Beam Therapeutics (NASDAQ:BEAM) Upgraded at Wall Street Zen

Key Points

• Beam Therapeutics received an upgrade from a "sell" to a "hold" rating by Wall Street Zen, amid mixed analyst opinions with price targets varying from $41 to $80.
• The company's shares opened at $27.96, showing a significant range over the past year, with a low of $13.52 and a high of $35.25.
• Despite reporting a revenue of $8.47 million in its last quarter, Beam Therapeutics experienced a 28% decline in year-over-year revenue.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) was upgraded by equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Saturday.

BEAM has been the topic of several other research reports. Jefferies Financial Group assumed coverage on Beam Therapeutics in a research note on Thursday, October 9th. They issued a "buy" rating and a $41.00 target price on the stock. HC Wainwright reiterated a "buy" rating and set a $80.00 price objective on shares of Beam Therapeutics in a research note on Friday, October 10th. Cantor Fitzgerald raised shares of Beam Therapeutics to a "strong-buy" rating in a research report on Monday, July 21st. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Beam Therapeutics in a report on Friday. Finally, JPMorgan Chase & Co. reduced their price target on Beam Therapeutics from $48.00 to $46.00 and set an "overweight" rating on the stock in a research report on Thursday, October 9th. Three equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Beam Therapeutics currently has a consensus rating of "Moderate Buy" and an average price target of $45.92.

Beam Therapeutics Stock Performance

Shares of BEAM opened at $27.96 on Friday. The company has a 50 day moving average price of $22.45 and a 200-day moving average price of $19.69. Beam Therapeutics has a fifty-two week low of $13.52 and a fifty-two week high of $35.25. The stock has a market capitalization of $2.83 billion, a PE ratio of -6.21 and a beta of 2.25.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported ($1.00) EPS for the quarter, topping analysts' consensus estimates of ($1.04) by $0.04. The company had revenue of $8.47 million during the quarter, compared to the consensus estimate 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 for the quarter was down 28.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.11) earnings per share. Equities research analysts forecast that Beam Therapeutics will post -4.57 EPS for the current year.

Insider Activity

In related news, insider Fmr Llc sold 48,374 shares of the firm's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $20.50, for a total value of $991,667.00. Following the completion of the transaction, the insider owned 2,073,665 shares in the company, valued at $42,510,132.50. This trade represents a 2.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 3.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Amalgamated Bank lifted its holdings in shares of Beam Therapeutics by 20.4% during the first quarter. Amalgamated Bank now owns 3,153 shares of the company's stock worth $62,000 after purchasing an additional 534 shares during the period. Martingale Asset Management L P raised its position in Beam Therapeutics by 5.2% during the 1st quarter. Martingale Asset Management L P now owns 12,038 shares of the company's stock worth $235,000 after buying an additional 600 shares during the last quarter. Profund Advisors LLC lifted its stake in Beam Therapeutics by 3.0% during the 2nd quarter. Profund Advisors LLC now owns 26,183 shares of the company's stock valued at $445,000 after acquiring an additional 758 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Beam Therapeutics by 9.1% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 10,492 shares of the company's stock valued at $205,000 after acquiring an additional 879 shares during the last quarter. Finally, Benjamin Edwards Inc. increased its stake in shares of Beam Therapeutics by 3.4% in the third quarter. Benjamin Edwards Inc. now owns 32,728 shares of the company's stock worth $794,000 after acquiring an additional 1,072 shares during the period. 99.68% of the stock is owned by institutional investors and hedge funds.

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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