Wells Fargo & Company lowered their price target on Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating for the company in a research report on Wednesday, May 7th. Finally, Barclays cut their price objective on shares of Beam Therapeutics from $25.00 to $21.00 and set an "equal weight" rating on the stock in a research report on Wednesday. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $48.42.

Beam Therapeutics 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.