Beam Therapeutics (NASDAQ:BEAM) Posts Earnings Results

Beam Therapeutics (NASDAQ:BEAM) announced its quarterly earnings data on Tuesday. The company reported $2.33 earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.13) by $3.46, FiscalAI reports. The company had revenue of $114.11 million during the quarter, compared to analysts’ expectations of $13.22 million. Beam Therapeutics had a negative net margin of 744.41% and a negative return on equity of 42.86%.

Beam Therapeutics Stock Performance

BEAM stock opened at $28.33 on Tuesday. The firm has a market cap of $2.87 billion, a P/E ratio of -6.40 and a beta of 2.12. Beam Therapeutics has a 1 year low of $13.52 and a 1 year high of $36.44. The stock has a 50-day simple moving average of $28.63 and a 200-day simple moving average of $24.89.

Insiders Place Their Bets

In other Beam Therapeutics news, insider Christine Bellon sold 18,629 shares of the company’s stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $34.61, for a total value of $644,749.69. Following the completion of the transaction, the insider owned 97,038 shares in the company, valued at $3,358,485.18. This represents a 16.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BEAM. Invesco Ltd. boosted its stake in shares of Beam Therapeutics by 20.5% in the fourth quarter. Invesco Ltd. now owns 213,185 shares of the company’s stock valued at $5,909,000 after purchasing an additional 36,321 shares during the period. Axxcess Wealth Management LLC purchased a new position in Beam Therapeutics in the fourth quarter valued at about $212,000. XTX Topco Ltd acquired a new stake in Beam Therapeutics during the 4th quarter valued at approximately $426,000. Virtus Investment Advisers LLC grew its stake in Beam Therapeutics by 49.0% during the 4th quarter. Virtus Investment Advisers LLC now owns 9,724 shares of the company’s stock valued at $270,000 after purchasing an additional 3,200 shares in the last quarter. Finally, SummitTX Capital L.P. increased its holdings in Beam Therapeutics by 751.0% during the 4th quarter. SummitTX Capital L.P. now owns 137,946 shares of the company’s stock worth $3,824,000 after purchasing an additional 121,737 shares during the last quarter. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on BEAM shares. UBS Group started coverage on Beam Therapeutics in a report on Wednesday, January 7th. They issued a “neutral” rating and a $28.00 target price on the stock. Canaccord Genuity Group began coverage on Beam Therapeutics in a research note on Friday. They issued a “buy” rating and a $74.00 price objective on the stock. Sanford C. Bernstein boosted their target price on Beam Therapeutics from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Tuesday, January 20th. Tudor Pickering set a $41.00 target price on shares of Beam Therapeutics in a research report on Wednesday, January 21st. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Beam Therapeutics in a research report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $45.69.

Beam Therapeutics Company Profile

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.