Beam Therapeutics (NASDAQ:BEAM) Releases Quarterly Earnings Results, Misses Expectations By $0.11 EPS

Key Points

• Beam Therapeutics reported a quarterly loss of $1.28 per share, missing analyst expectations by $0.11. Revenue was just $0.31 million versus the $8.75 million consensus estimate and fell 96.8% year over year.
• Despite the earnings miss, shares opened up 4.0% at $26.92. The company maintains strong liquidity, with quick and current ratios of 14.57, but remains unprofitable with a negative net margin and return on equity.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $46.90, although recent price-target changes have been mixed.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) issued 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. The business had revenue of $0.31 million for the quarter, compared to analysts' expectations of $8.75 million. Beam Therapeutics had a negative net margin of 54.75% and a negative return on equity of 30.71%. The business's quarterly revenue was down 96.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($1.10) EPS.

Beam Therapeutics Stock Up 4.0%

Shares of NASDAQ:BEAM opened at $26.92 on Tuesday. The company has a quick ratio of 14.57, a current ratio of 14.57 and a debt-to-equity ratio of 0.09. The firm has a market cap of $2.78 billion, a P/E ratio of -31.52 and a beta of 2.20. Beam Therapeutics has a 12 month low of $20.23 and a 12 month high of $38.26. The company's 50-day moving average price is $25.85 and its two-hundred day moving average price is $28.14.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, CEO John Evans sold 25,000 shares of the business's stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $23.57, for a total value of $589,250.00. Following the completion of the transaction, the chief executive officer directly owned 1,047,205 shares of the company's stock, valued at approximately $24,682,621.85. The trade was a 2.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 3.80% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Bank of America reaffirmed a "buy" rating and issued a $47.00 price target on shares of Beam Therapeutics in a research report on Wednesday, July 8th. HC Wainwright reissued a "buy" rating on shares of Beam Therapeutics in a report on Tuesday, October 27th. Wall Street Zen lowered Beam Therapeutics from a "sell" rating to a "strong sell" rating in a research report on Saturday. Canaccord Genuity Group raised their price target on Beam Therapeutics from $78.00 to $79.00 and gave the company a "buy" rating in a report on Thursday. Finally, Wedbush cut their price objective on Beam Therapeutics from $65.00 to $28.00 and set an "outperform" rating for the company in a research report on Wednesday, October 28th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Beam Therapeutics has an average rating of "Moderate Buy" and an average price target of $46.90.

Beam Therapeutics Company Profile

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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