Beam Therapeutics (NASDAQ:BEAM) Releases Earnings Results, Beats Estimates By $0.04 EPS

Key Points

• Beam Therapeutics reported a quarterly earnings per share (EPS) of ($1.00), exceeding analyst expectations of ($1.04) by $0.04, although their revenue of $8.47 million fell short of estimates of $13.29 million.
• The company's quarterly revenue decreased 28.0% year-over-year, with a negative return on equity of 44.24% and a net margin of 609.24%.
• Shares of Beam Therapeutics traded down 3.3% to $18.50 following the earnings announcement, despite several analysts issuing upgrades or maintaining buy ratings.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) announced its quarterly earnings data on Tuesday. The company reported ($1.00) EPS for the quarter, beating the consensus estimate of ($1.04) by $0.04, Zacks reports. The company had revenue of $8.47 million for the quarter, compared to the consensus estimate of $13.29 million. Beam Therapeutics had a negative return on equity of 43.15% and a negative net margin of 661.31%. Beam Therapeutics's quarterly revenue was down 28.0% on a year-over-year basis. During the same quarter in the prior year, the company posted ($1.11) EPS.

Beam Therapeutics Stock Performance

Shares of NASDAQ BEAM traded down $0.24 during trading on Friday, reaching $17.62. The stock had a trading volume of 1,793,674 shares, compared to its average volume of 2,325,175. Beam Therapeutics has a fifty-two week low of $13.52 and a fifty-two week high of $35.25. The business's 50-day moving average price is $18.84 and its 200-day moving average price is $20.98. The company has a market cap of $1.78 billion, a P/E ratio of -3.92 and a beta of 2.22.

Insider Buying and Selling at Beam Therapeutics

In other news, insider Fmr Llc sold 48,374 shares of Beam Therapeutics stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $20.50, for a total value of $991,667.00. Following the completion of the sale, the insider directly owned 2,073,665 shares of the company's stock, valued at approximately $42,510,132.50. The trade was a 2.28% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders sold 49,624 shares of company stock valued at $1,015,628 over the last ninety days. Insiders own 3.50% of the company's stock.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Beam Therapeutics stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 10.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 438,529 shares of the company's stock after acquiring an additional 42,609 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned approximately 0.44% of Beam Therapeutics worth $8,564,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 99.68% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on BEAM shares. Guggenheim lowered their target price on Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Wells Fargo & Company lowered their target price on Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. Cantor Fitzgerald upgraded Beam Therapeutics to a "strong-buy" rating in a report on Monday, July 21st. Finally, Barclays decreased their price objective on Beam Therapeutics from $25.00 to $21.00 and set an "equal weight" rating for the company in a research note on Wednesday. Two investment analysts have rated the stock with a hold rating, nine have given a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $48.45.

Beam Therapeutics Company Profile

Beam Therapeutics Inc, a biotechnology company, engages in the development of precision genetic medicines for patients suffering from serious diseases in the United States. It develops BEAM-101 for the treatment of sickle cell disease or beta-thalassemia; and BEAM-302, a liver-targeting LNP formulation to treat severe alpha-1 antitrypsin deficiency; BEAM-201, an anti-CD7 CAR-T product candidate, which is in Phase 1/2 clinical trials for the treatment of refractory T-cell acute lymphoblastic leukemia/T cell lymphoblastic lymphoma; and BEAM-301, a liver-targeting LNP formulation for the treatment of glycogen storage disease 1a.