Beam Therapeutics (NASDAQ:BEAM) Releases Quarterly Earnings Results, Beats Estimates By $0.21 EPS

Beam Therapeutics (NASDAQ:BEAM) announced its earnings results on Tuesday. The company reported ($1.21) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.42) by $0.21, Briefing.com reports. The business had revenue of $7.40 million for the quarter, compared to analyst estimates of $17.09 million. Beam Therapeutics had a negative return on equity of 15.90% and a negative net margin of 35.09%. Beam Therapeutics’s revenue for the quarter was down 69.4% compared to the same quarter last year. During the same quarter last year, the firm earned ($1.33) EPS.

Beam Therapeutics Stock Performance

Shares of NASDAQ BEAM opened at $22.53 on Wednesday. The stock has a fifty day moving average of $30.27 and a 200-day moving average of $28.20. Beam Therapeutics has a fifty-two week low of $16.95 and a fifty-two week high of $49.50. The stock has a market cap of $1.85 billion, a PE ratio of -11.86 and a beta of 1.88.

Analyst Ratings Changes

A number of research firms have recently issued reports on BEAM. Royal Bank of Canada lifted their price objective on shares of Beam Therapeutics from $27.00 to $35.00 and gave the company a “sector perform” rating in a report on Wednesday, February 28th. BMO Capital Markets restated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a report on Wednesday, March 27th. TheStreet upgraded shares of Beam Therapeutics from a “d” rating to a “c-” rating in a research note on Monday, March 11th. Barclays lifted their price objective on shares of Beam Therapeutics from $26.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 28th. Finally, Wedbush reiterated an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a research note on Tuesday. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Beam Therapeutics has an average rating of “Hold” and a consensus target price of $41.00.

Insiders Place Their Bets

In other news, President Giuseppe Ciaramella sold 4,534 shares of the stock in a transaction on Monday, April 1st. The shares were sold at an average price of $32.12, for a total value of $145,632.08. Following the transaction, the president now owns 169,616 shares of the company’s stock, valued at approximately $5,448,065.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Fmr Llc sold 1,565 shares of the business’s stock in a transaction dated Tuesday, February 13th. The shares were sold at an average price of $30.76, for a total transaction of $48,139.40. Following the transaction, the insider now owns 2,771,913 shares in the company, valued at $85,264,043.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, President Giuseppe Ciaramella sold 4,534 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $32.12, for a total value of $145,632.08. Following the completion of the transaction, the president now directly owns 169,616 shares of the company’s stock, valued at approximately $5,448,065.92. The disclosure for this sale can be found here. Insiders have sold 96,804 shares of company stock worth $3,211,869 in the last three months. 4.20% of the stock is currently owned by corporate insiders.

About Beam Therapeutics

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.