Beam Therapeutics (NASDAQ:BEAM) Announces Earnings Results, Beats Expectations By $0.12 EPS

Beam Therapeutics (NASDAQ:BEAM) issued its quarterly earnings results on Thursday. The company reported ($0.91) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.12, FiscalAI reports. Beam Therapeutics had a negative return on equity of 30.65% and a negative net margin of 57.24%.The company had revenue of $31.74 million for the quarter, compared to analyst estimates of $10.98 million. During the same quarter in the prior year, the company posted ($1.23) EPS. The business’s revenue for the quarter was up 323.2% compared to the same quarter last year.

Beam Therapeutics Stock Down 2.7%

Shares of BEAM stock traded down $0.87 on Thursday, reaching $31.47. 1,755,639 shares of the stock were exchanged, compared to its average volume of 2,191,142. The stock has a market cap of $3.23 billion, a P/E ratio of -31.16 and a beta of 2.26. The firm has a 50 day moving average of $27.21 and a two-hundred day moving average of $27.07. Beam Therapeutics has a 1-year low of $15.35 and a 1-year high of $36.44.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Wedbush increased their price target on Beam Therapeutics from $57.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 25th. Wall Street Zen raised Beam Therapeutics from a “sell” rating to a “hold” rating in a research note on Saturday, February 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Monday, April 20th. Sanford C. Bernstein increased their price target on Beam Therapeutics from $37.00 to $41.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 20th. Finally, Citigroup increased their price target on Beam Therapeutics from $64.00 to $68.00 and gave the stock a “buy” rating in a research note on Thursday, March 26th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.17.

Insider Transactions at Beam Therapeutics

In other news, insider Amy Simon sold 6,700 shares of the company’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total transaction of $164,686.00. Following the completion of the sale, the insider directly owned 102,735 shares in the company, valued at $2,525,226.30. This represents a 6.12% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Christine Bellon sold 5,956 shares of the company’s stock in a transaction on Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total value of $146,398.48. Following the sale, the insider owned 109,711 shares of the company’s stock, valued at approximately $2,696,696.38. The trade was a 5.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 79,544 shares of company stock valued at $1,899,942. Corporate insiders own 3.80% of the company’s stock.

Institutional Trading of Beam Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Larson Financial Group LLC increased its holdings in shares of Beam Therapeutics by 4,370.5% during the 3rd quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock worth $48,000 after buying an additional 1,923 shares during the last quarter. Van ECK Associates Corp increased its holdings in Beam Therapeutics by 48.7% in the 3rd 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 in the last quarter. Kestra Advisory Services LLC acquired a new stake in Beam Therapeutics in the 4th quarter valued at $59,000. Daiwa Securities Group Inc. increased its holdings in Beam Therapeutics by 1,248.8% in the 2nd quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company’s stock valued at $65,000 after purchasing an additional 3,534 shares in the last quarter. Finally, IFC & Insurance Marketing Inc. acquired a new stake in Beam Therapeutics in the 4th quarter valued at $69,000. 99.68% of the stock is currently owned by institutional investors and hedge funds.

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.