Beam Therapeutics (NASDAQ:BEAM) Posts Earnings Results, Misses Estimates By $0.01 EPS

Beam Therapeutics (NASDAQ:BEAM) posted its earnings results 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. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. The company had revenue of $14.30 million during the quarter, compared to analyst estimates of $14.52 million. During the same quarter last year, the firm posted ($1.22) earnings per share. The firm’s revenue for the quarter was down 16.9% compared to the same quarter last year.

Beam Therapeutics Trading Down 1.8 %

Shares of NASDAQ BEAM opened at $23.93 on Wednesday. Beam Therapeutics has a 1 year low of $18.85 and a 1 year high of $49.50. The firm’s 50-day moving average is $24.23 and its 200-day moving average is $24.62. The firm has a market capitalization of $1.97 billion, a PE ratio of -13.22 and a beta of 1.86.

Analyst Ratings Changes

BEAM has been the topic of several recent analyst reports. Leerink Partners upgraded shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and lifted their target price for the stock from $27.00 to $39.00 in a report on Wednesday. JPMorgan Chase & Co. lifted their target price on Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Barclays decreased their target price on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 7th. Scotiabank began 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. Finally, Stifel Nicolaus raised their price objective on shares of 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 seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $45.18.

Insider Buying and Selling

In related news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction that occurred 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 transaction, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 938,659 shares of the company’s stock, 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 legal filing 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 dated 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 sale, the president now directly owns 160,260 shares in the company, valued at approximately $4,210,030.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 111,784 shares of company stock valued at $2,834,485 over the last ninety days. Insiders own 4.20% of the company’s stock.

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.