Beam Therapeutics (NASDAQ:BEAM) Downgraded by Wall Street Zen to “Sell”

Wall Street Zen lowered shares of Beam Therapeutics (NASDAQ:BEAM) from a hold rating to a sell rating in a report released on Sunday morning.

Several other equities research analysts also recently weighed in on BEAM. Sanford C. Bernstein upped their target price on shares of Beam Therapeutics from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 20th. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Wednesday, January 21st. UBS Group assumed coverage on Beam Therapeutics in a research note on Wednesday, January 7th. They issued a “neutral” rating and a $28.00 price objective on the stock. Benchmark reiterated a “speculative buy” rating on shares of Beam Therapeutics in a report on Monday, November 17th. Finally, Tudor Pickering set a $41.00 target price on Beam Therapeutics in a research note on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $43.80.

Beam Therapeutics Stock Performance

NASDAQ BEAM opened at $26.52 on Friday. The firm has a market capitalization of $2.69 billion, a P/E ratio of -5.99 and a beta of 2.12. The stock has a 50-day simple moving average of $28.45 and a two-hundred day simple moving average of $24.28. Beam Therapeutics has a fifty-two week low of $13.52 and a fifty-two week high of $36.44.

Insider Buying and Selling

In related news, insider Christine Bellon sold 1,371 shares of the stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $34.00, for a total transaction of $46,614.00. Following the completion of the sale, the insider owned 95,667 shares in the company, valued at $3,252,678. This represents a 1.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 3.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Beam Therapeutics

Several hedge funds have recently made changes to their positions in BEAM. ARK Investment Management LLC increased its position in 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 acquiring an additional 2,190,993 shares during the period. Contrarius Group Holdings Ltd purchased a new position in shares of Beam Therapeutics in the 3rd quarter valued at approximately $37,212,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Beam Therapeutics by 237.5% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,665,385 shares of the company’s stock valued at $40,419,000 after purchasing an additional 1,171,977 shares during the period. Qube Research & Technologies Ltd purchased a new stake in shares of Beam Therapeutics during the second quarter worth approximately $10,101,000. Finally, Bellevue Group AG lifted its holdings in shares of Beam Therapeutics by 20.6% during the second quarter. Bellevue Group AG now owns 2,889,288 shares of the company’s stock worth $49,147,000 after purchasing an additional 493,358 shares during the period. Institutional investors and hedge funds own 99.68% of the company’s stock.

Beam Therapeutics Company Profile

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.