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Beam Therapeutics (BEAM) Q2 Earnings Beat, Revenues Miss
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Beam Therapeutics Inc. (BEAM - Free Report) incurred a loss of $1.11 per share in the second quarter of 2024, narrower than the Zacks Consensus Estimate of a loss of $1.13. The company had recorded a loss of $1.08 per share in the year-ago quarter.
Total revenues, comprising license and collaboration revenues, came in at $11.7 million in the second quarter compared with $20.1 million reported in the year-ago period. The top line missed the Zacks Consensus Estimate of $14 million.
Quarter in Detail
Research and development expenses were $87 million in the second quarter, down almost 10.8% from the year-ago quarter’s level.
General and administrative expenses totaled $29.6 million, increasing around 19.8% year over year.
As of Jun 30, 2024, BEAM had cash, cash equivalents and marketable securities worth $1.2 billion compared with $1.1 billion as of Mar 31, 2024.
Shares of BEAM have lost 6.2% in the year-to-date period compared with the industry’s 4.3% decline.
Image Source: Zacks Investment Research
Pipeline Updates
The company is developing its leading ex-vivo genome-editing candidate, BEAM-101, in the phase I/II BEACON study for the treatment of adult patients with sickle cell disease (SCD).
To date, more than 20 patients have been enrolled in the BEACON study on BEAM-101 for the treatment of SCD. Data from multiple patients in the study is expected to be presented at a scientific conference later in the second half of 2024.
BEAM is also expanding its genetic disease pipeline by developing BEAM-301 and BEAM-302.
In June 2024, the company dosed the first patient in a phase I/II study to evaluate BEAM-302 for the treatment of alpha-1 antitrypsin deficiency. Initial clinical data from the study is expected in 2025.
Meanwhile, the FDA has cleared the investigational new drug (IND) application for BEAM-301, an investigational in vivo base editing medicine, for treating glycogen storage disease Type Ia (GSDIa). BEAM is planning to initiate a phase I/II study on BEAM-301 for the treatment of GSDIa in the United States in early 2025.
Beam Therapeutics Inc. Price, Consensus and EPS Surprise
In the past 60 days, estimates for Exact Sciences’ 2024 loss per share have narrowed from $1.09 to $1.04. Loss per share estimates for 2025 have narrowed from 21 cents to 11 cents. Year to date, shares of EXAS have increased 24.3%.
EXAS’ earnings beat estimates in three of the trailing four quarters while meeting the same on the remaining occasion, the average surprise being 56.19%.
In the past 60 days, estimates for Fulcrum Therapeutics’ 2024 loss per share have narrowed from $1.24 to 48 cents. Loss per share estimates for 2025 have narrowed from $1.71 to $1.51. Year to date, shares of FULC have increased 31.4%.
FULC’s earnings beat estimates in each of the trailing four quarters, the average surprise being 393.18%.
In the past 60 days, estimates for Entrada Therapeutics’ 2024 loss per share have narrowed from 14 cents to 13 cents. Loss per share estimates for 2025 have narrowed from $3.44 to $3.21. Year to date, shares of TRDA have lost 2.7%.
TRDA’s earnings beat estimates in two of the trailing four quarters while meeting the same on the remaining two occasions, the average surprise being 42.18%.
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Beam Therapeutics (BEAM) Q2 Earnings Beat, Revenues Miss
Beam Therapeutics Inc. (BEAM - Free Report) incurred a loss of $1.11 per share in the second quarter of 2024, narrower than the Zacks Consensus Estimate of a loss of $1.13. The company had recorded a loss of $1.08 per share in the year-ago quarter.
Total revenues, comprising license and collaboration revenues, came in at $11.7 million in the second quarter compared with $20.1 million reported in the year-ago period. The top line missed the Zacks Consensus Estimate of $14 million.
Quarter in Detail
Research and development expenses were $87 million in the second quarter, down almost 10.8% from the year-ago quarter’s level.
General and administrative expenses totaled $29.6 million, increasing around 19.8% year over year.
As of Jun 30, 2024, BEAM had cash, cash equivalents and marketable securities worth $1.2 billion compared with $1.1 billion as of Mar 31, 2024.
Shares of BEAM have lost 6.2% in the year-to-date period compared with the industry’s 4.3% decline.
Image Source: Zacks Investment Research
Pipeline Updates
The company is developing its leading ex-vivo genome-editing candidate, BEAM-101, in the phase I/II BEACON study for the treatment of adult patients with sickle cell disease (SCD).
To date, more than 20 patients have been enrolled in the BEACON study on BEAM-101 for the treatment of SCD. Data from multiple patients in the study is expected to be presented at a scientific conference later in the second half of 2024.
BEAM is also expanding its genetic disease pipeline by developing BEAM-301 and BEAM-302.
In June 2024, the company dosed the first patient in a phase I/II study to evaluate BEAM-302 for the treatment of alpha-1 antitrypsin deficiency. Initial clinical data from the study is expected in 2025.
Meanwhile, the FDA has cleared the investigational new drug (IND) application for BEAM-301, an investigational in vivo base editing medicine, for treating glycogen storage disease Type Ia (GSDIa). BEAM is planning to initiate a phase I/II study on BEAM-301 for the treatment of GSDIa in the United States in early 2025.
Beam Therapeutics Inc. Price, Consensus and EPS Surprise
Beam Therapeutics Inc. price-consensus-eps-surprise-chart | Beam Therapeutics Inc. Quote
Zacks Rank & Other Stocks to Consider
Beam Therapeutics currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the biotech sector are Exact Sciences Corporation (EXAS - Free Report) , Fulcrum Therapeutics, Inc. (FULC - Free Report) and Entrada Therapeutics, Inc. (TRDA - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for Exact Sciences’ 2024 loss per share have narrowed from $1.09 to $1.04. Loss per share estimates for 2025 have narrowed from 21 cents to 11 cents. Year to date, shares of EXAS have increased 24.3%.
EXAS’ earnings beat estimates in three of the trailing four quarters while meeting the same on the remaining occasion, the average surprise being 56.19%.
In the past 60 days, estimates for Fulcrum Therapeutics’ 2024 loss per share have narrowed from $1.24 to 48 cents. Loss per share estimates for 2025 have narrowed from $1.71 to $1.51. Year to date, shares of FULC have increased 31.4%.
FULC’s earnings beat estimates in each of the trailing four quarters, the average surprise being 393.18%.
In the past 60 days, estimates for Entrada Therapeutics’ 2024 loss per share have narrowed from 14 cents to 13 cents. Loss per share estimates for 2025 have narrowed from $3.44 to $3.21. Year to date, shares of TRDA have lost 2.7%.
TRDA’s earnings beat estimates in two of the trailing four quarters while meeting the same on the remaining two occasions, the average surprise being 42.18%.