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

Beam Therapeutics (NASDAQ:BEAM) released its earnings results on Tuesday. The company reported ($1.28) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.17) by ($0.11), RTT News reports. The business had revenue of $0.31 million during the quarter, compared to analysts’ expectations of $8.75 million. Beam Therapeutics had a negative net margin of 54.75% and a negative return on equity of 30.71%. Beam Therapeutics’s revenue for the quarter was down 96.8% on a year-over-year basis. During the same quarter in the previous year, the company earned ($1.10) EPS.

Beam Therapeutics Trading Up 1.8%

Shares of NASDAQ:BEAM opened at $26.33 on Wednesday. The firm has a fifty day moving average of $25.81 and a two-hundred day moving average of $28.10. The company has a quick ratio of 14.57, a current ratio of 14.57 and a debt-to-equity ratio of 0.09. Beam Therapeutics has a 12-month low of $20.23 and a 12-month high of $38.26. The firm has a market capitalization of $2.72 billion, a P/E ratio of -30.62 and a beta of 2.23.

Insider Buying and Selling at Beam Therapeutics

In other news, CEO John Evans sold 25,000 shares of the company’s stock in a transaction on Thursday, October 15th. The shares were sold at an average price of $23.57, for a total value of $589,250.00. Following the transaction, the chief executive officer directly owned 1,047,205 shares of the company’s stock, valued at approximately $24,682,621.85. This represents a 2.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 3.80% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on BEAM. Wedbush lowered their price target on Beam Therapeutics from $65.00 to $28.00 and set an “outperform” rating on the stock in a report on Wednesday, October 28th. Weiss Ratings reissued a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Thursday, October 15th. HC Wainwright restated a “buy” rating on shares of Beam Therapeutics in a research report on Tuesday, October 27th. Bank of America reaffirmed a “buy” rating and set a $47.00 target price on shares of Beam Therapeutics in a research note on Wednesday, July 8th. Finally, Canaccord Genuity Group lifted their target price on Beam Therapeutics from $78.00 to $79.00 and gave the company a “buy” rating in a research note on Thursday, October 29th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $46.90.

About Beam Therapeutics

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.