Research Analysts Issue Forecasts for BEAM FY2024 Earnings

Beam Therapeutics Inc. (NASDAQ:BEAM) – Equities research analysts at HC Wainwright decreased their FY2024 EPS estimates for Beam Therapeutics in a research report issued on Wednesday, November 6th. HC Wainwright analyst P. Trucchio now expects that the company will earn ($4.43) per share for the year, down from their prior estimate of ($4.24). HC Wainwright currently has a “Buy” rating and a $80.00 target price on the stock. The consensus estimate for Beam Therapeutics’ current full-year earnings is ($4.64) per share. HC Wainwright also issued estimates for Beam Therapeutics’ FY2025 earnings at ($3.56) EPS.

Beam Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($1.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01). The business had revenue of $14.30 million for the quarter, compared to the consensus estimate of $14.52 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company’s quarterly revenue was down 16.9% on a year-over-year basis. During the same period last year, the firm earned ($1.22) earnings per share.

Other equities research analysts also recently issued research reports about the stock. Wedbush reissued an “outperform” rating and set a $57.00 price objective on shares of Beam Therapeutics in a research report on Tuesday, November 5th. Leerink Partners raised shares of Beam Therapeutics from a “market perform” rating to an “outperform” rating and increased their price objective for the stock from $27.00 to $39.00 in a research report on Wednesday, November 6th. Scotiabank began coverage on shares of Beam Therapeutics in a research report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 price objective for the company. Stifel Nicolaus increased their price objective on shares of Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $44.91.

Beam Therapeutics Stock Performance

Shares of NASDAQ:BEAM opened at $27.06 on Monday. Beam Therapeutics has a 52 week low of $18.85 and a 52 week high of $49.50. The company has a market capitalization of $2.24 billion, a PE ratio of -15.38 and a beta of 1.86. The company has a 50 day moving average price of $24.23 and a two-hundred day moving average price of $24.69.

Insider Buying and Selling at Beam Therapeutics

In other Beam Therapeutics news, President Giuseppe Ciaramella sold 51,110 shares of the stock in a transaction on Monday, October 14th. The shares were sold at an average price of $26.27, for a total value of $1,342,659.70. Following the completion of the sale, the president now owns 160,260 shares in the company, valued at $4,210,030.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Beam Therapeutics news, President Giuseppe Ciaramella sold 51,110 shares of the stock in a transaction on Monday, October 14th. The shares were sold at an average price of $26.27, for a total value of $1,342,659.70. Following the completion of the sale, the president now owns 160,260 shares in the company, valued at $4,210,030.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO John M. Evans sold 60,000 shares of the stock in a transaction on Monday, September 30th. The shares were sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the completion of the sale, the chief executive officer now owns 938,659 shares of the company’s stock, valued at approximately $23,091,011.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 162,894 shares of company stock worth $4,181,745 over the last quarter. 4.20% of the stock is currently owned by insiders.

Institutional Trading of Beam Therapeutics

A number of large investors have recently added to or reduced their stakes in BEAM. Swiss National Bank lifted its stake in Beam Therapeutics by 3.1% in the first quarter. Swiss National Bank now owns 136,700 shares of the company’s stock valued at $4,517,000 after acquiring an additional 4,100 shares during the last quarter. QRG Capital Management Inc. lifted its stake in shares of Beam Therapeutics by 45.2% during the 1st quarter. QRG Capital Management Inc. now owns 23,036 shares of the company’s stock worth $761,000 after buying an additional 7,176 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Beam Therapeutics by 4.4% during the 1st quarter. Russell Investments Group Ltd. now owns 143,828 shares of the company’s stock worth $4,752,000 after buying an additional 6,102 shares during the last quarter. ProShare Advisors LLC lifted its stake in shares of Beam Therapeutics by 10.6% during the 1st quarter. ProShare Advisors LLC now owns 19,511 shares of the company’s stock worth $645,000 after buying an additional 1,873 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Beam Therapeutics by 5.8% during the 1st quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company’s stock worth $250,402,000 after buying an additional 413,892 shares during the last quarter. Institutional investors and hedge funds own 99.68% of the company’s stock.

About Beam Therapeutics

Beam Therapeutics Inc, a biotechnology company, engages in the development of precision genetic medicines for patients suffering from serious diseases in the United States. It develops BEAM-101 for the treatment of sickle cell disease or beta-thalassemia; and BEAM-302, a liver-targeting LNP formulation to treat severe alpha-1 antitrypsin deficiency; BEAM-201, an anti-CD7 CAR-T product candidate, which is in Phase 1/2 clinical trials for the treatment of refractory T-cell acute lymphoblastic leukemia/T cell lymphoblastic lymphoma; and BEAM-301, a liver-targeting LNP formulation for the treatment of glycogen storage disease 1a.