Beam Therapeutics (NASDAQ:BEAM) Cut to Strong Sell at Wall Street Zen

Wall Street Zen cut shares of Beam Therapeutics (NASDAQ:BEAM) from a sell rating to a strong sell rating in a research report report published on Sunday,Wall Street Zen reports.

Several other equities analysts also recently weighed in on the stock. Bank of America reiterated a “buy” rating and issued a $47.00 price target on shares of Beam Therapeutics in a report on Wednesday, July 8th. HC Wainwright restated a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research note on Tuesday, August 25th. Wedbush reaffirmed an “outperform” rating and issued a $65.00 price objective on shares of Beam Therapeutics in a report on Wednesday, September 9th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Friday, July 17th. Ten research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $49.00.

Beam Therapeutics Stock Down 3.7%

Beam Therapeutics stock opened at $23.22 on Friday. The company has a debt-to-equity ratio of 0.09, a quick ratio of 14.57 and a current ratio of 14.57. The business’s 50-day simple moving average is $27.99 and its two-hundred day simple moving average is $28.79. The company has a market cap of $2.40 billion, a PE ratio of -27.00 and a beta of 2.22. Beam Therapeutics has a fifty-two week low of $20.23 and a fifty-two week high of $38.26.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.11) by ($0.07). Beam Therapeutics had a negative return on equity of 30.71% and a negative net margin of 54.75%.The firm had revenue of $0.49 million during the quarter, compared to analysts’ expectations of $16.37 million. During the same quarter in the previous year, the business earned ($1.00) earnings per share. The company’s revenue for the quarter was down 94.2% compared to the same quarter last year. Equities analysts anticipate that Beam Therapeutics will post -4.49 EPS for the current year.

Insider Transactions at Beam Therapeutics

In related news, 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 transaction of $429,008.58. Following the sale, the insider directly owned 85,696 shares of the company’s stock, valued at $2,205,815.04. This trade represents a 16.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Fmr Llc sold 251,488 shares of Beam Therapeutics stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $35.26, for a total value of $8,867,466.88. Following the transaction, the insider owned 854,583 shares of the company’s stock, valued at approximately $30,132,596.58. This represents a 22.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 301,527 shares of company stock worth $10,468,500 in the last 90 days. Company insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. purchased a new position in Beam Therapeutics during the second quarter worth approximately $308,796,000. ARCH Venture Management LLC acquired a new stake in Beam Therapeutics in the second quarter valued at approximately $155,771,929. ADAR1 Capital Management LLC purchased a new stake in shares of Beam Therapeutics in the first quarter valued at approximately $34,467,000. MWG Caph Ltd purchased a new stake in shares of Beam Therapeutics in the fourth quarter valued at approximately $35,119,000. Finally, Bank of America Corp DE acquired a new position in shares of Beam Therapeutics during the 2nd quarter worth approximately $24,733,000. Institutional investors and hedge funds own 99.68% of the company’s stock.

Beam Therapeutics Company Profile

Beam Therapeutics Inc is a biotechnology company focused on developing genetic medicines using its proprietary base-editing technology. Unlike conventional gene-editing approaches that can make double-strand breaks in DNA, base editing is designed to make targeted changes to individual DNA letters, with the goal of treating diseases at their genetic source.

The company is developing both ex vivo and in vivo therapies. Its pipeline has included programs for sickle cell disease, beta thalassemia, alpha-1 antitrypsin deficiency, glycogen storage disease type Ia and certain cancers.