Beam Therapeutics (NASDAQ:BEAM – Get Free Report) was upgraded by Wall Street Zen from a “strong sell” rating to a “sell” rating in a research note issued to investors on Saturday, Wall Street Zen reports.
A number of other research firms have also commented on BEAM. Sanford C. Bernstein lowered their target price on shares of Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating for the company in a report on Wednesday, May 13th. Bank of America reissued a “buy” rating and issued a $47.00 price target on shares of Beam Therapeutics in a research note on Wednesday, July 8th. Tudor Pickering set a $39.00 price target on Beam Therapeutics in a research report on Wednesday, May 13th. HC Wainwright reaffirmed a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research note on Tuesday, August 25th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Friday, July 17th. Ten equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $49.00.
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Beam Therapeutics Price Performance
Beam Therapeutics (NASDAQ:BEAM – Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The company reported ($1.18) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.07). Beam Therapeutics had a negative return on equity of 30.71% and a negative net margin of 54.75%.The business had revenue of $0.49 million for the quarter, compared to the consensus estimate of $16.37 million. During the same period last year, the firm earned ($1.00) earnings per share. The company’s quarterly revenue was down 94.2% on a year-over-year basis. Equities analysts expect that Beam Therapeutics will post -4.49 EPS for the current year.
Insider Buying and Selling
In other Beam Therapeutics news, insider Fmr Llc sold 251,488 shares of the stock in a transaction on Friday, June 26th. The shares were sold at an average price of $35.26, for a total value of $8,867,466.88. Following the sale, the insider directly owned 854,583 shares in the company, valued at approximately $30,132,596.58. This trade represents a 22.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Amy Simon sold 16,667 shares of Beam Therapeutics stock in a transaction on Monday, July 27th. The stock was sold at an average price of $25.74, for a total transaction of $429,008.58. Following the transaction, the insider directly owned 85,696 shares in the company, valued at approximately $2,205,815.04. This represents a 16.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 301,527 shares of company stock valued at $10,468,500. Corporate insiders own 3.80% of the company’s stock.
Institutional Trading of Beam Therapeutics
A number of large investors have recently made changes to their positions in the company. BlackRock Inc. bought a new position in Beam Therapeutics during the second quarter worth about $308,796,000. ARCH Venture Management LLC acquired a new position in Beam Therapeutics in the second quarter valued at about $155,771,929. California State Teachers Retirement System increased its holdings in shares of Beam Therapeutics by 3,228.9% in the second quarter. California State Teachers Retirement System now owns 3,586,612 shares of the company’s stock worth $123,093,000 after acquiring an additional 3,478,871 shares in the last quarter. ADAR1 Capital Management LLC bought a new stake in shares of Beam Therapeutics in the first quarter worth about $34,467,000. Finally, ARK Investment Management LLC raised its position in shares of Beam Therapeutics by 12.9% during the fourth quarter. ARK Investment Management LLC now owns 12,467,189 shares of the company’s stock worth $345,590,000 after purchasing an additional 1,428,355 shares during the period. Institutional investors own 99.68% of the company’s stock.
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.
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