IQ EQ FUND MANAGEMENT IRELAND Ltd Raises Stock Holdings in Beam Therapeutics Inc. $BEAM

IQ EQ FUND MANAGEMENT IRELAND Ltd grew its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 199.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 195,288 shares of the company’s stock after buying an additional 130,036 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd owned 0.19% of Beam Therapeutics worth $3,322,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. ARK Investment Management LLC increased its holdings in 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 acquiring an additional 1,412,060 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Beam Therapeutics by 72.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,026,701 shares of the company’s stock worth $59,112,000 after purchasing an additional 1,273,559 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Beam Therapeutics by 16.4% during the 1st quarter. Vanguard Group Inc. now owns 8,871,292 shares of the company’s stock valued at $173,256,000 after buying an additional 1,249,303 shares in the last quarter. EcoR1 Capital LLC bought a new position in Beam Therapeutics in the 1st quarter worth $10,286,000. Finally, Woodline Partners LP increased its stake in Beam Therapeutics by 169.6% in the 1st quarter. Woodline Partners LP now owns 760,611 shares of the company’s stock worth $14,855,000 after buying an additional 478,491 shares in the last quarter. 99.68% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Barclays lowered their price objective on Beam Therapeutics from $25.00 to $21.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 6th. Wall Street Zen upgraded Beam Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday. Jefferies Financial Group started coverage on shares of Beam Therapeutics in a research report on Thursday, October 9th. They set a “buy” rating and a $41.00 price objective on the stock. Cantor Fitzgerald upgraded shares of Beam Therapeutics to a “strong-buy” rating in a research report on Monday, July 21st. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a report on Wednesday, October 8th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $45.92.

Insider Activity

In related news, insider Fmr Llc sold 48,374 shares of the stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $20.50, for a total value of $991,667.00. Following the completion of 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.50% of the company’s stock.

Beam Therapeutics Stock Performance

NASDAQ BEAM opened at $26.73 on Tuesday. The stock has a 50 day moving average price of $22.64 and a 200-day moving average price of $19.82. Beam Therapeutics Inc. has a one year low of $13.52 and a one year high of $35.25. The company has a market capitalization of $2.70 billion, a P/E ratio of -5.94 and a beta of 2.25.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, August 5th. The company reported ($1.00) earnings per share 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 company had revenue of $8.47 million for the quarter, compared to analysts’ expectations of $13.29 million. During the same quarter in the previous year, the business posted ($1.11) earnings per share. Beam Therapeutics’s quarterly revenue was down 28.0% on a year-over-year basis. As a group, equities analysts predict that Beam Therapeutics Inc. will post -4.57 EPS for the current fiscal year.

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.