Beam Therapeutics (NASDAQ:BEAM) Announces Earnings Results

Beam Therapeutics (NASDAQ:BEAM) released its earnings results on Tuesday. The company reported ($1.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01), Briefing.com reports. The firm had revenue of $14.30 million for the quarter, compared to analyst estimates of $14.52 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. The firm’s revenue was down 16.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($1.22) EPS.

Beam Therapeutics Stock Performance

Beam Therapeutics stock traded down $0.52 during trading hours on Thursday, hitting $26.10. 934,888 shares of the stock were exchanged, compared to its average volume of 1,026,587. The stock has a market capitalization of $2.15 billion, a P/E ratio of -14.42 and a beta of 1.86. Beam Therapeutics has a 12 month low of $18.85 and a 12 month high of $49.50. The business’s 50-day moving average is $24.22 and its two-hundred day moving average is $24.65.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

BEAM has been the subject of a number of research analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research report on Thursday. 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. Royal Bank of Canada cut 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. JPMorgan Chase & Co. upped their price objective on shares of Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Finally, Wedbush reaffirmed an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research report on Tuesday. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Beam Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $44.91.

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.