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.