Beam Therapeutics (NASDAQ:BEAM) Releases Quarterly Earnings Results, Beats Estimates By $0.12 EPS

Beam Therapeutics (NASDAQ:BEAM) released its earnings results on Thursday. The company reported ($0.91) EPS for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.12, FiscalAI reports. The firm had revenue of $31.74 million during the quarter, compared to the consensus estimate of $10.98 million. Beam Therapeutics had a negative return on equity of 30.65% and a negative net margin of 57.24%.The company’s revenue was up 323.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($1.23) earnings per share.

Beam Therapeutics Stock Performance

Beam Therapeutics stock traded up $0.85 during midday trading on Friday, hitting $32.32. 2,852,441 shares of the company were exchanged, compared to its average volume of 2,039,049. Beam Therapeutics has a fifty-two week low of $15.35 and a fifty-two week high of $36.44. The firm has a market capitalization of $3.32 billion, a PE ratio of -32.00 and a beta of 2.26. The business has a fifty day simple moving average of $27.21 and a two-hundred day simple moving average of $27.07.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Beam Therapeutics from a “sell” rating to a “hold” rating in a report on Saturday, February 28th. Citigroup upped their price objective on shares of Beam Therapeutics from $64.00 to $68.00 and gave the company a “buy” rating in a report on Thursday, March 26th. Wedbush increased their price objective on shares of Beam Therapeutics from $57.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 25th. Royal Bank Of Canada raised their target price on shares of Beam Therapeutics from $22.00 to $26.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 25th. Finally, Sanford C. Bernstein boosted their target price on shares of Beam Therapeutics from $37.00 to $41.00 and gave the company an “outperform” rating in a research report on Tuesday, January 20th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $47.17.

Insider Buying and Selling

In other Beam Therapeutics news, CEO John M. Evans sold 30,078 shares of the company’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total value of $739,317.24. Following the sale, the chief executive officer owned 1,047,205 shares in the company, valued at approximately $25,740,298.90. This represents a 2.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Christine Bellon sold 5,956 shares of the firm’s stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $24.58, for a total transaction of $146,398.48. Following the sale, the insider directly owned 109,711 shares in the company, valued at $2,696,696.38. The trade was a 5.15% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 79,544 shares of company stock valued at $1,899,942. Insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. E Fund Management Co. Ltd. grew its position in shares of Beam Therapeutics by 22.1% during the 2nd quarter. E Fund Management Co. Ltd. now owns 13,675 shares of the company’s stock valued at $233,000 after acquiring an additional 2,472 shares during the period. Axxcess Wealth Management LLC purchased a new position in Beam Therapeutics during the fourth quarter worth approximately $212,000. Xponance LLC purchased a new position in Beam Therapeutics during the fourth quarter worth approximately $210,000. Commonwealth Equity Services LLC acquired a new stake in Beam Therapeutics in the fourth quarter valued at approximately $208,000. Finally, Prudential Financial Inc. acquired a new stake in Beam Therapeutics in the second quarter valued at approximately $201,000. Hedge funds and other institutional investors own 99.68% of the company’s stock.

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.