Why Beam Therapeutics Stock Tanked on Tuesday
Precision gene-editing company Beam Therapeutics (NASDAQ: BEAM) had a Tuesday to forget on the stock market. Following the release that morning of its latest set of quarterly results, the shares raced downwards to a more than 19% loss on the day. By comparison, the S&P 500 (SNPINDEX: ^GSPC) dipped by only 0.8% that trading session.Beam, which is still in the clinical stage, earned slightly under $7.5 million in its first quarter of the year on license and collaboration revenue. That was largely flat year over year. With an uptick in expenses, the company's net loss deepened, landing at over $109 million ($1.24 per share) against the less than $99 million deficit in the first quarter of 2024. Image source: Getty Images.Continue reading
Precision gene-editing company Beam Therapeutics (NASDAQ: BEAM) had a Tuesday to forget on the stock market. Following the release that morning of its latest set of quarterly results, the shares raced downwards to a more than 19% loss on the day. By comparison, the S&P 500 (SNPINDEX: ^GSPC) dipped by only 0.8% that trading session.
Beam, which is still in the clinical stage, earned slightly under $7.5 million in its first quarter of the year on license and collaboration revenue. That was largely flat year over year. With an uptick in expenses, the company's net loss deepened, landing at over $109 million ($1.24 per share) against the less than $99 million deficit in the first quarter of 2024.
Image source: Getty Images.
