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

Wall Street Zen downgraded shares of Beam Therapeutics (NASDAQ:BEAM) from a hold rating to a sell rating in a research report sent to investors on Sunday.

BEAM has been the subject of a number of other reports. Evercore ISI assumed coverage on Beam Therapeutics in a report on Monday, November 24th. They set an “outperform” rating and a $35.00 price objective for the company. Jefferies Financial Group began coverage on shares of Beam Therapeutics in a report on Thursday, October 9th. They set a “buy” rating and a $41.00 price target for the company. JPMorgan Chase & Co. decreased their price objective on shares of Beam Therapeutics from $48.00 to $46.00 and set an “overweight” rating on the stock in a research note on Thursday, October 9th. UBS Group started coverage on shares of Beam Therapeutics in a research note on Wednesday. They issued a “neutral” rating and a $28.00 target price for the company. Finally, HC Wainwright restated a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research report on Friday, October 10th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $44.23.

Beam Therapeutics Stock Down 1.6%

Shares of BEAM opened at $27.55 on Friday. The company has a 50-day moving average price of $25.42 and a two-hundred day moving average price of $22.82. The stock has a market cap of $2.80 billion, a price-to-earnings ratio of -6.22 and a beta of 2.07. Beam Therapeutics has a 12 month low of $13.52 and a 12 month high of $35.25.

Beam Therapeutics (NASDAQ:BEAM) last released its quarterly earnings data on Tuesday, November 4th. The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate 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 net margin of 744.41% and a negative return on equity of 42.86%. The company’s revenue for the quarter was down 32.2% on a year-over-year basis. During the same quarter in the prior year, the company posted ($1.17) earnings per share. Equities research analysts expect that Beam Therapeutics will post -4.57 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of BEAM. ARK Investment Management LLC increased its stake in shares of Beam Therapeutics by 24.8% in the 3rd quarter. ARK Investment Management LLC now owns 11,038,834 shares of the company’s stock valued at $267,913,000 after buying an additional 2,190,993 shares during the period. Farallon Capital Management LLC increased its position in Beam Therapeutics by 0.5% in the third quarter. Farallon Capital Management LLC now owns 10,063,111 shares of the company’s stock worth $244,232,000 after purchasing an additional 50,000 shares during the period. Sumitomo Mitsui Trust Group Inc. raised its holdings in Beam Therapeutics by 2.1% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,830,738 shares of the company’s stock worth $117,242,000 after purchasing an additional 101,294 shares during the last quarter. Amova Asset Management Americas Inc. raised its holdings in Beam Therapeutics by 2.2% during the 3rd quarter. Amova Asset Management Americas Inc. now owns 4,830,738 shares of the company’s stock worth $117,242,000 after purchasing an additional 103,939 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. boosted its stake in shares of Beam Therapeutics by 10.7% in the 2nd quarter. Nikko Asset Management Americas Inc. now owns 4,726,799 shares of the company’s stock valued at $80,403,000 after purchasing an additional 456,779 shares during the last quarter. Institutional investors and hedge funds 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.