Beam Therapeutics (NASDAQ:BEAM) Earns Hold Rating from Analysts at UBS Group

UBS Group started coverage on shares of Beam Therapeutics (NASDAQ:BEAM) in a report published on Wednesday morning, MarketBeat Ratings reports. The firm issued a hold rating and a $28.00 price objective on the stock.

Other analysts have also recently issued research reports about the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Wednesday, October 8th. Evercore ISI assumed coverage on shares of Beam Therapeutics in a report on Monday, November 24th. They set an “outperform” rating and a $35.00 price objective for the company. Wall Street Zen raised shares of Beam Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, January 3rd. JPMorgan Chase & Co. dropped their target price on shares of Beam Therapeutics from $48.00 to $46.00 and set an “overweight” rating for the company in a research report on Thursday, October 9th. Finally, Benchmark reaffirmed a “speculative buy” rating on shares of Beam Therapeutics in a research note on Monday, November 17th. One equities 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 given a Sell rating to the stock. Based on data from MarketBeat, Beam Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $44.23.

Beam Therapeutics Price Performance

Shares of BEAM stock opened at $27.55 on Wednesday. Beam Therapeutics has a one year low of $13.52 and a one year high of $35.25. The company’s fifty day moving average price is $25.42 and its 200-day moving average price is $22.74. The company 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 issued its quarterly earnings results on Tuesday, November 4th. The company reported ($1.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.98) by ($0.12). The business had revenue of $9.70 million during 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 quarterly revenue was down 32.2% on a year-over-year basis. During the same quarter in the previous year, the company posted ($1.17) EPS. Equities research analysts expect that Beam Therapeutics will post -4.57 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Beam Therapeutics

Several institutional investors have recently bought and sold shares of the business. Allworth Financial LP grew its stake in shares of Beam Therapeutics by 7,080.0% in the 2nd quarter. Allworth Financial LP now owns 2,513 shares of the company’s stock worth $43,000 after buying an additional 2,478 shares in the last quarter. Larson Financial Group LLC grew its position in Beam Therapeutics by 4,370.5% in the third quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock worth $48,000 after acquiring an additional 1,923 shares in the last quarter. Van ECK Associates Corp increased its stake in Beam Therapeutics by 48.7% during the third quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock worth $52,000 after acquiring an additional 707 shares during the last quarter. Daiwa Securities Group Inc. raised its position in Beam Therapeutics by 1,248.8% during the second quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company’s stock valued at $65,000 after purchasing an additional 3,534 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Beam Therapeutics by 43.4% during the second 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. 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.