Beam Therapeutics (NASDAQ:BEAM) Issues Earnings Results

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

Beam Therapeutics Price Performance

Shares of NASDAQ BEAM traded down $0.82 during midday trading on Tuesday, reaching $23.54. The company’s stock had a trading volume of 778,718 shares, compared to its average volume of 1,221,658. The stock has a market capitalization of $1.94 billion, a P/E ratio of -12.43 and a beta of 1.86. The firm has a 50 day moving average price of $24.27 and a 200-day moving average price of $24.62. Beam Therapeutics has a 12-month low of $18.85 and a 12-month high of $49.50.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on BEAM shares. Wedbush reiterated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research report on Tuesday, August 6th. JPMorgan Chase & Co. increased their price objective on shares of Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a research 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 research report on Thursday, August 22nd. Barclays lowered their price objective on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 7th. Finally, Royal Bank of Canada reissued a “sector perform” rating and set a $27.00 target price on shares of Beam Therapeutics in a research report on Thursday, September 19th. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $45.80.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, President Giuseppe Ciaramella sold 51,110 shares of the company’s 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 completion of the transaction, the president now owns 160,260 shares in the company, valued at $4,210,030.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, President Giuseppe Ciaramella sold 51,110 shares of the stock in a transaction dated 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 owns 160,260 shares in the company, valued at approximately $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 Securities & Exchange Commission, which can be accessed through this link. Also, CEO John M. Evans sold 60,000 shares of Beam Therapeutics 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 in the company, valued at approximately $23,091,011.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 111,784 shares of company stock valued at $2,834,485. 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.