IQ EQ FUND MANAGEMENT IRELAND Ltd Buys 188,243 Shares of Beam Therapeutics Inc. $BEAM

IQ EQ FUND MANAGEMENT IRELAND Ltd lifted its position in Beam Therapeutics Inc. (NASDAQ:BEAM) by 96.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 383,531 shares of the company’s stock after purchasing an additional 188,243 shares during the quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd owned about 0.38% of Beam Therapeutics worth $9,308,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allworth Financial LP grew its holdings in Beam Therapeutics by 7,080.0% during the 2nd quarter. Allworth Financial LP now owns 2,513 shares of the company’s stock valued at $43,000 after buying an additional 2,478 shares in the last quarter. Daiwa Securities Group Inc. grew its holdings in shares of Beam Therapeutics by 1,248.8% in the second quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company’s stock valued at $65,000 after purchasing an additional 3,534 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Beam Therapeutics by 43.4% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,884 shares of the company’s stock valued at $66,000 after purchasing an additional 1,175 shares in the last quarter. SBI Securities Co. Ltd. increased its position in Beam Therapeutics by 300.1% in the third quarter. SBI Securities Co. Ltd. now owns 4,009 shares of the company’s stock worth $97,000 after purchasing an additional 3,007 shares during the last quarter. Finally, Bayforest Capital Ltd purchased a new stake in Beam Therapeutics during the third quarter valued at $114,000. 99.68% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Christine Bellon sold 18,629 shares of Beam Therapeutics stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $34.61, for a total transaction of $644,749.69. Following the completion of the sale, the insider owned 97,038 shares in the company, valued at $3,358,485.18. This trade represents a 16.11% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 3.50% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. HC Wainwright reissued a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research note on Friday, October 10th. JPMorgan Chase & Co. reduced their price objective on Beam Therapeutics from $48.00 to $46.00 and set an “overweight” rating on the stock in a research note on Thursday, October 9th. Sanford C. Bernstein upped their price objective on Beam Therapeutics from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Tuesday, January 20th. Tudor Pickering set a $41.00 target price on Beam Therapeutics in a report on Wednesday, January 21st. Finally, Wall Street Zen raised Beam Therapeutics from a “sell” rating to a “hold” rating in a research report on Saturday, January 31st. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Beam Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $43.80.

Beam Therapeutics Stock Performance

Shares of NASDAQ BEAM opened at $24.73 on Friday. Beam Therapeutics Inc. has a fifty-two week low of $13.52 and a fifty-two week high of $36.44. The company has a market cap of $2.51 billion, a price-to-earnings ratio of -5.58 and a beta of 2.12. The business’s 50 day moving average price is $28.42 and its 200-day moving average price is $24.21.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings data on Tuesday, November 4th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.98) by ($0.12). Beam Therapeutics had a negative net margin of 744.41% and a negative return on equity of 42.86%. The business had revenue of $9.70 million for the quarter, compared to analysts’ expectations of $12.83 million. During the same quarter in the previous year, the firm earned ($1.17) EPS. Beam Therapeutics’s revenue was down 32.2% compared to the same quarter last year. Sell-side analysts predict that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Beam Therapeutics Company Profile

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.