Beam Therapeutics (NASDAQ:BEAM) Stock Rating Raised to Sell at Wall Street Zen

Wall Street Zen upgraded shares of Beam Therapeutics (NASDAQ:BEAM) from a strong sell rating to a sell rating in a research report released on Saturday,Wall Street Zen reports.

A number of other brokerages have also weighed in on BEAM. Bank of America reaffirmed a “buy” rating and issued a $47.00 price objective on shares of Beam Therapeutics in a report on Wednesday, July 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Friday, July 17th. HC Wainwright reissued a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a report on Tuesday, August 25th. Wedbush restated an “outperform” rating and issued a $65.00 price target on shares of Beam Therapeutics in a research note on Wednesday, September 9th. Finally, William Blair raised Beam Therapeutics to a “strong-buy” rating in a report on Wednesday, September 23rd. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $49.00.

Beam Therapeutics Stock Up 0.5%

Shares of Beam Therapeutics stock opened at $24.50 on Friday. The company has a market cap of $2.53 billion, a P/E ratio of -28.49 and a beta of 2.20. The company has a debt-to-equity ratio of 0.09, a quick ratio of 14.57 and a current ratio of 14.57. Beam Therapeutics has a one year low of $20.23 and a one year high of $38.26. The firm has a fifty day moving average of $26.67 and a two-hundred day moving average of $28.56.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, August 4th. The company reported ($1.18) EPS for the quarter, missing the consensus estimate of ($1.11) by ($0.07). The firm had revenue of $0.49 million during the quarter, compared to analyst estimates of $16.37 million. Beam Therapeutics had a negative return on equity of 30.71% and a negative net margin of 54.75%.The firm’s revenue was down 94.2% on a year-over-year basis. During the same quarter last year, the business posted ($1.00) EPS. On average, analysts forecast that Beam Therapeutics will post -4.49 earnings per share for the current year.

Insiders Place Their Bets

In other Beam Therapeutics news, insider Amy Simon sold 16,667 shares of the company’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $25.74, for a total transaction of $429,008.58. Following the transaction, the insider directly owned 85,696 shares in the company, valued at approximately $2,205,815.04. This represents a 16.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of BEAM. Wealth Effects LLC raised its holdings in Beam Therapeutics by 5.2% in the first quarter. Wealth Effects LLC now owns 10,100 shares of the company’s stock valued at $241,000 after buying an additional 500 shares during the period. Versant Capital Management Inc grew its stake in Beam Therapeutics by 123.6% during the third quarter. Versant Capital Management Inc now owns 1,239 shares of the company’s stock worth $30,000 after buying an additional 685 shares during the period. Swiss National Bank increased its position in shares of Beam Therapeutics by 0.6% in the first quarter. Swiss National Bank now owns 180,600 shares of the company’s stock worth $4,304,000 after acquiring an additional 1,100 shares in the last quarter. Royal Bank of Canada increased its position in shares of Beam Therapeutics by 7.3% in the first quarter. Royal Bank of Canada now owns 16,825 shares of the company’s stock worth $401,000 after acquiring an additional 1,144 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Beam Therapeutics by 1,372.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 1,252 shares of the company’s stock valued at $43,000 after acquiring an additional 1,167 shares during the period. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Beam Therapeutics Company Profile

Beam Therapeutics Inc is a biotechnology company developing precision genetic medicines using base editing, a technology designed to make targeted changes to DNA without cutting both strands of the DNA double helix. The company’s platform is intended to address diseases caused by specific genetic mutations and to support the development of potentially durable treatments.

Beam’s research and development activities focus on areas including hematology, liver diseases and genetic disorders.