IQ EQ FUND MANAGEMENT IRELAND Ltd Increases Stake 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 grew its position in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 102.7% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 65,252 shares of the company's stock after buying an additional 33,054 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd owned approximately 0.06% of Beam Therapeutics worth $1,274,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. ARK Investment Management LLC grew its stake in shares of Beam Therapeutics by 20.0% in the first quarter. ARK Investment Management LLC now owns 8,480,089 shares of the company's stock worth $165,616,000 after acquiring an additional 1,412,060 shares during the period. Farallon Capital Management LLC grew its stake in shares of 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 acquiring an additional 31,000 shares during the period. Nikko Asset Management Americas Inc. grew its stake in shares of 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 acquiring an additional 312,409 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Beam Therapeutics by 7.8% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,266,871 shares of the company's stock worth $83,332,000 after acquiring an additional 309,260 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Beam Therapeutics by 18.0% in the fourth 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. 99.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on BEAM shares. Guggenheim reduced their price target on shares of Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. Cantor Fitzgerald upgraded shares of Beam Therapeutics to a "strong-buy" rating in a research note on Monday, July 21st. Wells Fargo & Company cut their target price on shares of 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 target price on shares of Beam Therapeutics from $25.00 to $21.00 and set an "equal weight" rating for the company in a research report on Wednesday. Two equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average price target of $48.45.

Beam Therapeutics Stock Performance

Shares of BEAM traded down $0.24 during mid-day trading on Friday, reaching $17.62. The stock had a trading volume of 1,793,674 shares, compared to its average volume of 2,325,175. Beam Therapeutics Inc. has a 12 month low of $13.52 and a 12 month high of $35.25. The business has a fifty day moving average of $18.84 and a 200 day moving average of $21.02. The firm has a market cap of $1.78 billion, a price-to-earnings ratio of -3.92 and a beta of 2.22.

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

Insider Activity at Beam Therapeutics

In related news, insider Fmr Llc sold 48,374 shares of the company's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $20.50, for a total transaction of $991,667.00. Following the sale, the insider owned 2,073,665 shares of the company's stock, valued at $42,510,132.50. This represents a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold a total of 49,624 shares of company stock valued at $1,015,628 over the last quarter. 3.50% of the stock is currently owned by 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.