10:17 AM EDT, 05/07/2024 (MT Newswires) -- Beam Therapeutics ( BEAM ) shares slid 3.6% in recent Tuesday trading after the company reported Q1 revenue that missed analysts' estimates.

The company reported a Q1 net loss Tuesday of $1.21 per diluted share, narrowing from a loss of $1.33 a year earlier.

Analysts polled by Capital IQ expected a loss of $1.44.

Revenue for the quarter ended March 31 was $7.4 million, down from $24.2 million a year earlier.

Analysts surveyed by Capital IQ expected $14.7 million.

As of March 31, the company said it had $1.10 billion in cash, cash equivalents and marketable securities, and expected it could support operating plans into 2027.

Price: 21.97, Change: -0.81, Percent Change: -3.56