Beam Therapeutics (NASDAQ:BEAM) Upgraded by Wall Street Zen to “Hold” Rating

Wall Street Zen upgraded shares of Beam Therapeutics (NASDAQ:BEAM) from a sell rating to a hold rating in a research note published on Saturday morning.

BEAM has been the subject of a number of other research reports. Benchmark restated a “speculative buy” rating on shares of Beam Therapeutics in a research report on Monday, November 17th. JPMorgan Chase & Co. cut their price objective on Beam Therapeutics from $48.00 to $46.00 and set an “overweight” rating for the company in a research note on Thursday, October 9th. Jefferies Financial Group assumed coverage on shares of Beam Therapeutics in a report on Thursday, October 9th. They set a “buy” rating and a $41.00 price target on the stock. Sanford C. Bernstein upped their price target on shares of Beam Therapeutics from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 20th. Finally, UBS Group started coverage on shares of Beam Therapeutics in a research report on Wednesday, January 7th. They set a “neutral” rating and a $28.00 price objective on the stock. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $43.80.

Beam Therapeutics Trading Down 5.7%

Shares of BEAM stock opened at $27.62 on Friday. Beam Therapeutics has a 12 month low of $13.52 and a 12 month high of $36.44. The stock has a market cap of $2.80 billion, a P/E ratio of -6.23 and a beta of 2.07. The company has a 50 day simple moving average of $28.24 and a two-hundred day simple moving average of $24.06.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, November 4th. The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate 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 return on equity of 42.86% and a negative net margin of 744.41%.The company’s revenue was down 32.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($1.17) EPS. As a group, equities analysts forecast that Beam Therapeutics will post -4.57 earnings per share for the current year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. ARK Investment Management LLC grew its stake in shares of Beam Therapeutics by 24.8% in the 3rd quarter. ARK Investment Management LLC now owns 11,038,834 shares of the company’s stock worth $267,913,000 after buying an additional 2,190,993 shares in the last quarter. Farallon Capital Management LLC increased its position in shares of Beam Therapeutics by 0.5% during the 3rd 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 holdings in Beam Therapeutics by 2.1% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,830,738 shares of the company’s stock valued at $117,242,000 after buying an additional 101,294 shares during the period. Amova Asset Management Americas Inc. lifted its position in Beam Therapeutics by 2.2% in the third 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 last quarter. Finally, Nikko Asset Management Americas Inc. boosted its stake in Beam Therapeutics by 10.7% during the second quarter. Nikko Asset Management Americas Inc. now owns 4,726,799 shares of the company’s stock worth $80,403,000 after buying an additional 456,779 shares during the period. 99.68% of the stock is owned by hedge funds and other institutional investors.

About Beam Therapeutics

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.