Jefferies Downgrades Beam Therapeutics to Hold, Lowers Price Target to $30
Portfolio Pulse from Benzinga Newsdesk
Jefferies analyst Michael Yee has downgraded Beam Therapeutics (NASDAQ:BEAM) from Buy to Hold and reduced the price target from $75 to $30, indicating a more cautious outlook on the company's stock.
December 08, 2023 | 11:56 am
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Beam Therapeutics' stock may face downward pressure in the short term due to the downgrade from Buy to Hold by Jefferies and a substantial reduction in the price target from $75 to $30.
Analyst downgrades typically lead to a negative perception among investors, potentially causing a decrease in stock price. The significant drop in the price target from $75 to $30 by a reputable firm like Jefferies suggests a substantial change in the expected performance of Beam Therapeutics, which could result in short-term selling pressure.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100