Beam Therapeutics (NASDAQ:BEAM) Shares Down 6.1% – Here’s What Happened

by · The Markets Daily

Beam Therapeutics Inc. (NASDAQ:BEAM – Get Free Report) was down 6.1% on Thursday . The company traded as low as $33.30 and last traded at $33.2450. Approximately 302,039 shares traded hands during trading, a decline of 86% from the average daily volume of 2,185,344 shares. The stock had previously closed at $35.41.

Analyst Ratings Changes

Several equities research analysts recently weighed in on BEAM shares. Jefferies Financial Group began coverage on Beam Therapeutics in a report on Thursday, October 9th. They set a “buy” rating and a $41.00 price objective on the stock. Wall Street Zen lowered Beam Therapeutics from a “hold” rating to a “sell” rating in a research note on Sunday. Evercore ISI began coverage on Beam Therapeutics in a research note on Monday, November 24th. They issued an “outperform” rating and a $35.00 price objective for the company. UBS Group initiated coverage on shares of Beam Therapeutics in a research report on Wednesday, January 7th. They set a “neutral” rating and a $28.00 target price on the stock. Finally, Benchmark reissued a “speculative buy” rating on shares of Beam Therapeutics in a report on Monday, November 17th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $44.23.

Get Our Latest Research Report on BEAM

Beam Therapeutics Trading Down 7.2%

The stock has a market cap of $3.34 billion, a price-to-earnings ratio of -7.42 and a beta of 2.07. The stock’s 50-day moving average price is $26.09 and its 200-day moving average price is $23.15.

Beam Therapeutics (NASDAQ:BEAM – Get Free Report) last posted its quarterly earnings data on Tuesday, November 4th. The company reported ($1.10) earnings per share for the quarter, missing the consensus estimate of ($0.98) by ($0.12). The firm had revenue of $9.70 million for the quarter, compared to analyst estimates of $12.83 million. Beam Therapeutics had a negative return on equity of 42.86% and a negative net margin of 744.41%.The company’s quarterly revenue was down 32.2% compared to the same quarter last year. During the same quarter last year, the company earned ($1.17) earnings per share. As a group, analysts predict that Beam Therapeutics Inc. will post -4.57 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in BEAM. Jones Financial Companies Lllp increased its stake in shares of Beam Therapeutics by 55,780.0% in the 1st quarter. Jones Financial Companies Lllp now owns 33,528 shares of the company’s stock valued at $655,000 after acquiring an additional 33,468 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Beam Therapeutics by 10.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 438,529 shares of the company’s stock worth $8,564,000 after acquiring an additional 42,609 shares in the last quarter. Strs Ohio acquired a new stake in Beam Therapeutics in the first quarter worth $193,000. Rhumbline Advisers raised its holdings in shares of Beam Therapeutics by 11.9% during the first quarter. Rhumbline Advisers now owns 141,204 shares of the company’s stock valued at $2,758,000 after purchasing an additional 14,971 shares during the period. Finally, Voya Investment Management LLC increased its position in Beam Therapeutics by 52.6% in the 1st quarter. Voya Investment Management LLC now owns 35,117 shares of the company’s stock valued at $686,000 after buying an additional 12,102 shares in the last quarter. 99.68% of the stock is owned by institutional investors and hedge funds.

Beam Therapeutics Company Profile

(Get Free Report)

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.

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