Beam Therapeutics (NASDAQ:BEAM) Stock Crosses Above 200-Day Moving Average Following Analyst Downgrade

Beam Therapeutics Inc. (NASDAQ:BEAM) shares crossed above its two hundred day moving average during trading on Wednesday after Wall Street Zen upgraded the stock from a strong sell rating to a sell rating. The stock has a two hundred day moving average of $28.21 and traded as high as $28.86. Beam Therapeutics shares last traded at $28.78, with a volume of 5,002,300 shares traded.

Several other research firms also recently issued reports on BEAM. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a report on Friday, July 17th. Wedbush reiterated an “outperform” rating and issued a $65.00 target price on shares of Beam Therapeutics in a report on Wednesday, September 9th. Bank of America reissued a “buy” rating and issued 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 report on Tuesday, August 25th. Finally, William Blair upgraded shares of Beam Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 23rd. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $46.40.

Insider Buying and Selling at Beam Therapeutics

In related news, CEO John Evans sold 25,000 shares of the company’s stock in a transaction on Thursday, October 15th. The stock was sold at an average price of $23.57, for a total transaction of $589,250.00. Following the transaction, the chief executive officer directly owned 1,047,205 shares of the company’s stock, valued at approximately $24,682,621.85. The trade was a 2.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.80% of the company’s stock.

Trending Headlines about Beam Therapeutics

Here are the key news stories impacting Beam Therapeutics this week:

• Positive Sentiment: Initial Phase 1/2 data provided proof of concept for BEAM-301: two patients in the 40 mg cohort achieved 15 hours of controlled fasting, showed improved glucose control and no longer required starch supplementation. The reported safety profile was consistent with other lipid-nanoparticle therapies. Beam Therapeutics BEAM-301 clinical data
• Positive Sentiment: Beam plans to discuss a potential regulatory path with the FDA, while enrollment in the 60 mg cohort is underway. A successful one-time treatment could represent a significant commercial opportunity in the rare-disease market. MarketScreener BEAM-301 clinical data
• Positive Sentiment: H.C. Wainwright reportedly viewed the early BEAM-301 results as supporting substantial additional upside, helping reinforce bullish sentiment around Beam’s gene-editing platform. Stocktwits report on BEAM-301 and H.C. Wainwright outlook
• Negative Sentiment: Wedbush cut its price target for BEAM sharply from $65 to $28, citing a much lower valuation ceiling despite maintaining an “Outperform” rating. The new target suggests limited near-term upside based on the quoted share price. Wedbush lowers Beam Therapeutics price target

Institutional Investors Weigh In On Beam Therapeutics

Institutional investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new position in Beam Therapeutics during the 2nd quarter valued at about $308,796,000. ARCH Venture Management LLC acquired a new position in shares of Beam Therapeutics in the 2nd quarter valued at about $155,771,929. Dimensional Fund Advisors LP increased its holdings in shares of Beam Therapeutics by 10.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,154,575 shares of the company’s stock valued at $51,327,000 after purchasing an additional 206,696 shares during the period. ADAR1 Capital Management LLC purchased a new stake in shares of Beam Therapeutics in the first quarter worth approximately $34,467,000. Finally, Bank of America Corp DE purchased a new stake in shares of Beam Therapeutics in the second quarter worth approximately $24,733,000. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Beam Therapeutics Stock Up 15.6%

The company has a quick ratio of 14.57, a current ratio of 14.57 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $2.97 billion, a PE ratio of -33.46 and a beta of 2.20. The business’s 50-day moving average price is $25.96 and its 200-day moving average price is $28.21.

Beam Therapeutics (NASDAQ:BEAM) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($1.18) EPS for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.07). Beam Therapeutics had a negative net margin of 54.75% and a negative return on equity of 30.71%. The company had revenue of $0.49 million for the quarter, compared to analysts’ expectations of $16.37 million. During the same period in the previous year, the firm posted ($1.00) earnings per share. The business’s revenue for the quarter was down 94.2% on a year-over-year basis. As a group, equities research analysts predict that Beam Therapeutics Inc. will post -4.49 EPS for the current fiscal year.

About Beam Therapeutics

Beam Therapeutics Inc is a biotechnology company developing precision genetic medicines for patients with serious diseases. The company’s platform uses base editing, a form of gene editing designed to make targeted changes to individual DNA letters without creating double-strand breaks. Beam is also advancing related editing technologies and delivery systems intended to improve the precision and effectiveness of genetic treatments.

Beam’s pipeline includes investigational programs for diseases such as sickle cell disease, beta thalassemia, alpha-1 antitrypsin deficiency and glycogen storage disease type Ia.