Beam Therapeutics (NASDAQ:BEAM) Cut to “Sell” at Wall Street Zen

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

Several other equities analysts have also commented on BEAM. Barclays decreased their target price on shares of Beam Therapeutics from $25.00 to $21.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 6th. JPMorgan Chase & Co. reduced their price target on shares of Beam Therapeutics from $48.00 to $46.00 and set an “overweight” rating on the stock in a research report on Thursday, October 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Wednesday, October 8th. Jefferies Financial Group assumed coverage on Beam Therapeutics in a research note on Thursday, October 9th. They set a “buy” rating and a $41.00 target price for the company. Finally, HC Wainwright reiterated a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Friday, October 10th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $46.55.

Beam Therapeutics Trading Down 2.5%

Beam Therapeutics stock opened at $21.65 on Friday. The company has a market capitalization of $2.20 billion, a price-to-earnings ratio of -4.89 and a beta of 2.40. Beam Therapeutics has a 12 month low of $13.52 and a 12 month high of $35.25. The stock’s 50 day moving average is $24.09 and its 200-day moving average is $20.28.

Beam Therapeutics (NASDAQ:BEAM) last posted its 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 firm had revenue of $9.70 million for the quarter, compared to analyst estimates of $12.83 million. Beam Therapeutics had a negative return on equity of 42.86% and a negative net margin of 744.41%.The firm’s quarterly revenue was down 32.2% compared to the same quarter last year. During the same period in the prior year, the business posted ($1.17) EPS. As a group, equities research analysts predict that Beam Therapeutics will post -4.57 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Beam Therapeutics

Several large investors have recently modified their holdings of the company. Allworth Financial LP raised its stake in Beam Therapeutics by 7,080.0% during the second quarter. Allworth Financial LP now owns 2,513 shares of the company’s stock worth $43,000 after buying an additional 2,478 shares during the last quarter. CWM LLC grew its holdings in Beam Therapeutics by 79.8% during the 1st quarter. CWM LLC now owns 2,684 shares of the company’s stock worth $52,000 after acquiring an additional 1,191 shares during the period. Amalgamated Bank grew its holdings in Beam Therapeutics by 20.4% during the 1st quarter. Amalgamated Bank now owns 3,153 shares of the company’s stock worth $62,000 after acquiring an additional 534 shares during the period. Daiwa Securities Group Inc. raised its position in shares of Beam Therapeutics by 1,248.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company’s stock worth $65,000 after acquiring an additional 3,534 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Beam Therapeutics by 43.4% in the 2nd 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 during the period. 99.68% of the stock is currently owned by institutional investors and hedge funds.

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.