Beam Therapeutics (NASDAQ:BEAM – Get Free Report) announced its quarterly earnings data on Tuesday. The company reported ($1.18) EPS for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.07), FiscalAI reports. Beam Therapeutics had a negative net margin of 54.75% and a negative return on equity of 30.33%. The firm had revenue of $0.49 million during the quarter, compared to analyst estimates of $16.37 million. During the same period last year, the business posted ($1.00) EPS. The company’s revenue was down 94.2% on a year-over-year basis.
Beam Therapeutics Price Performance
Shares of BEAM stock traded up $0.61 on Thursday, reaching $27.68. The company’s stock had a trading volume of 79,347 shares, compared to its average volume of 2,108,652. The company has a market capitalization of $2.85 billion, a P/E ratio of -32.35 and a beta of 2.23. Beam Therapeutics has a 12-month low of $15.60 and a 12-month high of $38.26. The stock’s 50 day simple moving average is $30.83 and its 200-day simple moving average is $29.01. The company has a quick ratio of 16.99, a current ratio of 16.99 and a debt-to-equity ratio of 0.09.
Wall Street Analysts Forecast Growth
Several equities analysts have commented on the stock. Sanford C. Bernstein dropped their target price on shares of Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 13th. Tudor Pickering set a $39.00 price objective on Beam Therapeutics in a report on Wednesday, May 13th. Bank of America restated a “buy” rating and issued a $47.00 price objective on shares of Beam Therapeutics in a research note on Wednesday, July 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Friday, July 17th. Finally, HC Wainwright reiterated a “buy” rating and issued a $80.00 target price on shares of Beam Therapeutics in a research note on Tuesday, July 7th. Ten investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $49.00.
Insider Activity
In other Beam Therapeutics news, insider Fmr Llc sold 251,488 shares of the company’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $35.26, for a total value of $8,867,466.88. Following the transaction, the insider directly owned 854,583 shares in the company, valued at $30,132,596.58. This represents a 22.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Amy Simon sold 16,667 shares of Beam Therapeutics stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $25.74, for a total transaction of $429,008.58. Following the sale, the insider owned 85,696 shares of the company’s stock, valued at approximately $2,205,815.04. The trade was a 16.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 301,527 shares of company stock valued at $10,468,500. 3.80% of the stock is owned by company insiders.
Institutional Trading of Beam Therapeutics
Hedge funds and other institutional investors have recently modified their holdings of the company. Larson Financial Group LLC raised its holdings in shares of Beam Therapeutics by 4,370.5% during the 3rd quarter. Larson Financial Group LLC now owns 1,967 shares of the company’s stock worth $48,000 after acquiring an additional 1,923 shares in the last quarter. Van ECK Associates Corp raised its stake in shares of Beam Therapeutics by 48.7% in the third quarter. Van ECK Associates Corp now owns 2,158 shares of the company’s stock worth $52,000 after purchasing an additional 707 shares during the last quarter. Kestra Advisory Services LLC purchased a new position in shares of Beam Therapeutics during the fourth quarter worth $59,000. Daiwa Securities Group Inc. raised its position in Beam Therapeutics by 1,248.8% during the second quarter. Daiwa Securities Group Inc. now owns 3,817 shares of the company’s stock valued at $65,000 after acquiring an additional 3,534 shares in the last quarter. Finally, IFC & Insurance Marketing Inc. purchased a new position in Beam Therapeutics during the fourth quarter worth approximately $69,000. 99.68% of the stock is owned by hedge funds and other institutional investors.
Beam Therapeutics Company Profile
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.
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