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

Beam Therapeutics (NASDAQ:BEAM) announced its earnings results on Tuesday. The company reported ($1.21) earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $7.40 million for the quarter, compared to the consensus estimate of $17.09 million. During the same quarter in the prior year, the firm posted ($1.33) earnings per share. The business’s revenue for the quarter was down 69.4% on a year-over-year basis.

Beam Therapeutics Price Performance

Shares of Beam Therapeutics stock opened at $22.53 on Wednesday. Beam Therapeutics has a 1 year low of $16.95 and a 1 year high of $49.50. The firm’s 50-day moving average is $30.27 and its two-hundred day moving average is $28.20. The stock has a market cap of $1.85 billion, a price-to-earnings ratio of -11.86 and a beta of 1.88.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on BEAM shares. Royal Bank of Canada increased their target price on shares of Beam Therapeutics from $27.00 to $35.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 28th. JPMorgan Chase & Co. raised shares of Beam Therapeutics from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $38.00 to $40.00 in a research note on Monday, January 29th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a research note on Wednesday, March 27th. Wedbush reaffirmed an “outperform” rating and issued a $57.00 price target on shares of Beam Therapeutics in a research note on Tuesday. Finally, Barclays raised their price target on shares of Beam Therapeutics from $26.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 28th. Eight analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $41.00.

Insiders Place Their Bets

In other news, insider Fmr Llc sold 1,565 shares of Beam Therapeutics stock in a transaction that occurred 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 owns 2,771,913 shares of the company’s stock, valued at approximately $85,264,043.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Fmr Llc sold 1,565 shares of the firm’s stock in a transaction on Tuesday, February 13th. The stock was sold at an average price of $30.76, for a total value of $48,139.40. Following the completion of the sale, the insider now owns 2,771,913 shares of the company’s stock, valued at approximately $85,264,043.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John M. Evans sold 60,000 shares of the company’s 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 transaction, the chief executive officer now directly owns 998,262 shares in the company, valued at $33,801,151.32. The disclosure for this sale can be found here. Insiders have sold a total of 96,804 shares of company stock worth $3,211,869 in the last three months. Corporate 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.