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

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

BEAM has been the subject of several other research reports. Bank of America reaffirmed a “buy” rating and set a $47.00 price target on shares of Beam Therapeutics in a report on Wednesday, July 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Friday, July 17th. Wedbush restated an “outperform” rating and set a $65.00 price objective on shares of Beam Therapeutics in a report on Wednesday, September 9th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research report on Tuesday, August 25th. Ten investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $49.00.

Beam Therapeutics Trading Up 0.5%

NASDAQ:BEAM opened at $24.12 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 14.57 and a quick ratio of 14.57. The business’s 50-day simple moving average is $28.28 and its 200-day simple moving average is $28.83. Beam Therapeutics has a fifty-two week low of $20.23 and a fifty-two week high of $38.26. The stock has a market capitalization of $2.49 billion, a PE ratio of -28.05 and a beta of 2.22.

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

Insider Transactions at Beam Therapeutics

In other news, insider Fmr Llc sold 251,488 shares of the stock in a transaction on Friday, June 26th. The shares were sold at an average price of $35.26, for a total transaction of $8,867,466.88. Following the completion of the sale, the insider directly owned 854,583 shares in the company, valued at $30,132,596.58. This represents a 22.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Amy Simon sold 16,667 shares of Beam Therapeutics stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $25.74, for a total value of $429,008.58. Following the completion of the sale, the insider owned 85,696 shares of the company’s stock, valued at approximately $2,205,815.04. The trade was a 16.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 301,527 shares of company stock valued at $10,468,500 over the last 90 days. 3.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Hollencrest Capital Management purchased a new position in shares of Beam Therapeutics during the 1st quarter valued at $43,000. Northwestern Mutual Wealth Management Co. purchased a new stake in Beam Therapeutics in the 2nd quarter worth about $43,000. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in Beam Therapeutics in the 4th quarter worth about $47,000. Leonteq Securities AG bought a new stake in Beam Therapeutics in the 4th quarter valued at about $66,000. Finally, Nykredit A S bought a new stake in shares of Beam Therapeutics in the second quarter valued at approximately $75,000. Institutional investors own 99.68% of the company’s stock.

About Beam Therapeutics

Beam Therapeutics Inc is a biotechnology company focused on developing genetic medicines using its proprietary base-editing technology. Unlike conventional gene-editing approaches that can make double-strand breaks in DNA, base editing is designed to make targeted changes to individual DNA letters, with the goal of treating diseases at their genetic source.

The company is developing both ex vivo and in vivo therapies. Its pipeline has included programs for sickle cell disease, beta thalassemia, alpha-1 antitrypsin deficiency, glycogen storage disease type Ia and certain cancers.