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

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

Several other research analysts also recently issued reports on the stock. Tudor Pickering set a $39.00 price objective on shares of Beam Therapeutics in a report on Wednesday, May 13th. Sanford C. Bernstein reduced their target price on shares of Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Bank of America reissued a “buy” rating and set a $47.00 target price on shares of Beam Therapeutics in a research report on Wednesday, July 8th. HC Wainwright restated a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research note on Tuesday, July 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a report on Friday, July 17th. Ten investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Beam Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $49.00.

Beam Therapeutics Stock Down 0.7%

BEAM opened at $27.28 on Friday. The business has a 50 day moving average of $30.54 and a 200-day moving average of $28.93. The stock has a market capitalization of $2.82 billion, a price-to-earnings ratio of -31.72 and a beta of 2.23. The company has a current ratio of 14.57, a quick ratio of 14.57 and a debt-to-equity ratio of 0.09. Beam Therapeutics has a 1-year low of $15.60 and a 1-year high of $38.26.

Beam Therapeutics (NASDAQ:BEAM) last announced its earnings results on Tuesday, August 4th. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.07). The company had revenue of $0.49 million for the quarter, compared to the consensus estimate of $16.37 million. Beam Therapeutics had a negative return on equity of 30.71% and a negative net margin of 54.75%.The company’s revenue was down 94.2% compared to the same quarter last year. During the same period last year, the firm posted ($1.00) EPS. As a group, sell-side analysts anticipate that Beam Therapeutics will post -4.37 earnings per share for the current year.

Insider Activity

In related news, insider Fmr Llc sold 251,488 shares of the stock in a transaction dated 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 completion of the transaction, the insider owned 854,583 shares of the company’s stock, valued at $30,132,596.58. This represents a 22.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Amy Simon sold 16,667 shares of Beam Therapeutics 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 sale, the insider directly owned 85,696 shares in the company, valued at $2,205,815.04. The trade was a 16.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 301,527 shares of company stock valued at $10,468,500 in the last three months. Company insiders own 3.80% of the company’s stock.

Institutional Trading of Beam Therapeutics

Several institutional investors have recently bought and sold shares of BEAM. Hollencrest Capital Management acquired a new position in Beam Therapeutics during the first quarter worth $43,000. Bank Julius Baer & Co. Ltd Zurich bought a new stake in shares of Beam Therapeutics in the 4th quarter worth about $47,000. Larson Financial Group LLC grew its holdings 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 worth $48,000 after purchasing an additional 1,923 shares during the last quarter. Van ECK Associates Corp increased its position in shares of Beam Therapeutics by 48.7% during the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock worth $52,000 after purchasing an additional 707 shares in the last quarter. Finally, Kestra Advisory Services LLC acquired a new stake in shares of Beam Therapeutics during the 4th quarter worth about $59,000. Institutional investors and hedge funds own 99.68% of the company’s stock.

About Beam Therapeutics

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.