Beam Therapeutics (NASDAQ:BEAM) Announces Quarterly Earnings Results

Beam Therapeutics (NASDAQ:BEAM) announced its quarterly earnings data on Tuesday. The company reported ($1.18) earnings per share for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $16.37 million. During the same period last year, the company posted ($1.00) earnings per share. Beam Therapeutics’s revenue for the quarter was down 94.2% on a year-over-year basis.

Beam Therapeutics Price Performance

Beam Therapeutics stock opened at $28.35 on Wednesday. The firm has a market capitalization of $2.92 billion, a P/E ratio of -41.69 and a beta of 2.23. Beam Therapeutics has a one year low of $15.60 and a one year high of $38.26. The company has a debt-to-equity ratio of 0.09, a current ratio of 16.99 and a quick ratio of 16.99. The business has a fifty day moving average price of $30.93 and a 200-day moving average price of $29.05.

Wall Street Analysts Forecast Growth

BEAM has been the topic of a number of recent research reports. Tudor Pickering set a $39.00 price target on Beam Therapeutics in a research report on Wednesday, May 13th. HC Wainwright restated a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research note on Tuesday, July 7th. Sanford C. Bernstein dropped their price objective on shares of Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating on the stock in a report on Wednesday, May 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Friday, July 17th. Finally, Bank of America reiterated a “buy” rating and set a $47.00 target price on shares of Beam Therapeutics in a research report on Wednesday, July 8th. Ten analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $46.85.

Insiders Place Their Bets

In other Beam Therapeutics 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 value of $429,008.58. Following the completion of the transaction, the insider owned 85,696 shares in the company, valued at $2,205,815.04. This trade represents a 16.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Fmr Llc sold 251,488 shares of Beam Therapeutics stock in a transaction dated Friday, June 26th. The shares were 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 of the company’s stock, valued at $30,132,596.58. The trade was a 22.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 301,527 shares of company stock worth $10,468,500. 3.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Beam Therapeutics

A number of large investors have recently modified their holdings of BEAM. Larson Financial Group LLC lifted its stake in Beam Therapeutics by 4,370.5% in the 3rd quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock worth $48,000 after purchasing an additional 1,923 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in Beam Therapeutics during the fourth quarter valued at $59,000. Van ECK Associates Corp boosted its stake in Beam Therapeutics by 48.7% during the third quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock valued at $52,000 after buying an additional 707 shares during the period. IFC & Insurance Marketing Inc. purchased a new position in Beam Therapeutics during the fourth quarter worth about $69,000. Finally, CIBC Private Wealth Group LLC grew its position in Beam Therapeutics by 46.6% during the fourth quarter. CIBC Private Wealth Group LLC now owns 3,144 shares of the company’s stock worth $87,000 after buying an additional 1,000 shares in the last quarter. 99.68% of the stock is currently owned by institutional investors.

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.