Beam Therapeutics (NASDAQ:BEAM) Shares Gap Down After Earnings Miss

Beam Therapeutics Inc. (NASDAQ:BEAM)’s share price gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $24.36, but opened at $21.62. Beam Therapeutics shares last traded at $22.99, with a volume of 360,575 shares trading hands.

The company reported ($1.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). The company had revenue of $14.30 million for the quarter, compared to the consensus estimate of $14.52 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. The business’s revenue was down 16.9% on a year-over-year basis. During the same period in the prior year, the firm posted ($1.22) earnings per share.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on BEAM shares. HC Wainwright reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Beam Therapeutics in a research note on Thursday, August 22nd. Leerink Partners raised Beam Therapeutics from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $27.00 to $39.00 in a research note on Wednesday. JPMorgan Chase & Co. boosted their price objective on Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Royal Bank of Canada cut their target price on shares of Beam Therapeutics from $27.00 to $24.00 and set a “sector perform” rating on the stock in a report on Wednesday. Finally, Barclays lowered their price target on shares of Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating for the company in a report on Wednesday, August 7th. Four research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $44.91.

Insider Transactions at Beam Therapeutics

In related news, President Giuseppe Ciaramella sold 51,110 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $26.27, for a total value of $1,342,659.70. Following the transaction, the president now owns 160,260 shares in the company, valued at $4,210,030.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, President Giuseppe Ciaramella sold 51,110 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $26.27, for a total value of $1,342,659.70. Following the completion of the transaction, the president now directly owns 160,260 shares in the company, valued at $4,210,030.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO John M. Evans sold 60,000 shares of the stock in a transaction on Monday, September 30th. The shares were sold at an average price of $24.60, for a total value of $1,476,000.00. Following the sale, the chief executive officer now owns 938,659 shares in the company, valued at approximately $23,091,011.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 111,784 shares of company stock valued at $2,834,485. Insiders own 4.20% of the company’s stock.

Institutional Investors Weigh In On Beam Therapeutics

A number of large investors have recently added to or reduced their stakes in BEAM. Fairfield Financial Advisors LTD bought a new position in Beam Therapeutics in the second quarter valued at about $26,000. Blue Trust Inc. grew its holdings in Beam Therapeutics by 2,648.4% during the second quarter. Blue Trust Inc. now owns 1,704 shares of the company’s stock valued at $40,000 after purchasing an additional 1,642 shares during the period. National Bank of Canada FI increased its position in Beam Therapeutics by 200.0% in the second quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock worth $69,000 after buying an additional 2,000 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Beam Therapeutics by 21.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock worth $75,000 after buying an additional 524 shares in the last quarter. Finally, Quarry LP raised its stake in shares of Beam Therapeutics by 350.0% in the second quarter. Quarry LP now owns 3,600 shares of the company’s stock worth $84,000 after buying an additional 2,800 shares during the period. Institutional investors own 99.68% of the company’s stock.

Beam Therapeutics Stock Performance

The stock has a 50-day moving average price of $24.24 and a two-hundred day moving average price of $24.64. The stock has a market capitalization of $2.19 billion, a PE ratio of -14.71 and a beta of 1.86.

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.