Wall Street Zen Upgrades Beam Therapeutics (NASDAQ:BEAM) to Hold

Beam Therapeutics (NASDAQ:BEAM) was upgraded by stock analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a report released on Saturday.

A number of other equities analysts also recently weighed in on the stock. Cantor Fitzgerald upgraded shares of Beam Therapeutics to a “strong-buy” rating in a report on Monday, July 21st. Barclays dropped their price target on shares of Beam Therapeutics from $25.00 to $21.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 6th. Three equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Beam Therapeutics currently has an average rating of “Buy” and an average target price of $48.45.

Beam Therapeutics Stock Up 12.6%

Shares of BEAM stock opened at $20.88 on Friday. The company’s fifty day simple moving average is $18.84 and its 200-day simple moving average is $19.57. The firm has a market cap of $2.11 billion, a PE ratio of -4.64 and a beta of 2.14. Beam Therapeutics has a 12 month low of $13.52 and a 12 month high of $35.25.

Beam Therapeutics (NASDAQ:BEAM) last announced 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 business had revenue of $8.47 million for the quarter, compared to analyst estimates of $13.29 million. Beam Therapeutics had a negative net margin of 661.31% and a negative return on equity of 43.15%. The firm’s revenue for the quarter was down 28.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($1.11) earnings per share. On average, equities analysts predict that Beam Therapeutics will post -4.57 earnings per share for the current fiscal year.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, insider Fmr Llc sold 48,374 shares of the company’s stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $20.50, for a total value of $991,667.00. Following the transaction, the insider directly owned 2,073,665 shares in the company, valued at $42,510,132.50. The trade was a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 49,624 shares of company stock valued at $1,015,628 in the last 90 days. 3.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Beam Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the stock. GF Fund Management CO. LTD. acquired a new position in shares of Beam Therapeutics in the fourth quarter valued at about $43,000. Allworth Financial LP grew its stake in shares of Beam Therapeutics by 7,080.0% in the second quarter. Allworth Financial LP now owns 2,513 shares of the company’s stock valued at $43,000 after acquiring an additional 2,478 shares in the last quarter. CWM LLC grew its stake in shares of Beam Therapeutics by 79.8% in the first quarter. CWM LLC now owns 2,684 shares of the company’s stock valued at $52,000 after acquiring an additional 1,191 shares in the last quarter. Amalgamated Bank grew its stake in shares of Beam Therapeutics by 20.4% in the first quarter. Amalgamated Bank now owns 3,153 shares of the company’s stock valued at $62,000 after acquiring an additional 534 shares in the last quarter. Finally, Daiwa Securities Group Inc. grew its stake in shares of Beam Therapeutics by 1,248.8% in the second quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company’s stock valued at $65,000 after acquiring an additional 3,534 shares in the last quarter. 99.68% of the stock is currently 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.