Beam Therapeutics (NASDAQ:BEAM) Trading Down 6.8% Following Weak Earnings

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) dropped 6.8% during mid-day trading on Tuesday following a dissappointing earnings announcement. The stock traded as low as $18.37 and last traded at $18.47. Approximately 326,775 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 1,947,803 shares. The stock had previously closed at $19.82.

The company reported ($1.24) EPS for the quarter, missing the consensus estimate of ($1.11) by ($0.13). Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The firm had revenue of $7.47 million during the quarter, compared to analyst estimates of $14.69 million. During the same period last year, the business posted ($1.21) earnings per share. The firm's quarterly revenue was up 1.4% on a year-over-year basis.

Wall Street Analyst Weigh In

BEAM has been the topic of a number of research reports. Wedbush restated an "outperform" rating and issued a $57.00 price target on shares of Beam Therapeutics in a report on Monday, March 10th. Barclays cut their price objective on shares of Beam Therapeutics from $31.00 to $25.00 and set an "equal weight" rating on the stock in a research report on Wednesday. Bank of America raised shares of Beam Therapeutics from a "neutral" rating to a "buy" rating and set a $42.00 price target on the stock in a research report on Friday, March 28th. Jones Trading upgraded shares of Beam Therapeutics from a "hold" rating to a "buy" rating and set a $34.00 target price on the stock in a report on Monday, March 10th. Finally, Guggenheim decreased their price objective on shares of Beam Therapeutics from $78.00 to $55.00 and set a "buy" rating for the company in a research report on Wednesday. Two analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $48.75.

Insiders Place Their Bets

In other Beam Therapeutics news, CEO John M. Evans sold 30,663 shares of the business's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $562,666.05. Following the transaction, the chief executive officer now directly owns 986,249 shares of the company's stock, valued at approximately $18,097,669.15. The trade was a 3.02 % 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, President Giuseppe Ciaramella sold 7,434 shares of the stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $18.35, for a total transaction of $136,413.90. Following the completion of the transaction, the president now directly owns 190,216 shares of the company's stock, valued at approximately $3,490,463.60. The trade was a 3.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 43,771 shares of company stock valued at $803,198 in the last ninety days. Company insiders own 4.20% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of BEAM. Horizon Kinetics Asset Management LLC lifted its holdings in Beam Therapeutics by 4.4% in the fourth quarter. Horizon Kinetics Asset Management LLC now owns 9,597 shares of the company's stock valued at $238,000 after acquiring an additional 403 shares during the period. Summit Investment Advisors Inc. increased its stake in shares of Beam Therapeutics by 6.6% in the fourth quarter. Summit Investment Advisors Inc. now owns 7,999 shares of the company's stock worth $198,000 after purchasing an additional 496 shares in the last quarter. Amalgamated Bank lifted its stake in shares of Beam Therapeutics by 20.4% during the 1st quarter. Amalgamated Bank now owns 3,153 shares of the company's stock valued at $62,000 after buying an additional 534 shares in the last quarter. Avanza Fonder AB lifted its position in shares of Beam Therapeutics by 1.6% in the first quarter. Avanza Fonder AB now owns 51,077 shares of the company's stock valued at $944,000 after acquiring an additional 792 shares in the last quarter. Finally, Martingale Asset Management L P boosted its stake in shares of Beam Therapeutics by 8.6% in the fourth quarter. Martingale Asset Management L P now owns 11,438 shares of the company's stock worth $284,000 after acquiring an additional 909 shares during the period. Hedge funds and other institutional investors own 99.68% of the company's stock.

Beam Therapeutics Trading Up 1.0 %

The firm has a 50 day moving average of $20.07 and a 200-day moving average of $24.34. The company has a market cap of $1.75 billion, a P/E ratio of -9.90 and a beta of 2.35.

About Beam Therapeutics

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.