Beam Therapeutics (NASDAQ:BEAM) Stock Rating Lowered by Wall Street Zen

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

BEAM has been the topic of several other reports. Barclays dropped their price target on Beam Therapeutics from $25.00 to $21.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 6th. Jefferies Financial Group began coverage on Beam Therapeutics in a report on Thursday, October 9th. They issued a “buy” rating and a $41.00 target price on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a report on Wednesday, October 8th. Cantor Fitzgerald upgraded shares of Beam Therapeutics to a “strong-buy” rating in a research note on Monday, July 21st. Finally, JPMorgan Chase & Co. cut their price target on shares of Beam Therapeutics from $48.00 to $46.00 and set an “overweight” rating on the stock in a report on Thursday, October 9th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Beam Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $46.55.

Beam Therapeutics Stock Performance

Shares of BEAM opened at $22.21 on Friday. The stock’s 50-day simple moving average is $23.98 and its 200 day simple moving average is $20.26. The stock has a market capitalization of $2.25 billion, a price-to-earnings ratio of -5.01 and a beta of 2.40. Beam Therapeutics has a 52-week low of $13.52 and a 52-week high of $35.25.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, November 4th. The company reported ($1.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.98) by ($0.12). The company had revenue of $9.70 million during the quarter, compared to the consensus estimate of $12.83 million. Beam Therapeutics had a negative return on equity of 42.86% and a negative net margin of 744.41%.Beam Therapeutics’s quarterly revenue was down 32.2% on a year-over-year basis. During the same period in the previous year, the company earned ($1.17) EPS. On average, research analysts forecast that Beam Therapeutics will post -4.57 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Beam Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Readystate Asset Management LP bought a new position in Beam Therapeutics during the third quarter valued at $2,280,000. Peregrine Investment Management Inc. lifted its holdings in Beam Therapeutics by 1.4% during the 3rd quarter. Peregrine Investment Management Inc. now owns 267,930 shares of the company’s stock valued at $6,503,000 after buying an additional 3,670 shares in the last quarter. Profund Advisors LLC increased its holdings in Beam Therapeutics by 14.8% during the 3rd quarter. Profund Advisors LLC now owns 30,046 shares of the company’s stock worth $729,000 after purchasing an additional 3,863 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its stake in shares of Beam Therapeutics by 96.4% during the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 383,531 shares of the company’s stock valued at $9,308,000 after buying an additional 188,243 shares during the period. Finally, SBI Securities Co. Ltd. lifted its position in shares of Beam Therapeutics by 300.1% in the 3rd quarter. SBI Securities Co. Ltd. now owns 4,009 shares of the company’s stock worth $97,000 after purchasing an additional 3,007 shares during the period. 99.68% of the stock is owned by hedge funds and other institutional investors.

About Beam Therapeutics

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.