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

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

Other equities research analysts have also issued reports about the stock. Barclays dropped their target price on shares of Beam Therapeutics from $25.00 to $21.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 6th. Cantor Fitzgerald raised shares of Beam Therapeutics to a “strong-buy” rating in a report on Monday, July 21st. Three analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $46.40.

Beam Therapeutics Stock Performance

NASDAQ:BEAM opened at $21.28 on Friday. Beam Therapeutics has a 52-week low of $13.52 and a 52-week high of $35.25. The stock has a fifty day moving average of $19.04 and a 200 day moving average of $19.04. The firm has a market capitalization of $2.15 billion, a price-to-earnings ratio of -4.73 and a beta of 2.14.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings results on Tuesday, August 5th. The company reported ($1.00) earnings per share for the quarter, beating the consensus estimate of ($1.04) by $0.04. The firm had revenue of $8.47 million for the quarter, compared to analysts’ expectations of $13.29 million. Beam Therapeutics had a negative return on equity of 43.15% and a negative net margin of 661.31%.The company’s revenue was down 28.0% compared to the same quarter last year. During the same quarter last year, the firm posted ($1.11) EPS. Equities analysts forecast that Beam Therapeutics will post -4.57 earnings per share for the current fiscal year.

Insider Transactions at Beam Therapeutics

In related news, insider Fmr Llc sold 48,374 shares of the business’s stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $20.50, for a total transaction of $991,667.00. Following the transaction, the insider owned 2,073,665 shares in the company, valued at $42,510,132.50. The trade was a 2.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last quarter, insiders sold 49,624 shares of company stock worth $1,015,628. 3.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. ARK Investment Management LLC lifted its stake in shares of Beam Therapeutics by 20.0% in the 1st quarter. ARK Investment Management LLC now owns 8,480,089 shares of the company’s stock valued at $165,616,000 after purchasing an additional 1,412,060 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Beam Therapeutics by 72.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,026,701 shares of the company’s stock valued at $59,112,000 after acquiring an additional 1,273,559 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Beam Therapeutics by 16.4% in the first quarter. Vanguard Group Inc. now owns 8,871,292 shares of the company’s stock worth $173,256,000 after purchasing an additional 1,249,303 shares during the last quarter. Qube Research & Technologies Ltd bought a new position in Beam Therapeutics during the 2nd quarter valued at about $10,101,000. Finally, EcoR1 Capital LLC bought a new position in Beam Therapeutics during the first quarter valued at approximately $10,286,000. 99.68% of the stock is currently owned by institutional investors.

Beam Therapeutics Company Profile

Beam Therapeutics Inc, a biotechnology company, engages in the development of precision genetic medicines for patients suffering from serious diseases in the United States. It develops BEAM-101 for the treatment of sickle cell disease or beta-thalassemia; and BEAM-302, a liver-targeting LNP formulation to treat severe alpha-1 antitrypsin deficiency; BEAM-201, an anti-CD7 CAR-T product candidate, which is in Phase 1/2 clinical trials for the treatment of refractory T-cell acute lymphoblastic leukemia/T cell lymphoblastic lymphoma; and BEAM-301, a liver-targeting LNP formulation for the treatment of glycogen storage disease 1a.