Beam Therapeutics (NASDAQ:BEAM) Posts Quarterly Earnings Results, Beats Expectations By $0.12 EPS

Beam Therapeutics (NASDAQ:BEAM) posted its quarterly earnings data on Thursday. The company reported ($0.91) EPS for the quarter, beating analysts’ consensus estimates of ($1.03) by $0.12, FiscalAI reports. Beam Therapeutics had a negative return on equity of 30.65% and a negative net margin of 57.24%.The business had revenue of $31.74 million for the quarter, compared to analyst estimates of $10.98 million. During the same quarter last year, the company earned ($1.23) earnings per share. The business’s revenue for the quarter was up 323.2% compared to the same quarter last year.

Beam Therapeutics Price Performance

BEAM stock traded up $0.85 during midday trading on Friday, reaching $32.32. 2,852,441 shares of the company’s stock traded hands, compared to its average volume of 2,039,049. Beam Therapeutics has a fifty-two week low of $15.35 and a fifty-two week high of $36.44. The business has a 50-day moving average price of $27.21 and a two-hundred day moving average price of $27.07. The company has a market capitalization of $3.32 billion, a P/E ratio of -32.00 and a beta of 2.26.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on BEAM shares. Wall Street Zen raised shares of Beam Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a report on Monday, April 20th. Wedbush upped their price target on shares of Beam Therapeutics from $57.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 25th. Sanford C. Bernstein lifted their price target on shares of Beam Therapeutics from $37.00 to $41.00 and gave the company an “outperform” rating in a report on Tuesday, January 20th. Finally, Canaccord Genuity Group initiated coverage on shares of Beam Therapeutics in a research note on Friday, February 20th. They set a “buy” rating and a $74.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Beam Therapeutics has an average rating of “Moderate Buy” and a consensus target price of $47.17.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, President Giuseppe Ciaramella sold 11,810 shares of the stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $24.58, for a total value of $290,289.80. Following the completion of the sale, the president owned 218,406 shares of the company’s stock, valued at $5,368,419.48. This trade represents a 5.13% 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. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Christine Bellon sold 5,956 shares of Beam Therapeutics stock in a transaction that occurred on Wednesday, April 1st. The shares were sold at an average price of $24.58, for a total transaction of $146,398.48. Following the sale, the insider owned 109,711 shares in the company, valued at $2,696,696.38. This represents a 5.15% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 79,544 shares of company stock worth $1,899,942. Insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Larson Financial Group LLC boosted its holdings in Beam Therapeutics by 4,370.5% in the third quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock valued at $48,000 after purchasing an additional 1,923 shares during the last quarter. Kestra Advisory Services LLC bought a new position in Beam Therapeutics during the 4th quarter valued at $59,000. Van ECK Associates Corp grew its holdings in Beam Therapeutics by 48.7% during the 3rd quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock worth $52,000 after acquiring an additional 707 shares in the last quarter. IFC & Insurance Marketing Inc. acquired a new position in Beam Therapeutics during the 4th quarter worth $69,000. Finally, CIBC Private Wealth Group LLC increased its holdings in Beam Therapeutics by 46.6% in the fourth quarter. CIBC Private Wealth Group LLC now owns 3,144 shares of the company’s stock valued at $87,000 after buying an additional 1,000 shares during the last quarter. Hedge funds and other institutional investors own 99.68% of the company’s stock.

About Beam Therapeutics

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.