Beam Therapeutics (NASDAQ:BEAM) Posts Quarterly Earnings Results, Beats Estimates By $3.46 EPS

Beam Therapeutics (NASDAQ:BEAM) announced its earnings results on Tuesday. The company reported $2.33 earnings per share for the quarter, beating the consensus estimate of ($1.13) by $3.46, FiscalAI reports. The firm had revenue of $114.11 million during the quarter, compared to the consensus estimate of $13.22 million. Beam Therapeutics had a negative return on equity of 42.86% and a negative net margin of 744.41%.The firm’s revenue for the quarter was up 280.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($1.09) EPS.

Beam Therapeutics Trading Up 2.7%

NASDAQ BEAM opened at $28.33 on Tuesday. Beam Therapeutics has a 1-year low of $13.52 and a 1-year high of $36.44. The stock’s 50 day moving average is $28.63 and its two-hundred day moving average is $24.89. The company has a market capitalization of $2.87 billion, a price-to-earnings ratio of -6.40 and a beta of 2.12.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Canaccord Genuity Group began coverage on Beam Therapeutics in a research report on Friday. They issued a “buy” rating and a $74.00 price objective for the company. Evercore started coverage on shares of Beam Therapeutics in a research note on Monday, November 24th. They set an “outperform” rating and a $35.00 target price for the company. Tudor Pickering set a $41.00 price target on shares of Beam Therapeutics in a report on Wednesday, January 21st. Weiss Ratings restated a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Wednesday, January 21st. Finally, Benchmark restated a “speculative buy” rating on shares of Beam Therapeutics in a report on Monday, November 17th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $45.69.

Insider Buying and Selling

In other Beam Therapeutics news, insider Christine Bellon sold 1,371 shares of the stock in a transaction on Thursday, January 22nd. The stock was sold at an average price of $34.00, for a total transaction of $46,614.00. Following the completion of the transaction, the insider directly owned 95,667 shares in the company, valued at $3,252,678. This represents a 1.41% 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. 3.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Beam Therapeutics

Large investors have recently made changes to their positions in the company. E Fund Management Co. Ltd. raised its holdings in shares of Beam Therapeutics by 22.1% in the second quarter. E Fund Management Co. Ltd. now owns 13,675 shares of the company’s stock valued at $233,000 after buying an additional 2,472 shares during the last quarter. Axxcess Wealth Management LLC bought a new stake in Beam Therapeutics during the 4th quarter worth about $212,000. Xponance LLC bought a new stake in Beam Therapeutics during the 4th quarter worth about $210,000. Commonwealth Equity Services LLC acquired a new stake in Beam Therapeutics in the 4th quarter valued at about $208,000. Finally, Prudential Financial Inc. bought a new position in shares of Beam Therapeutics in the second quarter worth about $201,000. Institutional investors own 99.68% of the company’s stock.

About Beam Therapeutics

Beam Therapeutics, Inc (NASDAQ: BEAM) is a biotechnology company dedicated to developing precision genetic medicines through its pioneering base editing platform. Headquartered in Cambridge, Massachusetts, with additional research facilities in Philadelphia, the company focuses on engineering molecular editors capable of making precise single-nucleotide changes in DNA. By harnessing its proprietary base editing technology, Beam aims to correct or disrupt disease-causing genetic variants at their source, offering the potential for novel therapies in areas with significant unmet medical need.

Founded in 2017 as a spin-out from Harvard University and the Broad and Whitehead Institutes, Beam was co-founded by leading academic researcher David R.