Beam Therapeutics (NASDAQ:BEAM – Get Free Report) released its quarterly earnings results on Tuesday. The company reported ($1.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.17) by ($0.11), RTT News reports. Beam Therapeutics had a negative net margin of 54.75% and a negative return on equity of 30.71%. The business had revenue of $0.31 million for the quarter, compared to analyst estimates of $8.75 million. During the same period in the prior year, the business earned ($1.10) earnings per share. The company’s revenue for the quarter was down 96.8% on a year-over-year basis.
Beam Therapeutics Trading Up 1.8%
NASDAQ:BEAM opened at $26.33 on Wednesday. The stock’s fifty day moving average price is $25.81 and its two-hundred day moving average price is $28.10. Beam Therapeutics has a 52-week low of $20.23 and a 52-week high of $38.26. The company has a quick ratio of 14.57, a current ratio of 14.57 and a debt-to-equity ratio of 0.09.
Analyst Ratings Changes
A number of equities analysts have commented on the company. Bank of America reissued 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 restated a “sell (d-)” rating on shares of Beam Therapeutics in a research note on Thursday, October 15th. Wall Street Zen cut Beam Therapeutics from a “sell” rating to a “strong sell” rating in a report on Saturday. HC Wainwright reiterated a “buy” rating on shares of Beam Therapeutics in a research report on Tuesday, October 27th. Finally, Wedbush decreased their price objective on shares of Beam Therapeutics from $65.00 to $28.00 and set an “outperform” rating on the stock in a report on Wednesday, October 28th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $46.90.
Read Our Latest Research Report on BEAM
Insider Buying and Selling
In other news, CEO John Evans sold 25,000 shares of Beam Therapeutics stock in a transaction 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 completion of 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.80% of the company’s stock.
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.
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