Beam Therapeutics (NASDAQ:BEAM) Releases Earnings Results, Misses Expectations By $0.01 EPS

Beam Therapeutics (NASDAQ:BEAM) announced its earnings results on Tuesday. The company reported ($1.17) EPS for the quarter, missing the consensus estimate of ($1.16) by ($0.01), Briefing.com reports. The company had revenue of $14.30 million for the quarter, compared to analysts’ expectations of $14.52 million. Beam Therapeutics had a negative net margin of 40.56% and a negative return on equity of 16.22%. The business’s quarterly revenue was down 16.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.22) earnings per share.

Beam Therapeutics Trading Up 1.5 %

BEAM traded up $0.39 on Friday, hitting $26.49. 255,220 shares of the company’s stock were exchanged, compared to its average volume of 1,226,584. The stock has a fifty day moving average of $24.22 and a two-hundred day moving average of $24.65. Beam Therapeutics has a twelve month low of $18.85 and a twelve month high of $49.50. The firm has a market cap of $2.18 billion, a PE ratio of -14.42 and a beta of 1.86.

Insider Activity

In related news, President Giuseppe Ciaramella sold 51,110 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $26.27, for a total transaction of $1,342,659.70. Following the completion of the transaction, the president now owns 160,260 shares in the company, valued at $4,210,030.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO John M. Evans sold 60,000 shares of the stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $24.60, for a total value of $1,476,000.00. Following the completion of the transaction, the chief executive officer now directly owns 938,659 shares of the company’s stock, valued at $23,091,011.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction on Monday, October 14th. The shares were sold at an average price of $26.27, for a total value of $1,342,659.70. Following the sale, the president now directly owns 160,260 shares in the company, valued at $4,210,030.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 111,784 shares of company stock valued at $2,834,485. 4.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. HC Wainwright reiterated a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research note on Thursday. Wedbush reaffirmed an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a research note on Tuesday. Leerink Partners raised shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $27.00 to $39.00 in a research report on Wednesday. JPMorgan Chase & Co. raised their target price on Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Finally, Leerink Partnrs upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Beam Therapeutics currently has an average rating of “Moderate Buy” and a consensus target price of $44.91.

About Beam Therapeutics

Beam Therapeutics Inc, a biotechnology company, engages in the development of precision genetic medicines for patients suffering from serious diseases in the United States. It develops BEAM-101 for the treatment of sickle cell disease or beta-thalassemia; and BEAM-302, a liver-targeting LNP formulation to treat severe alpha-1 antitrypsin deficiency; BEAM-201, an anti-CD7 CAR-T product candidate, which is in Phase 1/2 clinical trials for the treatment of refractory T-cell acute lymphoblastic leukemia/T cell lymphoblastic lymphoma; and BEAM-301, a liver-targeting LNP formulation for the treatment of glycogen storage disease 1a.