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

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

Other research analysts also recently issued reports about the stock. HC Wainwright reissued a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research report on Friday, October 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Wednesday, October 8th. Jefferies Financial Group started coverage on shares of Beam Therapeutics in a research report on Thursday, October 9th. They set a “buy” rating and a $41.00 price target on the stock. Benchmark restated a “speculative buy” rating on shares of Beam Therapeutics in a report on Monday, November 17th. Finally, JPMorgan Chase & Co. reduced their target price on Beam Therapeutics from $48.00 to $46.00 and set an “overweight” rating on the stock in a report on Thursday, October 9th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $44.23.

Beam Therapeutics Price Performance

BEAM opened at $27.55 on Friday. Beam Therapeutics has a one year low of $13.52 and a one year high of $35.25. The business has a 50 day simple moving average of $25.42 and a two-hundred day simple moving average of $22.77. The firm has a market capitalization of $2.80 billion, a price-to-earnings ratio of -6.22 and a beta of 2.07.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Tuesday, November 4th. The company reported ($1.10) earnings per share (EPS) 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 net margin of 744.41% and a negative return on equity of 42.86%. Beam Therapeutics’s quarterly revenue was down 32.2% on a year-over-year basis. During the same period last year, the firm posted ($1.17) earnings per share. As a group, sell-side analysts expect that Beam Therapeutics will post -4.57 EPS for the current fiscal year.

Institutional Trading of Beam Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. ARK Investment Management LLC raised its stake in Beam Therapeutics by 24.8% during the third quarter. ARK Investment Management LLC now owns 11,038,834 shares of the company’s stock valued at $267,913,000 after buying an additional 2,190,993 shares during the last quarter. Farallon Capital Management LLC increased its holdings in shares of 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 acquiring an additional 50,000 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Beam Therapeutics by 2.1% during 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 acquiring an additional 101,294 shares in the last quarter. Amova Asset Management Americas Inc. raised its position in shares of Beam Therapeutics by 2.2% in the 3rd quarter. Amova Asset Management Americas Inc. now owns 4,830,738 shares of the company’s stock worth $117,242,000 after purchasing an additional 103,939 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. boosted 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 worth $80,403,000 after purchasing an additional 456,779 shares in the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

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.