Beam Therapeutics (NASDAQ:BEAM) Shares Gap Down Following Weak Earnings

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) gapped down prior to trading on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $24.36, but opened at $21.62. Beam Therapeutics shares last traded at $22.99, with a volume of 360,575 shares changing hands.

The company reported ($1.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.13) by ($0.04). The business 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 business’s revenue was down 16.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.22) earnings per share.

Analyst Upgrades and Downgrades

BEAM has been the subject of several analyst reports. HC Wainwright restated a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a report on Thursday, August 22nd. JPMorgan Chase & Co. increased their price target on shares of Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a research note on Wednesday, August 7th. Barclays decreased their price objective on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 7th. Stifel Nicolaus lifted their target price on Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $27.00 price target on shares of Beam Therapeutics in a research note on Thursday, September 19th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, Beam Therapeutics presently has an average rating of “Moderate Buy” and an average target price of $45.80.

Insiders Place Their Bets

In other Beam Therapeutics news, President Giuseppe Ciaramella sold 51,110 shares of the stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $26.27, for a total value of $1,342,659.70. Following the sale, the president now owns 160,260 shares of the company’s stock, valued at $4,210,030.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, 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 value of $1,342,659.70. Following the transaction, the president now 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 filing with the SEC, which is available through this hyperlink. Also, CEO John M. Evans sold 60,000 shares of the firm’s 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 completion of the sale, the chief executive officer now owns 938,659 shares in the company, valued at approximately $23,091,011.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 111,784 shares of company stock worth $2,834,485 over the last three months. Company insiders own 4.20% of the company’s stock.

Hedge Funds Weigh In On Beam Therapeutics

Several hedge funds have recently added to or reduced their stakes in BEAM. Fairfield Financial Advisors LTD acquired a new stake in shares of Beam Therapeutics in the 2nd quarter valued at about $26,000. PNC Financial Services Group Inc. lifted its stake in Beam Therapeutics by 144.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock valued at $43,000 after buying an additional 923 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of Beam Therapeutics by 2,648.4% in the second quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock valued at $40,000 after acquiring an additional 1,642 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Beam Therapeutics by 21.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock worth $75,000 after acquiring an additional 524 shares during the last quarter. Finally, National Bank of Canada FI increased its holdings in shares of Beam Therapeutics by 200.0% in the 2nd quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock valued at $69,000 after acquiring an additional 2,000 shares during the period. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Beam Therapeutics Stock Performance

The stock has a market cap of $1.90 billion, a PE ratio of -12.43 and a beta of 1.86. The firm’s 50-day moving average is $24.27 and its 200 day moving average is $24.62.

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.