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

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

Beam Therapeutics Stock Performance

Shares of BEAM stock opened at $22.53 on Wednesday. The stock’s 50 day simple moving average is $30.27 and its 200 day simple moving average is $28.20. Beam Therapeutics has a twelve month low of $16.95 and a twelve month high of $49.50. The company has a market capitalization of $1.85 billion, a price-to-earnings ratio of -11.86 and a beta of 1.88.

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 $85,264,043.88. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Amy Simon sold 7,157 shares of the business’s stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $32.13, for a total transaction of $229,954.41. Following the completion of the transaction, the insider now owns 86,590 shares of the company’s stock, valued at approximately $2,782,136.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Fmr Llc sold 1,565 shares of the firm’s 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 completion of the sale, the insider now directly owns 2,771,913 shares in the company, valued at approximately $85,264,043.88. The disclosure for this sale can be found here. Insiders sold 96,804 shares of company stock valued at $3,211,869 over the last 90 days. 4.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have commented on BEAM. TheStreet upgraded shares of Beam Therapeutics from a “d” rating to a “c-” rating in a report on Monday, March 11th. Barclays upped their price objective on shares of Beam Therapeutics from $26.00 to $42.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 28th. BMO Capital Markets reiterated an “outperform” rating and issued a $57.00 target price on shares of Beam Therapeutics in a research report on Wednesday, March 27th. JPMorgan Chase & Co. raised Beam Therapeutics from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $38.00 to $40.00 in a research report on Monday, January 29th. Finally, Royal Bank of Canada upped their target price on 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 given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $41.00.

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.