Jefferies Financial Group Brokers Lower Earnings Estimates for Beam Therapeutics Inc. (NASDAQ:BEAM)

Beam Therapeutics Inc. (NASDAQ:BEAMGet Rating) – Equities research analysts at Jefferies Financial Group reduced their Q2 2022 earnings per share (EPS) estimates for shares of Beam Therapeutics in a research report issued on Monday, May 9th. Jefferies Financial Group analyst M. Yee now forecasts that the company will post earnings of ($0.92) per share for the quarter, down from their previous forecast of ($0.90). Jefferies Financial Group also issued estimates for Beam Therapeutics’ Q3 2022 earnings at ($1.33) EPS, Q4 2022 earnings at ($1.39) EPS, FY2022 earnings at ($4.65) EPS and FY2023 earnings at ($6.01) EPS.

Beam Therapeutics (NASDAQ:BEAMGet Rating) last issued its quarterly earnings data on Monday, May 9th. The company reported ($1.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.32) by $0.31. Beam Therapeutics had a negative net margin of 714.91% and a negative return on equity of 52.28%. The company had revenue of $8.40 million during the quarter, compared to the consensus estimate of $44.15 million. During the same quarter in the prior year, the firm earned ($3.35) earnings per share. The firm’s revenue was up 139900.0% compared to the same quarter last year.

Several other brokerages also recently issued reports on BEAM. Wedbush lowered their price objective on shares of Beam Therapeutics from $159.00 to $152.00 and set an “outperform” rating for the company in a research report on Monday, February 28th. Credit Suisse Group started coverage on shares of Beam Therapeutics in a research report on Thursday, April 28th. They issued a “neutral” rating and a $62.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Beam Therapeutics presently has a consensus rating of “Buy” and an average price target of $122.50.

Shares of BEAM stock opened at $29.96 on Thursday. The firm has a fifty day moving average of $51.33 and a 200-day moving average of $67.93. Beam Therapeutics has a 12-month low of $29.54 and a 12-month high of $138.52. The company has a market capitalization of $2.10 billion, a price-to-earnings ratio of -5.04 and a beta of 1.59.

In other news, CEO John M. Evans sold 6,261 shares of Beam Therapeutics stock in a transaction dated Thursday, March 31st. The shares were sold at an average price of $59.11, for a total value of $370,087.71. Following the completion of the transaction, the chief executive officer now owns 1,089,070 shares of the company’s stock, valued at approximately $64,374,927.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO John M. Evans sold 30,000 shares of Beam Therapeutics stock in a transaction dated Thursday, April 28th. The shares were sold at an average price of $37.98, for a total transaction of $1,139,400.00. Following the completion of the transaction, the chief executive officer now directly owns 1,118,520 shares of the company’s stock, valued at approximately $42,481,389.60. The disclosure for this sale can be found here. In the last three months, insiders sold 59,373 shares of company stock valued at $2,706,284. Insiders own 15.10% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in BEAM. TFC Financial Management lifted its stake in shares of Beam Therapeutics by 111.1% during the 4th quarter. TFC Financial Management now owns 570 shares of the company’s stock worth $45,000 after buying an additional 300 shares during the last quarter. Cutler Group LP lifted its stake in shares of Beam Therapeutics by 825.0% during the 1st quarter. Cutler Group LP now owns 925 shares of the company’s stock worth $53,000 after buying an additional 825 shares during the last quarter. Kessler Investment Group LLC acquired a new stake in shares of Beam Therapeutics during the 1st quarter worth about $58,000. Compagnie Lombard Odier SCmA acquired a new stake in shares of Beam Therapeutics during the 1st quarter worth about $62,000. Finally, Itau Unibanco Holding S.A. acquired a new stake in shares of Beam Therapeutics during the 4th quarter worth about $91,000. 68.80% of the stock is owned by institutional investors.

About Beam Therapeutics (Get Rating)

Beam Therapeutics Inc, a biotechnology company, develops precision genetic medicines for patients suffering from serious diseases in the United States. The company is developing BEAM-101 for the treatment of sickle cell disease and beta thalassemia; BEAM-102 for the treatment of sickle cell disease; and BEAM-201, an allogeneic chimeric antigen receptor T cell for the treatment of relapsed/refractory T-cell acute lymphoblastic leukemia; and BEAM-301, a liver-targeted development candidate for the treatment of patients with Glycogen Storage Disease Type Ia.

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Earnings History and Estimates for Beam Therapeutics (NASDAQ:BEAM)

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