Beam Therapeutics (NASDAQ:BEAM) Issues Earnings Results

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

Beam Therapeutics Stock Performance

Shares of BEAM opened at $29.84 on Wednesday. The firm has a market capitalization of $2.47 billion, a P/E ratio of -16.95 and a beta of 1.92. Beam Therapeutics has a 52 week low of $20.84 and a 52 week high of $49.50. The stock has a 50 day moving average price of $27.17 and a two-hundred day moving average price of $25.86.

Insider Activity at Beam Therapeutics

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

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on BEAM shares. Sanford C. Bernstein upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Monday, February 3rd. Leerink Partners raised shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $27.00 to $39.00 in a research report on Wednesday, November 6th. Leerink Partnrs upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Finally, Wedbush reaffirmed an “outperform” rating and set a $57.00 price target on shares of Beam Therapeutics in a research note on Monday, January 13th. Two equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $47.67.

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.