Beam Therapeutics (NASDAQ:BEAM) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Beam Therapeutics (NASDAQ:BEAM) from a sell rating to a hold rating in a research note issued to investors on Saturday morning.

Other equities research analysts have also issued research reports about the company. Barclays lowered their target price on Beam Therapeutics from $25.00 to $21.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 6th. HC Wainwright restated a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research note on Friday, October 10th. Jefferies Financial Group assumed coverage on Beam Therapeutics in a research note on Thursday, October 9th. They set a “buy” rating and a $41.00 price objective for the company. JPMorgan Chase & Co. lowered their price objective on Beam Therapeutics from $48.00 to $46.00 and set an “overweight” rating for the company in a research note on Thursday, October 9th. Finally, Cantor Fitzgerald upgraded Beam Therapeutics to a “strong-buy” rating in a research note on Monday, July 21st. Three investment analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Beam Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $45.92.

Beam Therapeutics Stock Performance

BEAM stock opened at $26.73 on Friday. Beam Therapeutics has a 1 year low of $13.52 and a 1 year high of $35.25. The firm has a market cap of $2.70 billion, a P/E ratio of -5.94 and a beta of 2.25. The stock has a 50-day simple moving average of $22.64 and a 200-day simple moving average of $19.82.

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

Insider Activity at Beam Therapeutics

In other news, insider Fmr Llc sold 48,374 shares of Beam Therapeutics stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $20.50, for a total value of $991,667.00. Following the completion of the transaction, the insider owned 2,073,665 shares in the company, valued at approximately $42,510,132.50. This trade represents a 2.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 3.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in BEAM. ARK Investment Management LLC grew its position 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 worth $165,616,000 after acquiring an additional 1,412,060 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Beam Therapeutics by 72.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,026,701 shares of the company’s stock worth $59,112,000 after acquiring an additional 1,273,559 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Beam Therapeutics by 16.4% in the 1st quarter. Vanguard Group Inc. now owns 8,871,292 shares of the company’s stock worth $173,256,000 after acquiring an additional 1,249,303 shares in the last quarter. Qube Research & Technologies Ltd bought a new stake in shares of Beam Therapeutics in the 2nd quarter worth approximately $10,101,000. Finally, EcoR1 Capital LLC bought a new stake in shares of Beam Therapeutics in the 1st quarter worth approximately $10,286,000. Institutional investors and hedge funds own 99.68% of the company’s stock.

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.