Beam Therapeutics (NASDAQ:BEAM) Posts Quarterly Earnings Results, Misses Estimates By $0.07 EPS

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

Beam Therapeutics Stock Up 6.0%

Shares of NASDAQ BEAM opened at $27.46 on Tuesday. The stock has a fifty day moving average price of $30.96 and a 200 day moving average price of $29.10. The company has a current ratio of 16.99, a quick ratio of 16.99 and a debt-to-equity ratio of 0.09. Beam Therapeutics has a 12-month low of $15.60 and a 12-month high of $38.26. The company has a market cap of $2.83 billion, a P/E ratio of -40.25 and a beta of 2.23.

Insider Transactions at Beam Therapeutics

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

Institutional Trading of Beam Therapeutics

Several large investors have recently bought and sold shares of BEAM. ARK Investment Management LLC boosted its position in Beam Therapeutics by 12.9% in the 4th quarter. ARK Investment Management LLC now owns 12,467,189 shares of the company’s stock valued at $345,590,000 after buying an additional 1,428,355 shares during the last quarter. State Street Corp lifted 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 acquiring an additional 1,219,871 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Beam Therapeutics by 237.5% in the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,665,385 shares of the company’s stock valued at $40,419,000 after purchasing an additional 1,171,977 shares during the last quarter. Marshall Wace LLP purchased a new position in Beam Therapeutics in the fourth quarter valued at about $26,218,000. Finally, Qube Research & Technologies Ltd acquired a new stake in Beam Therapeutics during the 2nd quarter valued at approximately $10,101,000. Institutional investors and hedge funds own 99.68% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on BEAM shares. Sanford C. Bernstein dropped their price target on Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating for the company in a research note on Wednesday, May 13th. Tudor Pickering set a $39.00 price objective on Beam Therapeutics in a research note on Wednesday, May 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a report on Friday, July 17th. Bank of America reissued a “buy” rating and set a $47.00 target price on shares of Beam Therapeutics in a research report on Wednesday, July 8th. Finally, HC Wainwright restated a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a report on Tuesday, July 7th. Ten investment 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 MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $46.85.

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.