Beam Therapeutics (NASDAQ:BEAM) Raised to Hold at Wall Street Zen

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

Several other analysts have also commented on the stock. Benchmark reaffirmed a “speculative buy” rating on shares of Beam Therapeutics in a research report on Monday, November 17th. UBS Group began coverage on shares of Beam Therapeutics in a report on Wednesday, January 7th. They issued a “neutral” rating and a $28.00 price target on the stock. Wedbush upped their price objective on Beam Therapeutics from $57.00 to $65.00 and gave the company an “outperform” rating in a research note on Wednesday. Canaccord Genuity Group initiated coverage on Beam Therapeutics in a research report on Friday, February 20th. They issued a “buy” rating and a $74.00 target price for the company. Finally, Tudor Pickering set a $41.00 price target on Beam Therapeutics in a research report on Wednesday, January 21st. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.19.

Beam Therapeutics Trading Down 1.6%

BEAM stock opened at $28.46 on Friday. The stock has a market cap of $2.90 billion, a P/E ratio of -28.18 and a beta of 2.12. The stock’s fifty day simple moving average is $28.91 and its two-hundred day simple moving average is $25.13. Beam Therapeutics has a 1-year low of $13.52 and a 1-year high of $36.44.

Beam Therapeutics (NASDAQ:BEAM) last released its earnings results on Tuesday, February 24th. The company reported $2.33 EPS for the quarter, topping analysts’ consensus estimates of ($1.13) by $3.46. The company had revenue of $114.11 million for the quarter, compared to analysts’ expectations of $13.22 million. Beam Therapeutics had a negative return on equity of 30.65% and a negative net margin of 57.24%.The business’s revenue for the quarter was up 280.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($1.09) EPS. As a group, analysts forecast that Beam Therapeutics will post -4.57 earnings per share for the current fiscal year.

Insider Activity at Beam Therapeutics

In other news, insider Christine Bellon sold 18,629 shares of the stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $34.61, for a total value of $644,749.69. Following the transaction, the insider owned 97,038 shares of the company’s stock, valued at $3,358,485.18. This represents a 16.11% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 3.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Invesco Ltd. raised its position in Beam Therapeutics by 20.5% during the fourth quarter. Invesco Ltd. now owns 213,185 shares of the company’s stock valued at $5,909,000 after purchasing an additional 36,321 shares in the last quarter. Axxcess Wealth Management LLC bought a new position in shares of Beam Therapeutics during the 4th quarter valued at about $212,000. XTX Topco Ltd purchased a new position in shares of Beam Therapeutics during the 4th quarter valued at about $426,000. Virtus Investment Advisers LLC lifted its position in Beam Therapeutics by 49.0% in the 4th quarter. Virtus Investment Advisers LLC now owns 9,724 shares of the company’s stock worth $270,000 after buying an additional 3,200 shares during the last quarter. Finally, SummitTX Capital L.P. lifted its position in Beam Therapeutics by 751.0% in the 4th quarter. SummitTX Capital L.P. now owns 137,946 shares of the company’s stock worth $3,824,000 after buying an additional 121,737 shares during the last quarter. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

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.