Beam Therapeutics (NASDAQ:BEAM) Stock Price Down 6.8% on Disappointing Earnings

Beam Therapeutics Inc. (NASDAQ:BEAM)’s share price was down 6.8% during trading on Tuesday after the company announced weaker than expected quarterly earnings. The company traded as low as $18.37 and last traded at $18.47. Approximately 326,775 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 1,947,803 shares. The stock had previously closed at $19.82.

The company reported ($1.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.13). Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The firm’s quarterly revenue was up 1.4% compared to the same quarter last year. During the same quarter last year, the business posted ($1.21) earnings per share.

Analyst Ratings Changes

BEAM has been the topic of a number of recent analyst reports. Bank of America raised shares of Beam Therapeutics from a “neutral” rating to a “buy” rating and set a $42.00 price target on the stock in a report on Friday, March 28th. Cantor Fitzgerald reissued an “overweight” rating on shares of Beam Therapeutics in a report on Wednesday, March 12th. Jones Trading upgraded shares of Beam Therapeutics from a “hold” rating to a “buy” rating and set a $34.00 price objective for the company in a research report on Monday, March 10th. Sanford C. Bernstein upgraded shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Finally, HC Wainwright reissued a “buy” rating and set a $80.00 price objective on shares of Beam Therapeutics in a research report on Monday, April 7th. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $49.45.

Insider Buying and Selling at Beam Therapeutics

In other news, President Giuseppe Ciaramella sold 7,434 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $136,413.90. Following the completion of the sale, the president now owns 190,216 shares in the company, valued at approximately $3,490,463.60. The trade was a 3.76 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO John M. Evans sold 30,663 shares of the company’s stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $562,666.05. Following the completion of the transaction, the chief executive officer now owns 986,249 shares of the company’s stock, valued at approximately $18,097,669.15. The trade was a 3.02 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,771 shares of company stock worth $803,198 over the last ninety days. Corporate insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. ARK Investment Management LLC increased its position in Beam Therapeutics by 8.2% in the 4th quarter. ARK Investment Management LLC now owns 7,068,029 shares of the company’s stock valued at $175,287,000 after acquiring an additional 536,930 shares during the period. Casdin Capital LLC grew its stake in shares of Beam Therapeutics by 61.3% in the 4th quarter. Casdin Capital LLC now owns 1,250,000 shares of the company’s stock valued at $31,000,000 after purchasing an additional 475,000 shares during the last quarter. Nikko Asset Management Americas Inc. grew its stake in shares of Beam Therapeutics by 11.4% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 3,957,611 shares of the company’s stock valued at $98,109,000 after purchasing an additional 404,782 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Beam Therapeutics by 11.4% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,957,611 shares of the company’s stock valued at $98,149,000 after purchasing an additional 404,782 shares during the period. Finally, Dimensional Fund Advisors LP raised its stake in shares of Beam Therapeutics by 24.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,538,398 shares of the company’s stock worth $38,155,000 after purchasing an additional 298,067 shares during the last quarter. 99.68% of the stock is currently owned by institutional investors and hedge funds.

Beam Therapeutics Stock Down 7.9 %

The company has a fifty day moving average of $20.84 and a two-hundred day moving average of $24.52. The stock has a market capitalization of $1.84 billion, a price-to-earnings ratio of -10.37 and a beta of 2.35.

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.