IQ EQ FUND MANAGEMENT IRELAND Ltd Acquires 19,080 Shares of Beam Therapeutics Inc. (NASDAQ:BEAM)

IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its holdings in shares of Beam Therapeutics Inc. (NASDAQ:BEAM) by 145.4% during the 4th quarter, Holdings Channel.com reports. The firm owned 32,198 shares of the company’s stock after purchasing an additional 19,080 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings in Beam Therapeutics were worth $799,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in Beam Therapeutics during the 4th quarter worth about $330,000. Charles Schwab Investment Management Inc. lifted its position in shares of Beam Therapeutics by 6.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 629,492 shares of the company’s stock worth $15,423,000 after purchasing an additional 36,226 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Beam Therapeutics by 11.4% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock valued at $98,149,000 after purchasing an additional 404,782 shares during the last quarter. Bellevue Group AG increased its holdings in shares of Beam Therapeutics by 7.1% in the third quarter. Bellevue Group AG now owns 1,518,121 shares of the company’s stock valued at $37,194,000 after purchasing an additional 100,000 shares in the last quarter. Finally, Geode Capital Management LLC raised its position in Beam Therapeutics by 4.5% in the 3rd quarter. Geode Capital Management LLC now owns 1,807,683 shares of the company’s stock worth $44,297,000 after purchasing an additional 78,102 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Beam Therapeutics Stock Up 1.3 %

BEAM opened at $22.19 on Friday. The stock has a market cap of $2.21 billion, a P/E ratio of -12.61 and a beta of 1.91. Beam Therapeutics Inc. has a 12 month low of $20.84 and a 12 month high of $35.25. The company has a fifty day simple moving average of $26.67 and a 200 day simple moving average of $25.87.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, February 25th. The company reported ($1.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.25) by $0.16. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company had revenue of $30.00 million during the quarter, compared to the consensus estimate of $16.47 million. During the same period in the prior year, the company earned $1.73 earnings per share. The company’s revenue for the quarter was down 90.5% compared to the same quarter last year. On average, equities research analysts expect that Beam Therapeutics Inc. will post -4.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Christine Bellon sold 1,241 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total value of $30,627.88. Following the completion of the transaction, the insider now directly owns 102,968 shares of the company’s stock, valued at approximately $2,541,250.24. This represents a 1.19 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John M. Evans sold 30,000 shares of the business’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $26.75, for a total value of $802,500.00. Following the completion of the sale, the chief executive officer now owns 908,659 shares in the company, valued at approximately $24,306,628.25. This trade represents a 3.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 4.20% of the company’s stock.

Analyst Ratings Changes

BEAM has been the topic of a number of recent research reports. Sanford C. Bernstein raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. HC Wainwright reissued a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a report on Monday, March 10th. Wedbush restated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Monday, March 10th. Scotiabank upgraded shares of Beam Therapeutics from a “sector perform” rating to a “sector outperform” rating and set a $40.00 price target for the company in a research report on Monday, March 10th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Beam Therapeutics in a report on Wednesday, March 12th. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Beam Therapeutics has an average rating of “Buy” and an average price target of $50.20.

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.