Beam Therapeutics (NASDAQ:BEAM) Shares Gap Down Following Weak Earnings

Beam Therapeutics Inc. (NASDAQ:BEAM)’s share price gapped down before the market opened on Tuesday following a dissappointing earnings announcement. 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 for the quarter, missing analysts’ consensus estimates of ($1.13) by ($0.04). The company had revenue of $14.30 million for the quarter, compared to analysts’ expectations of $14.52 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. The firm’s quarterly revenue was down 16.9% on a year-over-year basis. During the same quarter in the prior year, the company earned ($1.22) EPS.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. HC Wainwright reissued a “buy” rating and set a $80.00 price target on shares of Beam Therapeutics in a research report on Thursday, August 22nd. Stifel Nicolaus increased their target price on shares of Beam Therapeutics from $66.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Scotiabank began coverage on shares of Beam Therapeutics in a report on Wednesday, October 16th. They issued a “sector outperform” rating and a $24.00 price target on the stock. Barclays reduced their price target on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. upped their target price on Beam Therapeutics from $45.00 to $48.00 and gave the company an “overweight” rating in a research report on Wednesday, August 7th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Beam Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $45.80.

Insider Buying and Selling at Beam Therapeutics

In related news, President Giuseppe Ciaramella sold 51,110 shares of the firm’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $26.27, for a total transaction of $1,342,659.70. Following the sale, the president now directly owns 160,260 shares of the company’s stock, valued at $4,210,030.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, President Giuseppe Ciaramella sold 51,110 shares of the firm’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 sale, the president now owns 160,260 shares in the company, valued at $4,210,030.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 111,784 shares of company stock worth $2,834,485. Insiders own 4.20% of the company’s stock.

Institutional Trading of Beam Therapeutics

Several institutional investors have recently bought and sold shares of BEAM. Fairfield Financial Advisors LTD acquired a new stake in Beam Therapeutics in the 2nd quarter valued at $26,000. Blue Trust Inc. grew its position in shares of Beam Therapeutics by 2,648.4% in 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. PNC Financial Services Group Inc. increased its stake in shares of Beam Therapeutics by 144.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,564 shares of the company’s stock worth $43,000 after purchasing an additional 923 shares in the last quarter. National Bank of Canada FI increased its stake in shares of Beam Therapeutics by 200.0% during the second quarter. National Bank of Canada FI now owns 3,000 shares of the company’s stock worth $69,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Beam Therapeutics by 21.3% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock worth $75,000 after purchasing an additional 524 shares during the last quarter. 99.68% of the stock is owned by institutional investors and hedge funds.

Beam Therapeutics Stock Performance

The stock has a market capitalization of $1.90 billion, a PE ratio of -12.43 and a beta of 1.86. The stock’s 50 day moving average is $24.27 and its two-hundred day moving average is $24.62.

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.