Beam Therapeutics (NASDAQ:BEAM) Shares Gap Up After Strong Earnings

Shares of Beam Therapeutics Inc. (NASDAQ:BEAM) gapped up prior to trading on Tuesday following a better than expected earnings announcement. The stock had previously closed at $28.33, but opened at $29.75. Beam Therapeutics shares last traded at $30.0010, with a volume of 619,040 shares trading hands.

The company reported $2.33 earnings per share for the quarter, beating analysts’ consensus estimates of ($1.13) by $3.46. Beam Therapeutics had a negative net margin of 744.41% and a negative return on equity of 42.86%. The business had revenue of $114.11 million during the quarter, compared to analysts’ expectations of $13.22 million. During the same period last year, the business earned ($1.09) earnings per share. The business’s revenue for the quarter was up 280.3% on a year-over-year basis.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Wednesday, January 21st. Sanford C. Bernstein increased their price target on shares of Beam Therapeutics from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 20th. Benchmark restated a “speculative buy” rating on shares of Beam Therapeutics in a report on Monday, November 17th. Wall Street Zen lowered shares of Beam Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, February 8th. Finally, Canaccord Genuity Group assumed coverage on shares of Beam Therapeutics in a research note on Friday. They issued a “buy” rating and a $74.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $45.69.

Insider Activity at Beam Therapeutics

In other news, insider Christine Bellon sold 1,371 shares of Beam Therapeutics stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $34.00, for a total transaction of $46,614.00. Following the completion of the sale, the insider directly owned 95,667 shares of the company’s stock, valued at approximately $3,252,678. The trade was a 1.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.50% of the company’s stock.

Institutional Trading of Beam Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Allworth Financial LP boosted its position in shares of Beam Therapeutics by 7,080.0% during the 2nd quarter. Allworth Financial LP now owns 2,513 shares of the company’s stock worth $43,000 after acquiring an additional 2,478 shares in the last quarter. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in Beam Therapeutics during the fourth quarter worth approximately $47,000. Larson Financial Group LLC boosted its holdings in Beam Therapeutics by 4,370.5% in the third quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock valued at $48,000 after purchasing an additional 1,923 shares in the last quarter. Van ECK Associates Corp increased its stake in Beam Therapeutics by 48.7% in the third quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock valued at $52,000 after purchasing an additional 707 shares during the last quarter. Finally, Kestra Advisory Services LLC acquired a new stake in Beam Therapeutics during the fourth quarter worth approximately $59,000. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Beam Therapeutics Stock Performance

The firm’s 50-day moving average price is $28.63 and its two-hundred day moving average price is $24.89. The firm has a market cap of $3.05 billion, a PE ratio of -6.83 and a beta of 2.12.

About Beam Therapeutics

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.