Beam Therapeutics (NASDAQ:BEAM) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Beam Therapeutics (NASDAQ:BEAM) from a sell rating to a hold rating in a research note issued to investors on Saturday morning.

Other equities analysts have also recently issued research reports about the company. UBS Group initiated coverage on Beam Therapeutics in a report on Wednesday, January 7th. They issued a “neutral” rating and a $28.00 price target for the company. HC Wainwright reaffirmed a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a report on Friday, October 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a report on Wednesday, January 21st. Sanford C. Bernstein raised their target price on Beam Therapeutics from $37.00 to $41.00 and gave the company an “outperform” rating in a research note on Tuesday, January 20th. Finally, Evercore ISI assumed coverage on Beam Therapeutics in a research report on Monday, November 24th. They set an “outperform” rating and a $35.00 target price on the stock. One 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 issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $43.80.

Beam Therapeutics Stock Up 1.1%

BEAM opened at $27.92 on Friday. Beam Therapeutics has a 52-week low of $13.52 and a 52-week high of $36.44. The company has a 50 day moving average of $28.33 and a two-hundred day moving average of $24.14. The company has a market cap of $2.83 billion, a P/E ratio of -6.30 and a beta of 2.12.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings results on Tuesday, November 4th. The company reported ($1.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.98) by ($0.12). The business had revenue of $9.70 million for the quarter, compared to analysts’ expectations of $12.83 million. Beam Therapeutics had a negative return on equity of 42.86% and a negative net margin of 744.41%.The firm’s revenue for the quarter was down 32.2% on a year-over-year basis. During the same period last year, the company posted ($1.17) earnings per share. Research analysts anticipate that Beam Therapeutics will post -4.57 earnings per share for the current year.

Insiders Place Their Bets

In other Beam Therapeutics 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 sale, the insider directly owned 95,667 shares of the company’s stock, valued at approximately $3,252,678. This represents a 1.41% decrease in their ownership of the stock. 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 insiders.

Institutional Investors Weigh In On Beam Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the business. Allworth Financial LP raised its holdings in shares of Beam Therapeutics by 7,080.0% in the 2nd quarter. Allworth Financial LP now owns 2,513 shares of the company’s stock worth $43,000 after purchasing an additional 2,478 shares in the last quarter. Larson Financial Group LLC lifted its position in shares of Beam Therapeutics by 4,370.5% during 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 last quarter. Van ECK Associates Corp boosted its stake 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 acquiring an additional 707 shares in the last quarter. Daiwa Securities Group Inc. grew its holdings in shares of Beam Therapeutics by 1,248.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company’s stock worth $65,000 after acquiring an additional 3,534 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Beam Therapeutics by 43.4% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,884 shares of the company’s stock worth $66,000 after purchasing an additional 1,175 shares during the period. 99.68% of the stock is owned by institutional investors and hedge funds.

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.