Beam Therapeutics (NASDAQ:BEAM) Shares Down 6.8% After Earnings Miss

Beam Therapeutics Inc. (NASDAQ:BEAM) shares traded down 6.8% during trading on Tuesday following a weaker than expected earnings announcement. The stock traded as low as $18.37 and last traded at $18.47. 326,775 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 1,947,803 shares. The stock had previously closed at $19.82.

The company reported ($1.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.11) by ($0.13). Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company had revenue of $7.47 million during the quarter, compared to the consensus estimate of $14.69 million. During the same quarter last year, the firm posted ($1.21) EPS. The firm’s quarterly revenue was up 1.4% on a year-over-year basis.

Wall Street Analyst Weigh In

Several brokerages have recently commented on BEAM. Royal Bank of Canada increased their price target on shares of Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a research report on Wednesday, February 26th. Bank of America raised Beam Therapeutics from a “neutral” rating to a “buy” rating and set a $42.00 target price on the stock in a report on Friday, March 28th. HC Wainwright reiterated a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a report on Monday, April 7th. Wedbush restated an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research note on Monday, March 10th. Finally, Guggenheim reaffirmed a “buy” rating and issued a $78.00 price objective on shares of Beam Therapeutics in a report on Thursday, February 27th. Two analysts have rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $49.45.

Insider Transactions at Beam Therapeutics

In other Beam Therapeutics news, CEO John M. Evans sold 30,663 shares of the business’s stock in a transaction dated Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $562,666.05. Following the completion of the transaction, the chief executive officer now directly owns 986,249 shares of the company’s stock, valued at $18,097,669.15. The trade was a 3.02 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Christine Bellon sold 5,674 shares of the firm’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $18.35, for a total transaction of $104,117.90. Following the completion of the sale, the insider now owns 117,294 shares in the company, valued at $2,152,344.90. The trade was a 4.61 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 43,771 shares of company stock worth $803,198. Insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. KLP Kapitalforvaltning AS raised its stake in shares of Beam Therapeutics by 45.5% during the first quarter. KLP Kapitalforvaltning AS now owns 19,500 shares of the company’s stock valued at $381,000 after purchasing an additional 6,100 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Beam Therapeutics during the 1st quarter worth about $717,000. Victory Capital Management Inc. raised its position in shares of Beam Therapeutics by 18.0% during the 1st quarter. Victory Capital Management Inc. now owns 10,612 shares of the company’s stock worth $207,000 after buying an additional 1,618 shares in the last quarter. Peregrine Investment Management Inc. lifted its stake in shares of Beam Therapeutics by 41.4% in the 1st quarter. Peregrine Investment Management Inc. now owns 224,260 shares of the company’s stock worth $4,380,000 after acquiring an additional 65,710 shares during the period. Finally, CWM LLC boosted its holdings in shares of Beam Therapeutics by 79.8% in the first quarter. CWM LLC now owns 2,684 shares of the company’s stock valued at $52,000 after acquiring an additional 1,191 shares in the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

Beam Therapeutics Stock Down 19.7 %

The firm has a market cap of $1.60 billion, a price-to-earnings ratio of -9.04 and a beta of 2.35. The stock’s 50 day moving average is $20.61 and its 200 day moving average is $24.46.

Beam Therapeutics Company Profile

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.