Q2 2023 EPS Estimates for Beam Therapeutics Inc. Decreased by Analyst (NASDAQ:BEAM)

Beam Therapeutics Inc. (NASDAQ:BEAM – Get Rating) – Investment analysts at Wedbush dropped their Q2 2023 earnings per share estimates for Beam Therapeutics in a research note issued to investors on Wednesday, May 10th. Wedbush analyst D. Nierengarten now anticipates that the company will earn ($1.51) per share for the quarter, down from their previous forecast of ($1.47). The consensus estimate for Beam Therapeutics’ current full-year earnings is ($5.54) per share. Wedbush also issued estimates for Beam Therapeutics’ Q3 2023 earnings at ($1.45) EPS, Q4 2023 earnings at ($1.57) EPS, FY2023 earnings at ($5.88) EPS, Q1 2024 earnings at ($1.65) EPS, Q2 2024 earnings at ($1.74) EPS, Q3 2024 earnings at ($1.64) EPS, Q4 2024 earnings at ($1.67) EPS, FY2024 earnings at ($6.69) EPS, FY2025 earnings at ($7.65) EPS, FY2026 earnings at ($7.96) EPS and FY2027 earnings at ($4.03) EPS.

A number of other research firms have also recently commented on BEAM. SVB Leerink cut their target price on Beam Therapeutics from $81.00 to $77.00 and set an “outperform” rating on the stock in a research note on Monday, January 23rd. Cantor Fitzgerald initiated coverage on Beam Therapeutics in a research report on Tuesday, January 31st. They set an “overweight” rating and a $62.00 price objective on the stock. William Blair reaffirmed an “outperform” rating on shares of Beam Therapeutics in a research report on Wednesday, March 22nd. Wells Fargo & Company dropped their price objective on Beam Therapeutics from $125.00 to $105.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 1st. Finally, Barclays dropped their price objective on Beam Therapeutics from $45.00 to $41.00 in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Beam Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus target price of $67.91.

Beam Therapeutics Trading Down 5.3 %

NASDAQ BEAM opened at $33.33 on Monday. Beam Therapeutics has a 12 month low of $28.04 and a 12 month high of $73.27. The stock has a market cap of $2.49 billion, a P/E ratio of -8.07 and a beta of 1.63. The stock’s fifty day moving average price is $32.05 and its 200-day moving average price is $39.22.

Beam Therapeutics (NASDAQ:BEAM – Get Rating) last announced its earnings results on Tuesday, February 28th. The company reported ($0.54) EPS for the quarter, beating analysts’ consensus estimates of ($1.34) by $0.80. The company had revenue of $20.04 million during the quarter, compared to the consensus estimate of $12.73 million. Beam Therapeutics had a negative return on equity of 37.58% and a negative net margin of 474.54%. The firm’s revenue for the quarter was down 60.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.95) earnings per share.

Insider Activity at Beam Therapeutics

In related news, CEO John M. Evans sold 5,161 shares of Beam Therapeutics stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $30.31, for a total transaction of $156,429.91. Following the sale, the chief executive officer now owns 1,124,472 shares of the company’s stock, valued at approximately $34,082,746.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Beam Therapeutics news, CEO John M. Evans sold 5,161 shares of the firm’s stock in a transaction that occurred on Monday, April 3rd. The stock was sold at an average price of $30.31, for a total transaction of $156,429.91. Following the completion of the transaction, the chief executive officer now owns 1,124,472 shares in the company, valued at approximately $34,082,746.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Terry-Ann Burrell sold 2,454 shares of the firm’s stock in a transaction that occurred on Monday, April 3rd. The shares were sold at an average price of $30.31, for a total value of $74,380.74. Following the transaction, the chief financial officer now owns 49,303 shares of the company’s stock, valued at approximately $1,494,373.93. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 9,533 shares of company stock valued at $288,945. 4.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On Beam Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of BEAM. State Street Corp boosted its holdings in Beam Therapeutics by 68.4% during the 2nd quarter. State Street Corp now owns 3,336,327 shares of the company’s stock valued at $129,149,000 after acquiring an additional 1,354,781 shares during the period. FMR LLC boosted its holdings in Beam Therapeutics by 22.6% during the 1st quarter. FMR LLC now owns 6,087,553 shares of the company’s stock valued at $186,401,000 after acquiring an additional 1,121,564 shares during the period. Vanguard Group Inc. raised its position in Beam Therapeutics by 17.7% during the 3rd quarter. Vanguard Group Inc. now owns 6,174,471 shares of the company’s stock valued at $294,153,000 after purchasing an additional 927,970 shares in the last quarter. Norges Bank bought a new stake in Beam Therapeutics during the 4th quarter valued at $19,477,000. Finally, Pictet Asset Management SA raised its position in Beam Therapeutics by 5,102.7% during the 1st quarter. Pictet Asset Management SA now owns 387,235 shares of the company’s stock valued at $11,857,000 after purchasing an additional 379,792 shares in the last quarter. Hedge funds and other institutional investors own 76.70% of the company’s stock.

Beam Therapeutics Company Profile

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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.