Beam Therapeutics (NASDAQ:BEAM) Announces Quarterly Earnings Results

Beam Therapeutics (NASDAQ:BEAM) issued its quarterly earnings data on Tuesday. The company reported ($1.18) earnings per share for the quarter, missing the consensus estimate of ($1.11) by ($0.07), FiscalAI reports. The company had revenue of $0.49 million for the quarter, compared to the consensus estimate of $16.37 million. Beam Therapeutics had a negative net margin of 39.66% and a negative return on equity of 29.00%. Beam Therapeutics’s revenue was down 94.2% on a year-over-year basis. During the same quarter last year, the business posted ($1.00) earnings per share.

Beam Therapeutics Stock Performance

BEAM stock traded up $1.21 during mid-day trading on Tuesday, hitting $27.11. The company had a trading volume of 180,301 shares, compared to its average volume of 2,108,901. The company has a debt-to-equity ratio of 0.09, a quick ratio of 16.99 and a current ratio of 16.99. The firm has a market cap of $2.79 billion, a PE ratio of -39.87 and a beta of 2.23. Beam Therapeutics has a 12 month low of $15.60 and a 12 month high of $38.26. The stock’s fifty day moving average price is $30.96 and its two-hundred day moving average price is $29.10.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Tudor Pickering set a $39.00 price target on shares of Beam Therapeutics in a research report on Wednesday, May 13th. Bank of America reaffirmed a “buy” rating and issued a $47.00 price objective on shares of Beam Therapeutics in a research report on Wednesday, July 8th. Sanford C. Bernstein decreased their price objective on shares of Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. HC Wainwright reissued a “buy” rating and set a $80.00 target price on shares of Beam Therapeutics in a research report on Tuesday, July 7th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Friday, July 17th. Ten research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $46.85.

Insider Activity at Beam Therapeutics

In other news, insider Fmr Llc sold 251,488 shares of the firm’s stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $35.26, for a total transaction of $8,867,466.88. Following the completion of the sale, the insider owned 854,583 shares in the company, valued at $30,132,596.58. This trade represents a 22.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Amy Simon sold 16,667 shares of Beam Therapeutics stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $25.74, for a total transaction of $429,008.58. Following the completion of the sale, the insider directly owned 85,696 shares in the company, valued at $2,205,815.04. This trade represents a 16.28% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 301,527 shares of company stock valued at $10,468,500. 3.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BEAM. ARK Investment Management LLC lifted its holdings in Beam Therapeutics by 12.9% during the fourth quarter. ARK Investment Management LLC now owns 12,467,189 shares of the company’s stock valued at $345,590,000 after purchasing an additional 1,428,355 shares during the last quarter. State Street Corp increased its stake in shares of Beam Therapeutics by 30.4% in the fourth quarter. State Street Corp now owns 5,228,529 shares of the company’s stock worth $144,935,000 after purchasing an additional 1,219,871 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Beam Therapeutics by 20.6% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,730,282 shares of the company’s stock worth $75,684,000 after purchasing an additional 467,133 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Beam Therapeutics by 13.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,947,879 shares of the company’s stock valued at $53,996,000 after purchasing an additional 227,589 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Beam Therapeutics by 2.8% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,712,359 shares of the company’s stock valued at $47,467,000 after purchasing an additional 46,974 shares during the period. Institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Company Profile

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.