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

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

Other equities research analysts have also recently issued reports about the stock. Sanford C. Bernstein cut their price objective on shares of Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 13th. Tudor Pickering set a $39.00 price target on Beam Therapeutics in a research note on Wednesday, May 13th. Bank of America restated a “buy” rating and issued a $47.00 price target on shares of Beam Therapeutics in a report on Wednesday, July 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Friday, July 17th. Finally, HC Wainwright reiterated a “buy” rating on shares of Beam Therapeutics in a report on Monday, August 10th. Ten equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Beam Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $49.00.

Beam Therapeutics Price Performance

NASDAQ BEAM opened at $26.75 on Friday. The business has a 50 day simple moving average of $30.26 and a 200 day simple moving average of $28.79. Beam Therapeutics has a 52-week low of $15.60 and a 52-week high of $38.26. 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 stock has a market cap of $2.76 billion, a price-to-earnings ratio of -31.10 and a beta of 2.23.

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

Insider Activity

In related news, insider Fmr Llc sold 251,488 shares of the stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $35.26, for a total transaction of $8,867,466.88. Following the completion of the transaction, the insider directly 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Amy Simon sold 16,667 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $25.74, for a total value of $429,008.58. Following the transaction, 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 disclosure for this sale is available in the SEC filing. Insiders sold a total of 301,527 shares of company stock valued at $10,468,500 in the last 90 days. 3.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Hollencrest Capital Management acquired a new stake in shares of Beam Therapeutics in the 1st quarter valued at approximately $43,000. Northwestern Mutual Wealth Management Co. acquired a new stake in Beam Therapeutics in the second quarter valued at $43,000. Bank Julius Baer & Co. Ltd Zurich bought a new position in shares of Beam Therapeutics in the 4th quarter valued at about $47,000. Larson Financial Group LLC grew its position in shares of Beam Therapeutics by 4,370.5% in the 3rd quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock valued at $48,000 after acquiring an additional 1,923 shares during the period. Finally, Van ECK Associates Corp grew its position in shares of Beam Therapeutics by 48.7% in the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock valued at $52,000 after acquiring an additional 707 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.