Beam Therapeutics (NASDAQ:BEAM) Announces Quarterly Earnings Results, Beats Expectations By $0.16 EPS

Beam Therapeutics (NASDAQ:BEAM) posted its earnings results on Tuesday. The company reported ($1.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.25) by $0.16, Zacks reports. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The firm had revenue of $30.00 million during the quarter, compared to analyst estimates of $16.47 million. During the same quarter in the prior year, the business posted $1.73 EPS. The business’s revenue was down 90.5% compared to the same quarter last year.

Beam Therapeutics Trading Up 4.0 %

NASDAQ BEAM traded up $1.11 during trading on Thursday, hitting $29.00. The company had a trading volume of 143,354 shares, compared to its average volume of 1,264,090. The company’s fifty day moving average is $27.22 and its 200-day moving average is $25.91. Beam Therapeutics has a one year low of $20.84 and a one year high of $45.79. The company has a market cap of $2.40 billion, a price-to-earnings ratio of -16.51 and a beta of 1.92.

Wall Street Analysts Forecast Growth

BEAM has been the subject of a number of recent research reports. Sanford C. Bernstein raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. Leerink Partners raised shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and boosted their price target for the company from $27.00 to $39.00 in a research report on Wednesday, November 6th. Wedbush reiterated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a research note on Monday, January 13th. HC Wainwright restated a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a research report on Monday, February 3rd. Finally, Cantor Fitzgerald upgraded Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research report on Wednesday, January 29th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $47.89.

Insider Activity at Beam Therapeutics

In other news, CEO John M. Evans sold 30,000 shares of the firm’s stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $26.75, for a total transaction of $802,500.00. Following the completion of the transaction, the chief executive officer now directly owns 908,659 shares in the company, valued at $24,306,628.25. This trade represents a 3.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christine Bellon sold 1,241 shares of the company’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total value of $30,627.88. Following the completion of the transaction, the insider now directly owns 102,968 shares in the company, valued at $2,541,250.24. This trade represents a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.20% of the stock is owned by corporate insiders.

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.