Beam Therapeutics (NASDAQ:BEAM) Announces Quarterly Earnings Results, Misses Estimates By $0.04 EPS

Beam Therapeutics (NASDAQ:BEAM) posted its quarterly earnings results on Tuesday. The company reported ($1.17) earnings per share for the quarter, missing the consensus estimate of ($1.13) by ($0.04), Briefing.com reports. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. The firm had revenue of $14.30 million for the quarter, compared to the consensus estimate of $14.52 million. During the same quarter in the previous year, the company posted ($1.22) EPS. The firm’s revenue was down 16.9% compared to the same quarter last year.

Beam Therapeutics Stock Performance

BEAM traded down $0.66 during trading on Tuesday, reaching $23.70. 588,544 shares of the company traded hands, compared to its average volume of 1,220,770. The company has a market cap of $1.95 billion, a P/E ratio of -12.43 and a beta of 1.86. The firm has a fifty day simple moving average of $24.27 and a 200 day simple moving average of $24.62. Beam Therapeutics has a 12-month low of $18.85 and a 12-month high of $49.50.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Barclays cut 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 report on Wednesday, August 7th. JPMorgan Chase & Co. lifted their target price on Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. HC Wainwright reissued a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a report on Thursday, August 22nd. Scotiabank assumed coverage on shares of Beam Therapeutics in a report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 price target for the company. Finally, Stifel Nicolaus boosted their price objective on Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.80.

Insider Buying and Selling at Beam Therapeutics

In other news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction 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 sale, the chief executive officer now owns 938,659 shares of the company’s stock, valued at $23,091,011.40. 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 through this hyperlink. In other news, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics 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 completion of the transaction, the president now directly owns 160,260 shares of the company’s stock, 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 Securities & Exchange Commission, which is available through the SEC website. Also, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction on Monday, September 30th. The shares were sold at an average price of $24.60, for a total transaction 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. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 111,784 shares of company stock valued at $2,834,485 in the last quarter. 4.20% of the stock is owned by insiders.

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.