FY2024 Earnings Estimate for BEAM Issued By Leerink Partnrs

Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) - Investment analysts at Leerink Partnrs upped their FY2024 earnings estimates for Beam Therapeutics in a research report issued on Wednesday, January 22nd. Leerink Partnrs analyst M. Foroohar now expects that the company will post earnings per share of ($4.59) for the year, up from their previous forecast of ($4.80). Leerink Partnrs currently has a "Strong-Buy" rating on the stock. The consensus estimate for Beam Therapeutics' current full-year earnings is ($4.64) per share. Leerink Partnrs also issued estimates for Beam Therapeutics' Q4 2024 earnings at ($1.10) EPS and FY2025 earnings at ($4.78) EPS.

Several other equities analysts also recently weighed in on the stock. Sanford C. Bernstein raised shares of Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, January 7th. Wedbush restated an "outperform" rating and issued a $57.00 price target on shares of Beam Therapeutics in a research report on Monday, January 13th. Cantor Fitzgerald upgraded Beam Therapeutics to a "hold" rating in a research report on Tuesday, December 10th. Scotiabank initiated coverage on Beam Therapeutics in a report on Wednesday, October 16th. They issued a "sector outperform" rating and a $24.00 target price for the company. Finally, Royal Bank of Canada reduced their price target on Beam Therapeutics from $27.00 to $24.00 and set a "sector perform" rating on the stock in a report on Wednesday, November 6th. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Beam Therapeutics has a consensus rating of "Moderate Buy" and an average price target of $47.67.

Beam Therapeutics Trading Down 1.2 %

BEAM stock traded down $0.31 during midday trading on Friday, reaching $25.98. The stock had a trading volume of 621,718 shares, compared to its average volume of 1,274,563. Beam Therapeutics has a 52-week low of $20.84 and a 52-week high of $49.50. The company has a market cap of $2.15 billion, a price-to-earnings ratio of -14.76 and a beta of 1.92. The company's fifty day simple moving average is $26.34 and its 200 day simple moving average is $25.75.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Beam Therapeutics by 2.5% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 21,396 shares of the company's stock valued at $524,000 after purchasing an additional 516 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in Beam Therapeutics by 21.3% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company's stock valued at $75,000 after acquiring an additional 524 shares in the last quarter. GAMMA Investing LLC raised its holdings in Beam Therapeutics by 13.3% in the third quarter. GAMMA Investing LLC now owns 4,620 shares of the company's stock valued at $113,000 after acquiring an additional 544 shares in the last quarter. Green Alpha Advisors LLC lifted its stake in Beam Therapeutics by 5.9% in the third quarter. Green Alpha Advisors LLC now owns 12,475 shares of the company's stock worth $306,000 after acquiring an additional 698 shares during the last quarter. Finally, Blue Trust Inc. grew its holdings in Beam Therapeutics by 36.3% during the 4th quarter. Blue Trust Inc. now owns 4,274 shares of the company's stock worth $105,000 after acquiring an additional 1,139 shares in the last quarter. 99.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Beam Therapeutics

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

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.