Beam Therapeutics (NASDAQ:BEAM) Releases Earnings Results, Beats Expectations 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) issued its quarterly earnings data on Tuesday. The company reported ($1.00) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($1.04) by $0.04, Zacks reports. The firm had revenue of $8.47 million during the quarter, compared to the consensus estimate of $13.29 million. Beam Therapeutics had a negative return on equity of 44.24% and a negative net margin of 609.24%. The company's quarterly revenue was down 28.0% on a year-over-year basis. During the same period last year, the company earned ($1.11) EPS.

Beam Therapeutics Trading Down 3.3%

Shares of NASDAQ BEAM traded down $0.62 during mid-day trading on Tuesday, reaching $18.50. The company had a trading volume of 2,172,750 shares, compared to its average volume of 2,045,507. The company has a 50-day moving average price of $18.67 and a two-hundred day moving average price of $21.17. The stock has a market cap of $1.86 billion, a PE ratio of -4.01 and a beta of 2.22. Beam Therapeutics has a 1-year low of $13.52 and a 1-year high of $35.25.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on BEAM shares. Cantor Fitzgerald raised Beam Therapeutics to a "strong-buy" rating in a research report on Monday, July 21st. Guggenheim cut their target price on Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Barclays cut their target price on Beam Therapeutics from $31.00 to $25.00 and set an "equal weight" rating on the stock in a research report on Wednesday, May 7th. HC Wainwright reaffirmed a "buy" rating and set a $80.00 price target on shares of Beam Therapeutics in a research report on Monday, April 7th. Finally, Wells Fargo & Company cut their price target on Beam Therapeutics from $75.00 to $70.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 7th. Two analysts have rated the stock with a hold rating, ten have given a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $48.75.

Insider Activity

In other news, insider Fmr Llc sold 48,374 shares of the business's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $20.50, for a total transaction of $991,667.00. Following the sale, the insider directly owned 2,073,665 shares of the company's stock, valued at $42,510,132.50. The trade was a 2.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders sold 49,624 shares of company stock worth $1,015,628 over the last quarter. 3.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Beam Therapeutics stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) by 10.8% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 438,529 shares of the company's stock after buying 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. 99.68% of the stock is currently owned by institutional investors and hedge funds.

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.

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