Beam Therapeutics (NASDAQ:BEAM) Issues Earnings Results

Beam Therapeutics (NASDAQ:BEAM) released its quarterly 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 net margin of 40.56% and a negative return on equity of 16.22%. The business had revenue of $14.30 million during the quarter, compared to analysts’ expectations of $14.52 million. During the same period in the previous year, the business earned ($1.22) EPS. The business’s revenue was down 16.9% on a year-over-year basis.

Beam Therapeutics Price Performance

Beam Therapeutics stock traded up $0.75 during trading hours on Friday, reaching $26.85. The stock had a trading volume of 295,931 shares, compared to its average volume of 1,226,772. The stock has a market cap of $2.21 billion, a PE ratio of -14.42 and a beta of 1.86. The company has a fifty day simple moving average of $24.22 and a 200-day simple moving average of $24.65. Beam Therapeutics has a 52 week low of $18.85 and a 52 week high of $49.50.

Insider Transactions at Beam Therapeutics

In other news, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction that occurred on 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 trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $24.60, for a total value of $1,476,000.00. Following the completion of the sale, the chief executive officer now directly owns 938,659 shares in the company, valued at $23,091,011.40. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction that occurred on Monday, October 14th. The shares were 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. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 111,784 shares of company stock worth $2,834,485. Company insiders own 4.20% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on BEAM shares. Scotiabank assumed coverage on shares of Beam Therapeutics in a research report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 target price for the company. Stifel Nicolaus increased their price objective on Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Leerink Partnrs raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday. Barclays cut their target price on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 7th. Finally, HC Wainwright restated a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a report on Thursday. Four investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.91.

About Beam Therapeutics

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.