Why Beam Therapeutics Stock Is Falling Today

Why Beam Therapeutics Stock Is Falling Today

Beam Therapeutics Inc BEAM shares are trading lower Monday after the company reported earnings results that were down year-over-year.

Beam Therapeutics reported third-quarter revenue of $15.8 million, which was up from $763,000 year-over-year. The company reported a quarterly net loss of $1.56 per share, which was down from a loss of 42 cents per share year-over-year. 

Beam Therapeutics said it ended the quarter with $1.1 billion in cash and equivalents. 

"Our top priority is executing the BEACON trial for BEAM-101. Bringing a novel transplant-based medicine into clinical development in the U.S. has been a tremendous effort, and we are laser-focused on screening and site activation efforts to enroll our first sickle cell patient by year-end," said John Evans, CEO of Beam Therapeutics.

Beam Therapeutics is a biotechnology company committed to establishing the leading, fully integrated platform for precision genetic medicines.

See Also: Beam Therapeutics: Q3 Earnings Insights

BEAM Price Action: Beam has a 52-week high of $82.62 and a 52-week low of $27.77.

The stock was down 11.7% at $37.81 at time of publication, according to Benzinga Pro.

Photo: Konstantin Kolosov from Pixabay.

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