Beam Therapeutics (NASDAQ:BEAM) Earns Sell (D-) Rating from Weiss Ratings

Key Points

• Beam Therapeutics has received a sell (D-) rating from Weiss Ratings, indicating a cautious stance from analysts towards the stock.
• Despite the negative rating from Weiss, HC Wainwright has issued a "buy" rating with a target price of $80.00, reflecting diverging opinions on the stock's potential.
• The company's latest quarterly earnings revealed a net loss per share of ($1.00), which was slightly better than expected, but revenues fell by 28.0% compared to the previous year.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report)'s stock had its "sell (d-)" rating reissued by equities research analysts at Weiss Ratings in a research report issued on Friday,Weiss Ratings reports.

Other research analysts have also recently issued reports about the stock. HC Wainwright reissued a "buy" rating and set a $80.00 target price on shares of Beam Therapeutics in a research report on Friday, October 10th. Cantor Fitzgerald raised shares of Beam Therapeutics to a "strong-buy" rating in a report on Monday, July 21st. 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. Jefferies Financial Group assumed coverage on shares of Beam Therapeutics in a report on Thursday, October 9th. They issued a "buy" rating and a $41.00 price target on the stock. Finally, Wall Street Zen cut shares of Beam Therapeutics from a "hold" rating to a "sell" rating in a report on Sunday, September 14th. Three research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $45.92.

Beam Therapeutics Price Performance

BEAM stock traded down $0.26 during midday trading on Friday, reaching $27.94. 1,548,916 shares of the company's stock traded hands, compared to its average volume of 2,229,345. The company has a market capitalization of $2.83 billion, a P/E ratio of -6.21 and a beta of 2.25. Beam Therapeutics has a fifty-two week low of $13.52 and a fifty-two week high of $35.25. The business has a 50-day moving average price of $22.24 and a two-hundred day moving average price of $19.60.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported ($1.00) earnings per share for the quarter, beating analysts' consensus estimates of ($1.04) by $0.04. The firm had revenue of $8.47 million for the quarter, compared to analysts' expectations of $13.29 million. Beam Therapeutics had a negative net margin of 661.31% and a negative return on equity of 43.15%. Beam Therapeutics's revenue was down 28.0% compared to the same quarter last year. During the same period in the previous year, the company posted ($1.11) earnings per share. As a group, research analysts forecast that Beam Therapeutics will post -4.57 earnings per share for the current fiscal year.

Insider Activity at Beam Therapeutics

In other news, insider Fmr Llc sold 48,374 shares of the company's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $20.50, for a total transaction 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 represents a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.50% of the company's stock.

Hedge Funds Weigh In On Beam Therapeutics

Several institutional investors have recently modified their holdings of BEAM. ARK Investment Management LLC grew its position in shares of Beam Therapeutics by 20.0% during the first 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 during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Beam Therapeutics by 72.6% during the first 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 during the last quarter. Vanguard Group Inc. grew its position in shares of Beam Therapeutics by 16.4% during the first 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 during the last quarter. Qube Research & Technologies Ltd bought a new position in shares of Beam Therapeutics during the second quarter worth about $10,101,000. Finally, EcoR1 Capital LLC bought a new position in shares of Beam Therapeutics during the first quarter worth about $10,286,000. Institutional investors own 99.68% of the company's stock.

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.

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