Beam Therapeutics (NASDAQ:BEAM) Posts Earnings Results, Misses Expectations By $0.07 EPS

Beam Therapeutics (NASDAQ:BEAM) issued its quarterly earnings results on Tuesday. The company reported ($1.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.07), FiscalAI reports. The company had revenue of $0.49 million during the quarter, compared to the consensus estimate of $16.37 million. Beam Therapeutics had a negative return on equity of 29.00% and a negative net margin of 39.66%.The firm’s quarterly revenue was down 94.2% on a year-over-year basis. During the same quarter last year, the firm posted ($1.00) EPS.

Beam Therapeutics Price Performance

BEAM opened at $27.46 on Tuesday. The company has a quick ratio of 16.99, a current ratio of 16.99 and a debt-to-equity ratio of 0.09. The company’s 50-day moving average price is $30.96 and its 200 day moving average price is $29.10. Beam Therapeutics has a fifty-two week low of $15.60 and a fifty-two week high of $38.26. The firm has a market cap of $2.83 billion, a price-to-earnings ratio of -40.25 and a beta of 2.23.

Insider Buying and Selling

In other news, insider Fmr Llc sold 251,488 shares of the stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $35.26, for a total transaction of $8,867,466.88. Following the sale, the insider directly owned 854,583 shares in the company, valued at approximately $30,132,596.58. This represents a 22.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Amy Simon sold 16,667 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $25.74, for a total value of $429,008.58. Following the completion of the sale, the insider directly owned 85,696 shares in the company, valued at approximately $2,205,815.04. This trade represents a 16.28% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 301,527 shares of company stock valued at $10,468,500. 3.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Jones Financial Companies Lllp lifted its stake in Beam Therapeutics by 55,780.0% in the first quarter. Jones Financial Companies Lllp now owns 33,528 shares of the company’s stock valued at $655,000 after buying an additional 33,468 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Beam Therapeutics by 10.8% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 438,529 shares of the company’s stock worth $8,564,000 after acquiring an additional 42,609 shares during the last quarter. Prudential Financial Inc. bought a new position in shares of Beam Therapeutics during the second quarter worth about $201,000. New York State Common Retirement Fund increased its holdings in shares of Beam Therapeutics by 17.7% in the 2nd quarter. New York State Common Retirement Fund now owns 30,629 shares of the company’s stock worth $521,000 after acquiring an additional 4,600 shares during the period. Finally, Invesco Ltd. increased its holdings in shares of Beam Therapeutics by 46.0% in the 2nd quarter. Invesco Ltd. now owns 128,874 shares of the company’s stock worth $2,192,000 after acquiring an additional 40,583 shares during the period. 99.68% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

BEAM has been the topic of a number of research analyst reports. Bank of America reiterated a “buy” rating and set 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 Friday, July 17th. HC Wainwright reaffirmed a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research report on Tuesday, July 7th. Tudor Pickering set a $39.00 price target on Beam Therapeutics in a research note on Wednesday, May 13th. Finally, Sanford C. Bernstein cut their price objective on Beam Therapeutics from $40.00 to $39.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 13th. Ten research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Beam Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $46.85.

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.