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

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

Beam Therapeutics Stock Performance

Shares of Beam Therapeutics stock opened at $22.54 on Friday. The company’s fifty day moving average is $29.50 and its two-hundred day moving average is $28.12. Beam Therapeutics has a 1 year low of $16.95 and a 1 year high of $49.50. The company has a market capitalization of $1.86 billion, a P/E ratio of -12.66 and a beta of 1.88.

Analysts Set New Price Targets

A number of brokerages recently commented on BEAM. Barclays lowered their target price on shares of Beam Therapeutics from $42.00 to $33.00 and set an “equal weight” rating for the company in a research note on Wednesday. BMO Capital Markets reaffirmed an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research report on Wednesday, March 27th. TheStreet raised Beam Therapeutics from a “d” rating to a “c-” rating in a research report on Monday, March 11th. Wedbush reaffirmed an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a report on Tuesday. Finally, Royal Bank of Canada boosted their price objective on shares of Beam Therapeutics from $27.00 to $35.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 28th. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Beam Therapeutics has a consensus rating of “Hold” and an average price target of $40.18.

Insider Activity at Beam Therapeutics

In other Beam Therapeutics news, insider Fmr Llc sold 1,565 shares of the business’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $30.76, for a total value of $48,139.40. Following the transaction, the insider now directly owns 2,771,913 shares of the company’s stock, valued at approximately $85,264,043.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO John M. Evans sold 60,000 shares of the stock in a transaction dated Thursday, March 28th. The shares were sold at an average price of $33.86, for a total value of $2,031,600.00. Following the sale, the chief executive officer now directly owns 998,262 shares of the company’s stock, valued at approximately $33,801,151.32. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Fmr Llc sold 1,565 shares of the firm’s stock in a transaction that occurred on Tuesday, February 13th. The stock was sold at an average price of $30.76, for a total transaction of $48,139.40. Following the transaction, the insider now directly owns 2,771,913 shares of the company’s stock, valued at $85,264,043.88. 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 quarter. 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.