Beam Therapeutics (NASDAQ:BEAM) Stock Rating Lowered by Wall Street Zen

by · The Cerbat Gem

Beam Therapeutics (NASDAQ:BEAM – Get Free Report) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued to investors on Sunday.

BEAM has been the topic of a number of other reports. Evercore ISI initiated coverage on shares of Beam Therapeutics in a research report on Monday, November 24th. They set an “outperform” rating and a $35.00 price objective on the stock. HC Wainwright restated a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a report on Friday, October 10th. UBS Group assumed coverage on Beam Therapeutics in a report on Wednesday, January 7th. They set a “neutral” rating and a $28.00 price objective for the company. Jefferies Financial Group assumed coverage on Beam Therapeutics in a report on Thursday, October 9th. They set a “buy” rating and a $41.00 price objective for the company. Finally, Benchmark restated a “speculative buy” rating on shares of Beam Therapeutics in a research note on Monday, November 17th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.23.

View Our Latest Report on BEAM

Beam Therapeutics Stock Up 22.3%

Shares of NASDAQ:BEAM opened at $33.69 on Friday. The company’s fifty day moving average is $25.61 and its two-hundred day moving average is $22.93. The company has a market cap of $3.42 billion, a P/E ratio of -7.60 and a beta of 2.07. Beam Therapeutics has a 12-month low of $13.52 and a 12-month high of $36.44.

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

Hedge Funds Weigh In On Beam Therapeutics

Several institutional investors have recently bought and sold shares of the stock. ARK Investment Management LLC boosted its stake in shares of Beam Therapeutics by 24.8% during the 3rd quarter. ARK Investment Management LLC now owns 11,038,834 shares of the company’s stock worth $267,913,000 after acquiring an additional 2,190,993 shares in the last quarter. Farallon Capital Management LLC grew its holdings in Beam Therapeutics by 0.5% during the third quarter. Farallon Capital Management LLC now owns 10,063,111 shares of the company’s stock valued at $244,232,000 after purchasing an additional 50,000 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Beam Therapeutics by 2.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,830,738 shares of the company’s stock valued at $117,242,000 after purchasing an additional 101,294 shares during the period. Amova Asset Management Americas Inc. boosted its holdings in shares of Beam Therapeutics by 2.2% during the 3rd quarter. Amova Asset Management Americas Inc. now owns 4,830,738 shares of the company’s stock worth $117,242,000 after buying an additional 103,939 shares during the period. Finally, Nikko Asset Management Americas Inc. grew its stake in Beam Therapeutics by 10.7% in the 2nd quarter. Nikko Asset Management Americas Inc. now owns 4,726,799 shares of the company’s stock valued at $80,403,000 after buying an additional 456,779 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors.

About Beam Therapeutics

(Get Free Report)

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.

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