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

Beam Therapeutics (NASDAQ:BEAM) posted its quarterly earnings data on Tuesday. The company reported ($1.09) earnings per share for the quarter, topping the consensus estimate of ($1.25) by $0.16, Zacks reports. The business had revenue of $30.00 million during the quarter, compared to analysts’ expectations of $16.47 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. Beam Therapeutics’s revenue was down 90.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.73 earnings per share.

Beam Therapeutics Trading Up 1.2 %

Beam Therapeutics stock opened at $30.79 on Tuesday. The stock has a 50-day moving average price of $27.17 and a two-hundred day moving average price of $25.86. Beam Therapeutics has a 12 month low of $20.84 and a 12 month high of $49.50. The company has a market capitalization of $2.55 billion, a PE ratio of -17.49 and a beta of 1.92.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Royal Bank of Canada dropped their target price on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 6th. Sanford C. Bernstein upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, January 7th. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a report on Monday, February 3rd. Cantor Fitzgerald upgraded Beam Therapeutics from a “neutral” rating to an “overweight” rating in a research note on Wednesday, January 29th. Finally, Leerink Partnrs upgraded Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Beam Therapeutics currently has an average rating of “Buy” and an average target price of $47.67.

Insider Transactions at Beam Therapeutics

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

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.