Beam Therapeutics (NASDAQ:BEAM) Releases Earnings Results, Beats Expectations By $0.02 EPS

Beam Therapeutics (NASDAQ:BEAM) announced its quarterly earnings results on Tuesday. The company reported ($1.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.13) by $0.02, Briefing.com reports. The firm had revenue of $11.80 million during the quarter, compared to analyst estimates of $14.18 million. Beam Therapeutics had a negative return on equity of 15.46% and a negative net margin of 37.33%. Beam Therapeutics’s quarterly revenue was down 41.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($1.08) earnings per share.

Beam Therapeutics Stock Performance

Shares of NASDAQ BEAM traded down $1.06 during mid-day trading on Wednesday, hitting $24.46. The stock had a trading volume of 1,170,252 shares, compared to its average volume of 1,390,876. The company has a 50 day moving average of $25.68 and a two-hundred day moving average of $27.81. Beam Therapeutics has a twelve month low of $16.95 and a twelve month high of $49.50. The firm has a market cap of $2.01 billion, a PE ratio of -13.74 and a beta of 1.87.

Analyst Ratings Changes

A number of brokerages recently issued reports on BEAM. Royal Bank of Canada reiterated a “sector perform” rating and issued a $27.00 price target on shares of Beam Therapeutics in a report on Wednesday. HC Wainwright initiated coverage on Beam Therapeutics in a report on Tuesday, July 23rd. They set a “buy” rating and a $80.00 target price for the company. Barclays lowered their target price on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a report on Wednesday. JPMorgan Chase & Co. upped their target price on Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday. Finally, Wedbush restated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a report on Tuesday. Eight equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $43.33.

Insider Activity at Beam Therapeutics

In related news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $24.50, for a total value of $1,470,000.00. Following the transaction, the chief executive officer now directly owns 998,343 shares of the company’s stock, valued at approximately $24,459,403.50. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 4.20% of the stock is owned by 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.