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

Beam Therapeutics (NASDAQ:BEAM) released its quarterly earnings data on Tuesday. The company reported ($1.17) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.01), Briefing.com reports. The company had revenue of $14.30 million for the quarter, compared to the consensus estimate 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 period in the prior year, the business earned ($1.22) earnings per share.

Beam Therapeutics Trading Up 11.2 %

NASDAQ BEAM opened at $26.62 on Thursday. Beam Therapeutics has a 1-year low of $18.85 and a 1-year high of $49.50. The firm’s fifty day simple moving average is $24.24 and its 200-day simple moving average is $24.64. The company has a market capitalization of $2.19 billion, a PE ratio of -14.71 and a beta of 1.86.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Wedbush reiterated an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a research report on Tuesday. Leerink Partnrs raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday. HC Wainwright reissued a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research report on Thursday. JPMorgan Chase & Co. upped their price target 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, 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 on the stock in a research report on Wednesday. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $44.91.

Insider Activity at Beam Therapeutics

In other news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction dated 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 directly 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 at this hyperlink. In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction that occurred 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 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 transaction, 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 111,784 shares of company stock valued at $2,834,485. Insiders own 4.20% of the company’s stock.

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.