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

Beam Therapeutics (NASDAQ:BEAM) announced its quarterly earnings data 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. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. The business had revenue of $14.30 million during the quarter, compared to analysts’ expectations of $14.52 million. During the same quarter last year, the company posted ($1.22) EPS. Beam Therapeutics’s revenue for the quarter was down 16.9% compared to the same quarter last year.

Beam Therapeutics Price Performance

Beam Therapeutics stock traded up $0.75 during midday trading on Friday, reaching $26.85. 295,931 shares of the company traded hands, compared to its average volume of 1,226,772. Beam Therapeutics has a 12 month low of $18.85 and a 12 month high of $49.50. The firm has a market capitalization of $2.21 billion, a price-to-earnings ratio of -14.42 and a beta of 1.86. The business has a 50 day moving average of $24.22 and a two-hundred day moving average of $24.65.

Insider Buying and Selling at Beam Therapeutics

In related news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $24.60, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction on Monday, September 30th. The stock was sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the transaction, the chief executive officer now directly owns 938,659 shares in the company, valued at approximately $23,091,011.40. The trade was 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 accessible through the SEC website. Also, President Giuseppe Ciaramella sold 51,110 shares of the firm’s stock in a transaction 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 owns 160,260 shares in the company, valued at $4,210,030.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 111,784 shares of company stock worth $2,834,485. Insiders own 4.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BEAM. Scotiabank started coverage on Beam Therapeutics in a research note on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 price target on the stock. JPMorgan Chase & Co. increased their target price on Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 7th. Leerink Partnrs raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. Royal Bank of Canada dropped their price target on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a research note on Wednesday. Finally, Barclays reduced their price objective on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 7th. Four research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price 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.