Beam Therapeutics (NASDAQ:BEAM) Issues Quarterly Earnings Results

Beam Therapeutics (NASDAQ:BEAM) posted its earnings results on Tuesday. The company reported ($1.21) EPS for the quarter, topping the consensus estimate of ($1.42) by $0.21, Briefing.com reports. The firm had revenue of $7.40 million for the quarter, compared to analysts’ expectations of $17.09 million. Beam Therapeutics had a negative net margin of 35.09% and a negative return on equity of 15.90%. The company’s quarterly revenue was down 69.4% compared to the same quarter last year. During the same quarter last year, the firm earned ($1.33) EPS.

Beam Therapeutics Stock Performance

NASDAQ:BEAM opened at $22.53 on Wednesday. The firm has a market cap of $1.85 billion, a price-to-earnings ratio of -11.86 and a beta of 1.88. The business’s fifty day moving average is $30.27 and its 200 day moving average is $28.20. Beam Therapeutics has a 52-week low of $16.95 and a 52-week high of $49.50.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BEAM. Royal Bank of Canada boosted their price objective on Beam Therapeutics from $27.00 to $35.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 28th. JPMorgan Chase & Co. raised Beam Therapeutics from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $38.00 to $40.00 in a research report on Monday, January 29th. BMO Capital Markets reissued an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research report on Wednesday, March 27th. Barclays boosted their target price on Beam Therapeutics from $26.00 to $42.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 28th. Finally, TheStreet upgraded Beam Therapeutics from a “d” rating to a “c-” rating in a research note on Monday, March 11th. Eight analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Beam Therapeutics presently has a consensus rating of “Hold” and an average target price of $41.00.

Insiders Place Their Bets

In other Beam Therapeutics news, insider Fmr Llc sold 1,565 shares of the company’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $30.76, for a total value of $48,139.40. Following the transaction, the insider now directly owns 2,771,913 shares in the company, valued at approximately $85,264,043.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Beam Therapeutics news, insider Fmr Llc sold 1,565 shares of the company’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $30.76, for a total value of $48,139.40. Following the transaction, the insider now directly owns 2,771,913 shares in the company, valued at approximately $85,264,043.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, President Giuseppe Ciaramella sold 4,534 shares of the company’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $32.12, for a total value of $145,632.08. Following the completion of the transaction, the president now owns 169,616 shares in the company, valued at $5,448,065.92. The disclosure for this sale can be found here. Insiders have sold 96,804 shares of company stock worth $3,211,869 in the last ninety days. 4.20% of the stock is currently 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.