Beam Therapeutics (NASDAQ:BEAM) Announces Earnings Results

Beam Therapeutics (NASDAQ:BEAM) announced its quarterly earnings data on Tuesday. The company reported ($1.28) EPS for the quarter, missing analysts’ consensus estimates of ($1.17) by ($0.11), RTT News reports. The firm had revenue of $0.31 million during the quarter, compared to the consensus estimate of $8.75 million. Beam Therapeutics had a negative net margin of 54.75% and a negative return on equity of 30.71%. The firm’s quarterly revenue was down 96.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($1.10) earnings per share.

Beam Therapeutics Price Performance

BEAM opened at $26.92 on Tuesday. The company has a fifty day moving average price of $25.85 and a two-hundred day moving average price of $28.14. The company has a debt-to-equity ratio of 0.09, a quick ratio of 14.57 and a current ratio of 14.57. Beam Therapeutics has a 52 week low of $20.23 and a 52 week high of $38.26. The firm has a market capitalization of $2.78 billion, a PE ratio of -31.52 and a beta of 2.20.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, CEO John Evans sold 25,000 shares of the company’s stock in a transaction on Thursday, October 15th. The shares were sold at an average price of $23.57, for a total transaction of $589,250.00. Following the completion of the sale, the chief executive officer owned 1,047,205 shares in the company, valued at approximately $24,682,621.85. The trade was a 2.33% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 3.80% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on BEAM. William Blair upgraded Beam Therapeutics to a “strong-buy” rating in a research report on Wednesday, September 23rd. Canaccord Genuity Group raised their price target on Beam Therapeutics from $78.00 to $79.00 and gave the company a “buy” rating in a report on Thursday. Wall Street Zen cut Beam Therapeutics from a “sell” rating to a “strong sell” rating in a report on Saturday. Wedbush lowered their price objective on Beam Therapeutics from $65.00 to $28.00 and set an “outperform” rating for the company in a research report on Wednesday, October 28th. Finally, Bank of America reissued a “buy” rating and set a $47.00 price objective on shares of Beam Therapeutics in a report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $46.90.

Beam Therapeutics Company Profile

Beam Therapeutics Inc is a biotechnology company developing precision genetic medicines for patients with serious diseases. The company’s platform uses base editing, a form of gene editing designed to make targeted changes to individual DNA letters without creating double-strand breaks. Beam is also advancing related editing technologies and delivery systems intended to improve the precision and effectiveness of genetic treatments.

Beam’s pipeline includes investigational programs for diseases such as sickle cell disease, beta thalassemia, alpha-1 antitrypsin deficiency and glycogen storage disease type Ia.