FY2024 EPS Forecast for Beam Therapeutics Boosted by Analyst

Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) - Stock analysts at Cantor Fitzgerald increased their FY2024 earnings per share (EPS) estimates for shares of Beam Therapeutics in a research report issued on Wednesday, January 29th. Cantor Fitzgerald analyst R. Bienkowski now expects that the company will earn ($4.68) per share for the year, up from their prior forecast of ($4.97). Cantor Fitzgerald currently has a "Overweight" rating on the stock. The consensus estimate for Beam Therapeutics' current full-year earnings is ($4.57) per share. Cantor Fitzgerald also issued estimates for Beam Therapeutics' FY2025 earnings at ($3.34) EPS.

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

Other analysts also recently issued reports about the company. HC Wainwright reiterated a "buy" rating and issued a $80.00 price target on shares of Beam Therapeutics in a report on Monday. Sanford C. Bernstein upgraded Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 7th. Leerink Partnrs raised Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, November 6th. Royal Bank of Canada lowered their price objective on shares of Beam Therapeutics from $27.00 to $24.00 and set a "sector perform" rating for the company in a research report on Wednesday, November 6th. Finally, Scotiabank initiated coverage on shares of Beam Therapeutics in a research report on Wednesday, October 16th. They set a "sector outperform" rating and a $24.00 target price on the stock. Two investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $47.67.

Beam Therapeutics Price Performance

BEAM stock traded up $0.20 during midday trading on Friday, reaching $25.79. 429,773 shares of the company's stock traded hands, compared to its average volume of 1,118,334. Beam Therapeutics has a fifty-two week low of $20.84 and a fifty-two week high of $49.50. The business has a 50-day moving average price of $26.50 and a two-hundred day moving average price of $25.76. The company has a market capitalization of $2.14 billion, a P/E ratio of -14.62 and a beta of 1.92.

Insider Transactions at Beam Therapeutics

In other news, insider Christine Bellon sold 1,241 shares of Beam Therapeutics stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $24.68, for a total value of $30,627.88. Following the completion of the transaction, the insider now directly owns 102,968 shares of the company's stock, valued at approximately $2,541,250.24. The trade was a 1.19 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, President Giuseppe Ciaramella sold 51,110 shares of the firm's stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $26.36, for a total transaction of $1,347,259.60. Following the completion of the transaction, the president now directly owns 109,150 shares in the company, valued at $2,877,194. This represents a 31.89 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 82,351 shares of company stock valued at $2,180,387. Insiders own 4.20% of the company's stock.

Hedge Funds Weigh In On Beam Therapeutics

Institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP lifted its position in Beam Therapeutics by 63.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,049,360 shares of the company's stock valued at $24,589,000 after purchasing an additional 407,499 shares during the last quarter. Hsbc Holdings PLC bought a new position in Beam Therapeutics in the 2nd quarter worth approximately $332,000. Bank of Montreal Can acquired a new stake in Beam Therapeutics in the 2nd quarter valued at approximately $3,683,000. AQR Capital Management LLC raised its stake in Beam Therapeutics by 38.1% during the 2nd quarter. AQR Capital Management LLC now owns 9,011 shares of the company's stock valued at $211,000 after acquiring an additional 2,487 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in Beam Therapeutics by 30.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 137,089 shares of the company's stock worth $3,212,000 after acquiring an additional 32,279 shares during the period. 99.68% of the stock is owned by institutional investors.

Beam Therapeutics Company Profile

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.