Beam Therapeutics (NASDAQ:BEAM) Posts Quarterly Earnings Results, Misses Expectations By $0.11 EPS

Beam Therapeutics (NASDAQ:BEAM) released its quarterly earnings results on Tuesday. The company reported ($1.28) earnings per share for the quarter, missing the consensus estimate of ($1.17) by ($0.11), RTT News reports. The firm had revenue of $0.31 million for the quarter, compared to the consensus estimate of $8.75 million. Beam Therapeutics had a negative return on equity of 31.32% and a negative net margin of 73.04%. The business’s revenue for the quarter was down 96.8% on a year-over-year basis. During the same quarter last year, the firm posted ($1.10) earnings per share.

Beam Therapeutics Price Performance

Shares of Beam Therapeutics stock traded down $1.48 on Thursday, hitting $26.31. The company’s stock had a trading volume of 225,344 shares, compared to its average volume of 2,022,439. The company has a market capitalization of $2.72 billion, a price-to-earnings ratio of -25.54 and a beta of 2.23. Beam Therapeutics has a 1 year low of $20.23 and a 1 year high of $38.26. The company has a debt-to-equity ratio of 0.09, a quick ratio of 14.57 and a current ratio of 14.57. The firm has a fifty day moving average price of $25.75 and a 200-day moving average price of $28.08.

Insider Buying and Selling

In other Beam Therapeutics news, CEO John Evans sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 15th. The stock was sold at an average price of $23.57, for a total value of $589,250.00. Following the sale, the chief executive officer directly owned 1,047,205 shares of the company’s stock, valued at approximately $24,682,621.85. This trade represents a 2.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on BEAM shares. Wall Street Zen cut shares of Beam Therapeutics from a “sell” rating to a “strong sell” rating in a research note on Saturday, October 31st. William Blair raised Beam Therapeutics to a “strong-buy” rating in a report on Wednesday, September 23rd. Canaccord Genuity Group cut their price objective on shares of Beam Therapeutics from $79.00 to $78.00 and set a “buy” rating for the company in a report on Wednesday. HC Wainwright reaffirmed a “buy” rating on shares of Beam Therapeutics in a research note on Tuesday, October 27th. Finally, Bank of America reaffirmed a “buy” rating and set a $47.00 price target on shares of Beam Therapeutics in a research note on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Beam Therapeutics has an average rating of “Moderate Buy” and an average target price of $47.00.

Beam Therapeutics Company Profile

Beam Therapeutics Inc is a biotechnology company developing precision genetic medicines for patients with serious diseases. The company’s platform uses base editing, a form of gene editing designed to make targeted changes to individual DNA letters without creating double-strand breaks. Beam is also advancing related editing technologies and delivery systems intended to improve the precision and effectiveness of genetic treatments.

Beam’s pipeline includes investigational programs for diseases such as sickle cell disease, beta thalassemia, alpha-1 antitrypsin deficiency and glycogen storage disease type Ia.