Beam Therapeutics (NASDAQ:BEAM) Rating Increased to Hold at Wall Street Zen

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

A number of other equities analysts also recently commented on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Wednesday, January 21st. Canaccord Genuity Group began coverage on Beam Therapeutics in a report on Friday, February 20th. They issued a “buy” rating and a $74.00 price target for the company. Evercore started coverage on Beam Therapeutics in a research report on Monday, November 24th. They issued an “outperform” rating and a $35.00 price objective on the stock. Royal Bank Of Canada boosted their price objective on Beam Therapeutics from $22.00 to $26.00 and gave the stock a “sector perform” rating in a research note on Wednesday. Finally, Sanford C. Bernstein increased 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. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $46.19.

Beam Therapeutics Stock Performance

Shares of NASDAQ:BEAM opened at $28.46 on Friday. The stock has a 50-day simple moving average of $28.91 and a 200-day simple moving average of $25.19. The stock has a market capitalization of $2.90 billion, a P/E ratio of -28.18 and a beta of 2.12. Beam Therapeutics has a 1 year low of $13.52 and a 1 year high of $36.44.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Tuesday, February 24th. The company reported $2.33 EPS for the quarter, beating the consensus estimate of ($1.13) by $3.46. Beam Therapeutics had a negative net margin of 57.24% and a negative return on equity of 30.65%. The firm had revenue of $114.11 million for the quarter, compared to analyst estimates of $13.22 million. During the same quarter last year, the firm posted ($1.09) earnings per share. Beam Therapeutics’s revenue for the quarter was up 280.3% compared to the same quarter last year. Analysts predict that Beam Therapeutics will post -4.57 earnings per share for the current year.

Insider Buying and Selling at Beam Therapeutics

In related news, insider Christine Bellon sold 1,371 shares of the business’s stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $34.00, for a total value of $46,614.00. Following the completion of the sale, the insider owned 95,667 shares of the company’s stock, valued at approximately $3,252,678. The trade was a 1.41% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 3.50% of the stock is owned by company insiders.

Institutional Trading of Beam Therapeutics

Institutional investors have recently added to or reduced their stakes in the business. Allworth Financial LP boosted its holdings in Beam Therapeutics by 7,080.0% in the second 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. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in shares of Beam Therapeutics in the fourth quarter worth about $47,000. Larson Financial Group LLC lifted its position in shares of Beam Therapeutics by 4,370.5% in the third quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock worth $48,000 after buying 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. Finally, Kestra Advisory Services LLC acquired a new position in shares of Beam Therapeutics during the 4th quarter valued at about $59,000. 99.68% of the stock is currently owned by institutional investors and hedge funds.

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.