Beam Therapeutics (NASDAQ:BEAM) Downgraded by Wall Street Zen to Sell

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

Several other research analysts also recently issued reports on the company. Tudor Pickering set a $41.00 price objective on Beam Therapeutics in a research report on Wednesday, January 21st. Evercore initiated coverage on Beam Therapeutics in a report on Monday, November 24th. They issued an “outperform” rating and a $35.00 price target for the company. Benchmark reaffirmed a “speculative buy” rating on shares of Beam Therapeutics in a research note on Monday, November 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Wednesday, January 21st. Finally, UBS Group initiated coverage on shares of Beam Therapeutics in a report on Wednesday, January 7th. They issued a “neutral” rating and a $28.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $43.80.

Beam Therapeutics Trading Up 7.2%

NASDAQ:BEAM opened at $26.52 on Friday. The company has a market capitalization of $2.69 billion, a P/E ratio of -5.99 and a beta of 2.12. The firm has a 50-day moving average price of $28.45 and a two-hundred day moving average price of $24.27. Beam Therapeutics has a twelve month low of $13.52 and a twelve month high of $36.44.

Insider Buying and Selling

In other news, insider Christine Bellon sold 1,371 shares of the company’s stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $34.00, for a total transaction of $46,614.00. Following the completion of the transaction, the insider owned 95,667 shares of the company’s stock, valued at $3,252,678. This represents a 1.41% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 3.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Beam Therapeutics

Hedge funds have recently modified their holdings of the stock. ARK Investment Management LLC increased its position 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 worth $267,913,000 after purchasing 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 3rd quarter. Farallon Capital Management LLC now owns 10,063,111 shares of the company’s stock worth $244,232,000 after buying an additional 50,000 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Beam Therapeutics by 2.1% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,830,738 shares of the company’s stock worth $117,242,000 after buying an additional 101,294 shares during the period. Amova Asset Management Americas Inc. boosted its holdings in Beam Therapeutics by 2.2% in the third quarter. Amova Asset Management Americas Inc. now owns 4,830,738 shares of the company’s stock valued at $117,242,000 after acquiring an additional 103,939 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. grew its position in Beam Therapeutics by 10.7% during the second quarter. Nikko Asset Management Americas Inc. now owns 4,726,799 shares of the company’s stock valued at $80,403,000 after acquiring an additional 456,779 shares during the period. 99.68% of the stock is owned by institutional investors and hedge funds.

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.