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

Beam Therapeutics (NASDAQ:BEAM) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a note issued to investors on Sunday.

BEAM has been the topic of several other reports. UBS Group began coverage on shares of Beam Therapeutics in a research note on Wednesday. They issued a “neutral” rating and a $28.00 target price on the stock. Jefferies Financial Group began coverage on shares of Beam Therapeutics in a report on Thursday, October 9th. They issued a “buy” rating and a $41.00 price target on the stock. Evercore ISI started coverage on Beam Therapeutics in a research note on Monday, November 24th. They set an “outperform” rating and a $35.00 price objective for the company. HC Wainwright restated a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a research report on Friday, October 10th. Finally, Benchmark restated a “speculative buy” rating on shares of Beam Therapeutics in a research note on Monday, November 17th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Beam Therapeutics currently has an average rating of “Moderate Buy” and a consensus price target of $44.23.

Beam Therapeutics Stock Performance

Shares of BEAM opened at $27.55 on Friday. Beam Therapeutics has a 52-week low of $13.52 and a 52-week high of $35.25. The stock’s 50-day simple moving average is $25.42 and its 200 day simple moving average is $22.77. The stock 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 announced its quarterly earnings results on Tuesday, November 4th. The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate of ($0.98) by ($0.12). Beam Therapeutics had a negative net margin of 744.41% and a negative return on equity of 42.86%. The company had revenue of $9.70 million for the quarter, compared to the consensus estimate of $12.83 million. During the same quarter in the prior year, the company earned ($1.17) earnings per share. The company’s quarterly revenue was down 32.2% on a year-over-year basis. On average, research analysts forecast that Beam Therapeutics will post -4.57 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Beam Therapeutics

Several hedge funds have recently added to or reduced their stakes in the company. Jones Financial Companies Lllp lifted its position in Beam Therapeutics by 55,780.0% in the first quarter. Jones Financial Companies Lllp now owns 33,528 shares of the company’s stock valued at $655,000 after purchasing an additional 33,468 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Beam Therapeutics by 10.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 438,529 shares of the company’s stock valued at $8,564,000 after buying an additional 42,609 shares during the last quarter. Strs Ohio bought a new stake in Beam Therapeutics during the 1st quarter valued at $193,000. Rhumbline Advisers boosted its position in Beam Therapeutics by 11.9% during the 1st quarter. Rhumbline Advisers now owns 141,204 shares of the company’s stock valued at $2,758,000 after buying an additional 14,971 shares during the period. Finally, Voya Investment Management LLC grew its holdings in Beam Therapeutics by 52.6% in the 1st quarter. Voya Investment Management LLC now owns 35,117 shares of the company’s stock worth $686,000 after acquiring an additional 12,102 shares during the last quarter. Institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Company Profile

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.