Beam Therapeutics (NASDAQ:BEAM) Releases Earnings Results, Beats Estimates By $0.16 EPS

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

Beam Therapeutics Stock Up 1.2 %

Shares of NASDAQ:BEAM opened at $30.79 on Tuesday. Beam Therapeutics has a twelve month low of $20.84 and a twelve month high of $49.50. The stock’s 50 day moving average is $27.17 and its 200-day moving average is $25.86. The firm has a market capitalization of $2.55 billion, a price-to-earnings ratio of -17.49 and a beta of 1.92.

Insider Activity at Beam Therapeutics

In related news, CEO John M. Evans sold 30,000 shares of the firm’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $26.75, for a total value of $802,500.00. Following the transaction, the chief executive officer now owns 908,659 shares of the company’s stock, valued at approximately $24,306,628.25. This trade represents a 3.20 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christine Bellon sold 1,241 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $24.68, for a total value of $30,627.88. Following the sale, the insider now directly owns 102,968 shares of the company’s stock, valued at $2,541,250.24. This represents a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have commented on BEAM. Leerink Partners raised shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and upped their price target for the company from $27.00 to $39.00 in a research report on Wednesday, November 6th. Sanford C. Bernstein raised Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, January 7th. Cantor Fitzgerald raised Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research note on Wednesday, January 29th. HC Wainwright reissued a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Monday, February 3rd. Finally, Wedbush reaffirmed an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research report on Monday, January 13th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $47.67.

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.