Beam Therapeutics (NASDAQ:BEAM) Rating Increased to Hold at Zacks Investment Research

Beam Therapeutics (NASDAQ:BEAM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday, Zacks.com reports.

According to Zacks, “Beam Therapeutics Inc. is a biotechnology company. It engages in developing precision genetic medicines through base editing. Beam Therapeutics Inc. is based in Cambridge, Massachusetts. “

BEAM has been the topic of a number of other reports. Bank of America started coverage on Beam Therapeutics in a report on Friday, September 10th. They set a “buy” rating and a $150.00 price target on the stock. Stifel Nicolaus assumed coverage on Beam Therapeutics in a research report on Friday, September 24th. They issued a “buy” rating and a $120.00 target price for the company. Finally, Wedbush raised their target price on Beam Therapeutics from $114.00 to $149.00 and gave the stock an “outperform” rating in a research report on Tuesday, June 29th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Beam Therapeutics has a consensus rating of “Buy” and an average target price of $119.86.

Shares of Beam Therapeutics stock opened at $88.99 on Tuesday. The business’s fifty day simple moving average is $99.92 and its 200 day simple moving average is $89.87. The firm has a market capitalization of $5.90 billion, a P/E ratio of -12.79 and a beta of 1.33. Beam Therapeutics has a 12 month low of $27.52 and a 12 month high of $138.52.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Monday, August 9th. The company reported ($1.23) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.74) by ($0.49). The business had revenue of $0.01 million for the quarter, compared to the consensus estimate of $8.33 million. Beam Therapeutics had a negative return on equity of 94.82% and a negative net margin of 1,698,870.50%. During the same quarter last year, the business posted ($0.69) earnings per share. On average, research analysts anticipate that Beam Therapeutics will post -5.83 EPS for the current fiscal year.

In related news, CEO John M. Evans sold 27,700 shares of the business’s stock in a transaction dated Wednesday, October 6th. The stock was sold at an average price of $83.80, for a total transaction of $2,321,260.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO John M. Evans sold 20,000 shares of Beam Therapeutics stock in a transaction dated Thursday, August 19th. The stock was sold at an average price of $99.49, for a total value of $1,989,800.00. The disclosure for this sale can be found here. 15.10% of the stock is currently owned by insiders.

A number of hedge funds have recently modified their holdings of the business. Koshinski Asset Management Inc. bought a new stake in shares of Beam Therapeutics in the 3rd quarter valued at about $26,000. Lazard Asset Management LLC bought a new stake in shares of Beam Therapeutics in the 1st quarter valued at about $30,000. Arkadios Wealth Advisors bought a new stake in shares of Beam Therapeutics in the 2nd quarter valued at about $31,000. Laurel Wealth Advisors LLC lifted its stake in shares of Beam Therapeutics by 100.0% in the 2nd quarter. Laurel Wealth Advisors LLC now owns 300 shares of the company’s stock valued at $39,000 after acquiring an additional 150 shares during the last quarter. Finally, Maverick Capital Ltd. bought a new stake in shares of Beam Therapeutics in the 1st quarter valued at about $54,000. 67.30% of the stock is owned by hedge funds and other institutional investors.

Beam Therapeutics Company Profile

Beam Therapeutics Inc, a biotechnology company, develops precision genetic medicines for patients suffering from serious diseases in the United States. The company is developing BEAM-101 for the treatment of sickle cell disease and beta thalassemia; BEAM-102 for the treatment of sickle cell disease; and BEAM-201, an allogeneic chimeric antigen receptor T cell for the treatment of relapsed/refractory T-cell acute lymphoblastic leukemia.

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