Beam Therapeutics (NASDAQ:BEAM) Issues Earnings Results, Beats Estimates By $0.21 EPS

Beam Therapeutics (NASDAQ:BEAM) issued its earnings results on Tuesday. The company reported ($1.21) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.42) by $0.21, Briefing.com reports. The business had revenue of $7.40 million for the quarter, compared to the consensus estimate of $17.09 million. Beam Therapeutics had a negative net margin of 35.09% and a negative return on equity of 15.90%. The firm’s revenue for the quarter was down 69.4% on a year-over-year basis. During the same period in the previous year, the company earned ($1.33) earnings per share.

Beam Therapeutics Price Performance

BEAM stock opened at $22.54 on Friday. Beam Therapeutics has a fifty-two week low of $16.95 and a fifty-two week high of $49.50. The stock has a market capitalization of $1.86 billion, a price-to-earnings ratio of -12.66 and a beta of 1.88. The business’s fifty day moving average price is $29.50 and its two-hundred day moving average price is $28.12.

Insider Activity

In other Beam Therapeutics news, insider Fmr Llc sold 1,565 shares of the business’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $30.76, for a total value of $48,139.40. Following the completion of the sale, the insider now owns 2,771,913 shares of the company’s stock, valued at approximately $85,264,043.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Beam Therapeutics news, insider Fmr Llc sold 1,565 shares of Beam Therapeutics stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $30.76, for a total value of $48,139.40. Following the completion of the transaction, the insider now directly owns 2,771,913 shares of the company’s stock, valued at approximately $85,264,043.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Terry-Ann Burrell sold 5,446 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $32.12, for a total value of $174,925.52. Following the sale, the chief financial officer now directly owns 70,137 shares in the company, valued at $2,252,800.44. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 96,804 shares of company stock valued at $3,211,869. 4.20% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on BEAM shares. Royal Bank of Canada boosted their price objective on shares of Beam Therapeutics from $27.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Wednesday, February 28th. JPMorgan Chase & Co. raised Beam Therapeutics from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $38.00 to $40.00 in a research report on Monday, January 29th. BMO Capital Markets restated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research note on Wednesday, March 27th. Wedbush reiterated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research note on Tuesday. Finally, Barclays decreased their target price on Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating on the stock in a report on Wednesday. Eight analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $40.18.

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.