Beam Therapeutics (NASDAQ:BEAM) Announces Quarterly Earnings Results

Beam Therapeutics (NASDAQ:BEAM) issued its quarterly earnings results on Tuesday. The company reported ($1.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.25) by $0.16, Zacks reports. The company had revenue of $30.00 million during the quarter, compared to the consensus estimate of $16.47 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The firm’s quarterly revenue was down 90.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.73 EPS.

Beam Therapeutics Stock Down 3.1 %

Shares of NASDAQ:BEAM opened at $29.84 on Wednesday. The business has a fifty day simple moving average of $27.17 and a 200 day simple moving average of $25.86. Beam Therapeutics has a 12-month low of $20.84 and a 12-month high of $49.50. The firm has a market cap of $2.47 billion, a P/E ratio of -16.95 and a beta of 1.92.

Insider Buying and Selling at Beam Therapeutics

In other news, insider Christine Bellon sold 1,241 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total value of $30,627.88. Following the sale, the insider now directly owns 102,968 shares of the company’s stock, valued at approximately $2,541,250.24. This represents a 1.19 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO John M. Evans sold 30,000 shares of the stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $26.75, for a total transaction of $802,500.00. Following the sale, the chief executive officer now owns 908,659 shares of the company’s stock, valued at approximately $24,306,628.25. This trade represents a 3.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 4.20% of the company’s stock.

Analyst Ratings Changes

BEAM has been the subject of several research analyst reports. Royal Bank of Canada lowered their price objective on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 6th. Leerink Partnrs raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 6th. HC Wainwright reiterated a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research report on Monday, February 3rd. Sanford C. Bernstein raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, Wedbush restated an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a research note on Monday, January 13th. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $47.67.

Beam Therapeutics Company Profile

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.