Guggenheim Issues Pessimistic Forecast for Beam Therapeutics (NASDAQ:BEAM) Stock Price

Beam Therapeutics (NASDAQ:BEAM) had its price target decreased by research analysts at Guggenheim from $55.00 to $51.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim‘s target price points to a potential upside of 93.39% from the company’s current price.

BEAM has been the subject of several other reports. HC Wainwright reaffirmed a “buy” rating on shares of Beam Therapeutics in a report on Tuesday, October 27th. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a report on Thursday, October 15th. Wall Street Zen lowered Beam Therapeutics from a “sell” rating to a “strong sell” rating in a research report on Saturday, October 31st. Canaccord Genuity Group lowered their price objective on Beam Therapeutics from $79.00 to $78.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Bank of America reaffirmed a “buy” rating and issued a $47.00 target price on shares of Beam Therapeutics in a research report on Wednesday, July 8th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $47.36.

Beam Therapeutics Stock Down 5.1%

NASDAQ:BEAM traded down $1.42 during trading hours on Thursday, hitting $26.37. The stock had a trading volume of 1,269,419 shares, compared to its average volume of 2,023,925. The company has a market cap of $2.72 billion, a PE ratio of -25.20 and a beta of 2.23. The business has a 50 day simple moving average of $25.75 and a two-hundred day simple moving average of $28.08. Beam Therapeutics has a 1-year low of $20.23 and a 1-year high of $38.26. The company has a current ratio of 14.57, a quick ratio of 14.57 and a debt-to-equity ratio of 0.09.

Beam Therapeutics (NASDAQ:BEAM) last issued its quarterly earnings results on Tuesday, November 3rd. The company reported ($1.28) EPS for the quarter, missing analysts’ consensus estimates of ($1.17) by ($0.11). Beam Therapeutics had a negative net margin of 73.04% and a negative return on equity of 31.32%. The business had revenue of $0.31 million during the quarter, compared to analysts’ expectations of $8.75 million. During the same period in the prior year, the company posted ($1.10) EPS. The company’s revenue for the quarter was down 96.8% on a year-over-year basis. Analysts predict that Beam Therapeutics will post -4.49 EPS for the current year.

Insider Activity

In other Beam Therapeutics 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 value of $589,250.00. Following the transaction, the chief executive officer owned 1,047,205 shares of the company’s stock, valued at approximately $24,682,621.85. This represents 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 this hyperlink. 3.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Beam Therapeutics

Hedge funds have recently made changes to their positions in the company. Fulcrum Asset Management LLP acquired a new stake in Beam Therapeutics during the 3rd quarter worth about $51,000. Allspring Global Investments Holdings LLC grew its stake in Beam Therapeutics by 4.2% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 20,350 shares of the company’s stock valued at $496,000 after acquiring an additional 815 shares in the last quarter. AlphaCentric Advisors LLC acquired a new position in shares of Beam Therapeutics in the 3rd quarter valued at about $350,000. Privium Fund Management B.V. increased its holdings in shares of Beam Therapeutics by 29.9% in the 3rd quarter. Privium Fund Management B.V. now owns 91,282 shares of the company’s stock valued at $2,232,000 after purchasing an additional 21,000 shares during the period. Finally, Commonwealth Equity Services LLC increased its holdings in shares of Beam Therapeutics by 32.2% in the 3rd quarter. Commonwealth Equity Services LLC now owns 11,132 shares of the company’s stock valued at $272,000 after purchasing an additional 2,712 shares during the period. Hedge funds and other institutional investors own 99.68% of the company’s stock.

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.