Beam Therapeutics (NASDAQ:BEAM) Shares Gap Up Following Better-Than-Expected Earnings

Beam Therapeutics Inc. (NASDAQ:BEAM)’s stock price gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $30.79, but opened at $32.10. Beam Therapeutics shares last traded at $29.95, with a volume of 195,938 shares trading hands.

The company reported ($1.09) EPS for the quarter, topping analysts’ consensus estimates of ($1.25) by $0.16. The company had revenue of $30.00 million for the quarter, compared to analysts’ expectations of $16.47 million. Beam Therapeutics had a negative net margin of 41.07% and a negative return on equity of 16.22%. The firm’s revenue was down 90.5% compared to the same quarter last year. During the same quarter last year, the company earned $1.73 EPS.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Leerink Partnrs raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Wednesday, November 6th. HC Wainwright reissued a “buy” rating and issued a $80.00 price target on shares of Beam Therapeutics in a report on Monday, February 3rd. Leerink Partners raised shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $27.00 to $39.00 in a report on Wednesday, November 6th. Royal Bank of Canada raised their price target on shares of Beam Therapeutics from $24.00 to $26.00 and gave the stock a “sector perform” rating in a report on Wednesday. Finally, Sanford C. Bernstein raised shares of Beam Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Tuesday, January 7th. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $47.89.

Insider Buying and Selling

In other Beam Therapeutics news, insider Christine Bellon sold 1,241 shares of Beam Therapeutics stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total value of $30,627.88. Following the completion of the transaction, the insider now directly owns 102,968 shares of the company’s stock, valued at approximately $2,541,250.24. The trade was a 1.19 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John M. Evans sold 30,000 shares of Beam Therapeutics stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $26.75, for a total transaction of $802,500.00. Following the completion of the transaction, the chief executive officer now directly owns 908,659 shares of the company’s stock, valued at $24,306,628.25. This trade represents a 3.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 4.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in BEAM. Horizon Kinetics Asset Management LLC increased its holdings in Beam Therapeutics by 4.4% during the fourth quarter. Horizon Kinetics Asset Management LLC now owns 9,597 shares of the company’s stock valued at $238,000 after buying an additional 403 shares during the last quarter. Summit Investment Advisors Inc. boosted its position in shares of Beam Therapeutics by 6.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 7,999 shares of the company’s stock worth $198,000 after acquiring an additional 496 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Beam Therapeutics by 2.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,396 shares of the company’s stock valued at $524,000 after acquiring an additional 516 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Beam Therapeutics by 21.3% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company’s stock valued at $75,000 after acquiring an additional 524 shares in the last quarter. Finally, Martingale Asset Management L P grew its stake in Beam Therapeutics by 8.6% during the fourth quarter. Martingale Asset Management L P now owns 11,438 shares of the company’s stock valued at $284,000 after acquiring an additional 909 shares in the last quarter. 99.68% of the stock is owned by hedge funds and other institutional investors.

Beam Therapeutics Trading Down 6.5 %

The firm has a market capitalization of $2.31 billion, a PE ratio of -15.85 and a beta of 1.92. The business’s 50 day simple moving average is $27.19 and its 200 day simple moving average is $25.89.

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.