Beam Therapeutics (NASDAQ:BEAM) Downgraded by Wall Street Zen to "Strong Sell"

Key Points

• Wall Street Zen downgraded Beam Therapeutics to “Strong Sell” from “Sell,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $49.
• Beam reported weaker-than-expected quarterly results, including an adjusted loss of $1.18 per share versus estimates of $1.11 and revenue of $0.49 million versus expectations of $16.37 million; revenue fell 94.2% year over year.
• The stock opened at $26.75, below its 50-day average of $30.26, while insiders sold roughly $10.5 million worth of shares over the past 90 days.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) was downgraded by stock analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a research report issued to clients and investors on Sunday.

BEAM has been the subject of a number of other research reports. Sanford C. Bernstein lowered their price target on Beam Therapeutics from $40.00 to $39.00 and set an "outperform" rating for the company in a research report on Wednesday, May 13th. HC Wainwright reissued a "buy" rating on shares of Beam Therapeutics in a report on Monday, August 10th. Bank of America restated a "buy" rating and issued a $47.00 price objective on shares of Beam Therapeutics in a research note on Wednesday, July 8th. Tudor Pickering set a $39.00 target price on Beam Therapeutics in a report on Wednesday, May 13th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Beam Therapeutics in a research report on Friday, July 17th. Ten analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $49.00.

Beam Therapeutics Trading Up 0.9%

NASDAQ BEAM opened at $26.75 on Friday. Beam Therapeutics has a 12-month low of $15.60 and a 12-month high of $38.26. The company has a fifty day simple moving average of $30.26 and a two-hundred day simple moving average of $28.80. The company has a current ratio of 14.57, a quick ratio of 14.57 and a debt-to-equity ratio of 0.09. The stock has a market cap of $2.76 billion, a P/E ratio of -31.10 and a beta of 2.23.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its quarterly earnings data 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 net margin of 54.75% and a negative return on equity of 30.71%. The company had revenue of $0.49 million for the quarter, compared to analysts' expectations of $16.37 million. During the same period last year, the firm earned ($1.00) earnings per share. Beam Therapeutics's quarterly revenue was down 94.2% compared to the same quarter last year. On average, analysts forecast that Beam Therapeutics will post -4.49 earnings per share for the current year.

Insider Buying and Selling at Beam Therapeutics

In other news, insider Fmr Llc sold 251,488 shares of the company's stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $35.26, for a total value of $8,867,466.88. Following the sale, the insider owned 854,583 shares in the company, valued at $30,132,596.58. This represents a 22.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Amy Simon sold 16,667 shares of the firm's stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $25.74, for a total value of $429,008.58. Following the sale, the insider directly owned 85,696 shares in the company, valued at approximately $2,205,815.04. This trade represents a 16.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 301,527 shares of company stock worth $10,468,500. 3.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Beam Therapeutics

Several institutional investors have recently made changes to their positions in BEAM. Jones Financial Companies Lllp boosted its holdings in Beam Therapeutics by 55,780.0% during the first quarter. Jones Financial Companies Lllp now owns 33,528 shares of the company's stock worth $655,000 after buying an additional 33,468 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of Beam Therapeutics by 10.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 438,529 shares of the company's stock worth $8,564,000 after acquiring an additional 42,609 shares during the period. Prudential Financial Inc. purchased a new stake in shares of Beam Therapeutics during the 2nd quarter worth about $201,000. New York State Common Retirement Fund boosted its stake in shares of Beam Therapeutics by 17.7% during the 2nd quarter. New York State Common Retirement Fund now owns 30,629 shares of the company's stock worth $521,000 after acquiring an additional 4,600 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Beam Therapeutics by 46.0% during the 2nd quarter. Invesco Ltd. now owns 128,874 shares of the company's stock worth $2,192,000 after acquiring an additional 40,583 shares in the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

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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