Beam Therapeutics (NASDAQ:BEAM) Stock Rating Upgraded by UBS Group

Beam Therapeutics (NASDAQ:BEAM) was upgraded by analysts at UBS Group to a “hold” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

Several other analysts have also commented on BEAM. HC Wainwright reiterated a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a report on Friday, October 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Wednesday, October 8th. Jefferies Financial Group initiated coverage on Beam Therapeutics in a research note on Thursday, October 9th. They issued a “buy” rating and a $41.00 price target for the company. JPMorgan Chase & Co. dropped their price target on Beam Therapeutics from $48.00 to $46.00 and set an “overweight” rating on the stock in a research note on Thursday, October 9th. Finally, Wall Street Zen upgraded shares of Beam Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, January 3rd. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.23.

Beam Therapeutics Stock Performance

Shares of NASDAQ:BEAM opened at $28.00 on Wednesday. The firm’s 50 day simple moving average is $25.37 and its 200-day simple moving average is $22.66. Beam Therapeutics has a one year low of $13.52 and a one year high of $35.25. The firm has a market cap of $2.84 billion, a PE ratio of -6.32 and a beta of 2.07.

Beam Therapeutics (NASDAQ:BEAM) last posted its earnings results on Tuesday, November 4th. The company reported ($1.10) EPS 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 net margin of 744.41% and a negative return on equity of 42.86%. The company’s revenue for the quarter was down 32.2% on a year-over-year basis. During the same period last year, the business posted ($1.17) EPS. Equities research analysts predict that Beam Therapeutics will post -4.57 EPS for the current fiscal year.

Hedge Funds Weigh In On Beam Therapeutics

A number of large investors have recently added to or reduced their stakes in BEAM. ARK Investment Management LLC lifted its stake in Beam Therapeutics by 24.8% in the 3rd quarter. ARK Investment Management LLC now owns 11,038,834 shares of the company’s stock valued at $267,913,000 after buying an additional 2,190,993 shares in the last quarter. Farallon Capital Management LLC raised its holdings in shares of Beam Therapeutics by 0.5% during the third quarter. Farallon Capital Management LLC now owns 10,063,111 shares of the company’s stock valued at $244,232,000 after acquiring an additional 50,000 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Beam Therapeutics by 2.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,830,738 shares of the company’s stock valued at $117,242,000 after acquiring an additional 101,294 shares in the last quarter. Amova Asset Management Americas Inc. boosted its stake in shares of Beam Therapeutics by 2.2% in the third quarter. Amova Asset Management Americas Inc. now owns 4,830,738 shares of the company’s stock worth $117,242,000 after acquiring an additional 103,939 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. boosted its stake in shares of Beam Therapeutics by 10.7% in the second quarter. Nikko Asset Management Americas Inc. now owns 4,726,799 shares of the company’s stock worth $80,403,000 after acquiring an additional 456,779 shares during the last quarter. 99.68% of the stock is currently 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.