Beam Therapeutics (NASDAQ:BEAM) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Beam Therapeutics (NASDAQ:BEAM) released its quarterly earnings data on Tuesday. The company reported ($1.11) earnings per share for the quarter, beating the consensus estimate of ($1.13) by $0.02, Briefing.com reports. Beam Therapeutics had a negative net margin of 37.33% and a negative return on equity of 15.46%. The firm had revenue of $11.80 million during the quarter, compared to analysts’ expectations of $14.18 million. During the same period in the previous year, the company earned ($1.08) earnings per share. The firm’s quarterly revenue was down 41.3% on a year-over-year basis.

Beam Therapeutics Stock Performance

Shares of BEAM traded down $0.08 during mid-day trading on Friday, reaching $24.83. The stock had a trading volume of 11,726 shares, compared to its average volume of 1,376,200. The firm has a market cap of $2.04 billion, a price-to-earnings ratio of -13.99 and a beta of 1.87. Beam Therapeutics has a 12 month low of $16.95 and a 12 month high of $49.50. The business has a fifty day moving average of $25.68 and a 200 day moving average of $27.81.

Analysts Set New Price Targets

Several research firms have recently weighed in on BEAM. Wedbush reissued an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a report on Tuesday. Royal Bank of Canada restated a “sector perform” rating and set a $27.00 target price on shares of Beam Therapeutics in a research report on Wednesday. HC Wainwright assumed coverage on shares of Beam Therapeutics in a research report on Tuesday, July 23rd. They set a “buy” rating and a $80.00 target price for the company. JPMorgan Chase & Co. boosted their target price on shares of Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Barclays cut their target price on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a research report on Wednesday. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Beam Therapeutics has a consensus rating of “Hold” and an average price target of $43.33.

Insiders Place Their Bets

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $24.50, for a total value of $1,470,000.00. Following the completion of the transaction, the chief executive officer now directly owns 998,343 shares in the company, valued at $24,459,403.50. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 4.20% of the company’s stock.

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.