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

Beam Therapeutics Inc. (NASDAQ:BEAM - Get Free Report) shares 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) EPS for the quarter, missing the consensus estimate of ($1.13) by ($0.04). The firm had revenue of $14.30 million during 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 revenue was down 16.9% on a year-over-year basis. During the same period in the previous year, the firm posted ($1.22) earnings per share.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on BEAM shares. Barclays dropped their target price on Beam Therapeutics from $33.00 to $31.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 7th. Wedbush reaffirmed an "outperform" rating and set a $57.00 price objective on shares of Beam Therapeutics in a research note on Tuesday. JPMorgan Chase & Co. raised their target price on shares of Beam Therapeutics from $45.00 to $48.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 7th. Stifel Nicolaus boosted their target price on shares of Beam Therapeutics from $66.00 to $69.00 and gave the company a "buy" rating in a report on Wednesday, September 11th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $80.00 price target on shares of Beam Therapeutics in a research note on Thursday, August 22nd. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $45.80.

Insiders Place Their Bets

In other news, CEO John M. Evans sold 60,000 shares of the firm's 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 transaction, the chief executive officer now owns 938,659 shares of the company's stock, valued at approximately $23,091,011.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO John M. Evans sold 60,000 shares of the company's stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $24.60, for a total value of $1,476,000.00. Following the completion of the sale, the chief executive officer now owns 938,659 shares of the company's stock, valued at $23,091,011.40. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 approximately $4,210,030.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 111,784 shares of company stock worth $2,834,485 over the last ninety days. 4.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Farallon Capital Management LLC increased its stake in Beam Therapeutics by 75.4% during the 2nd quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company's stock worth $185,404,000 after buying an additional 3,401,370 shares during the period. Vanguard Group Inc. grew its stake in shares of Beam Therapeutics by 5.8% during the first quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company's stock valued at $250,402,000 after acquiring an additional 413,892 shares in the last quarter. ARCH Venture Management LLC purchased a new stake in shares of Beam Therapeutics during the second quarter worth about $127,530,000. Sumitomo Mitsui Trust Group Inc. lifted its stake in shares of Beam Therapeutics by 59.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 3,552,829 shares of the company's stock worth $87,044,000 after acquiring an additional 1,328,414 shares in the last quarter. Finally, Darwin Global Management Ltd. purchased a new position in Beam Therapeutics in the first quarter valued at about $70,032,000. 99.68% of the stock is owned by institutional investors and hedge funds.

Beam Therapeutics Trading Down 1.8 %

The business has a 50 day simple moving average of $24.23 and a two-hundred day simple moving average of $24.62. The stock has a market cap of $1.97 billion, a price-to-earnings ratio of -13.22 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.