Leerink Partnrs Expects Lower Earnings for Beam Therapeutics

Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) - Leerink Partnrs reduced their FY2024 earnings per share estimates for Beam Therapeutics in a research note issued on Wednesday, November 6th. Leerink Partnrs analyst M. Foroohar now expects that the company will post earnings of ($4.80) per share for the year, down from their prior forecast of ($4.75). Leerink Partnrs currently has a "Strong-Buy" rating on the stock. The consensus estimate for Beam Therapeutics' current full-year earnings is ($4.60) per share. Leerink Partnrs also issued estimates for Beam Therapeutics' Q4 2024 earnings at ($1.31) EPS and FY2025 earnings at ($4.99) EPS.

BEAM has been the topic of a number of other reports. HC Wainwright reissued a "buy" rating and issued a $80.00 price target on shares of Beam Therapeutics in a research note on Thursday. JPMorgan Chase & Co. raised their price objective on shares of Beam Therapeutics from $45.00 to $48.00 and gave the stock an "overweight" rating in a report on Wednesday, August 7th. Leerink Partners raised shares of Beam Therapeutics from a "market perform" rating to an "outperform" rating and raised their target price for the company from $27.00 to $39.00 in a research note on Wednesday. Scotiabank assumed coverage on shares of Beam Therapeutics in a report on Wednesday, October 16th. They set a "sector outperform" rating and a $24.00 price target on the stock. Finally, Royal Bank of Canada reduced their price target on Beam Therapeutics from $27.00 to $24.00 and set a "sector perform" rating for the company in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Beam Therapeutics currently has an average rating of "Moderate Buy" and a consensus target price of $44.91.

Beam Therapeutics Trading Up 3.7 %

Shares of NASDAQ:BEAM traded up $0.96 on Friday, reaching $27.06. 1,265,594 shares of the company were exchanged, compared to its average volume of 1,231,241. Beam Therapeutics has a 1-year low of $18.85 and a 1-year high of $49.50. The firm has a market cap of $2.23 billion, a price-to-earnings ratio of -14.95 and a beta of 1.86. The company has a 50-day moving average of $24.23 and a 200-day moving average of $24.67.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last posted its quarterly earnings data on Tuesday, November 5th. The company reported ($1.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.16) by ($0.01). Beam Therapeutics had a negative net margin of 40.56% and a negative return on equity of 16.22%. The firm had revenue of $14.30 million during the quarter, compared to analysts' expectations of $14.52 million. Beam Therapeutics's quarterly revenue was down 16.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($1.22) EPS.

Hedge Funds Weigh In On Beam Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the company. Russell Investments Group Ltd. grew its position in shares of Beam Therapeutics by 4.4% during the first quarter. Russell Investments Group Ltd. now owns 143,828 shares of the company's stock worth $4,752,000 after acquiring an additional 6,102 shares during the last quarter. Bank of Montreal Can acquired a new position in shares of Beam Therapeutics in the 2nd quarter valued at about $3,683,000. Vanguard Group Inc. boosted its position in shares of Beam Therapeutics by 5.8% in the first 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 period. Bellevue Group AG lifted its holdings in Beam Therapeutics by 71.7% in the 1st quarter. Bellevue Group AG now owns 1,193,121 shares of the company's stock worth $39,421,000 after buying an additional 498,300 shares in the last quarter. Finally, Swiss National Bank raised its stake in Beam Therapeutics by 3.1% during the first quarter. Swiss National Bank now owns 136,700 shares of the company's stock valued at $4,517,000 after buying an additional 4,100 shares in the last quarter. Hedge funds and other institutional investors own 99.68% of the company's stock.

Insider Activity

In other Beam Therapeutics news, President Giuseppe Ciaramella sold 51,110 shares of the firm's stock in a transaction on Monday, October 14th. The stock was sold at an average price of $26.27, for a total transaction of $1,342,659.70. Following the completion of the transaction, the president now owns 160,260 shares of the company's stock, valued at approximately $4,210,030.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the business's stock in a transaction that occurred on Monday, September 30th. The stock was sold at an average price of $24.60, for a total transaction of $1,476,000.00. Following the completion of the transaction, the chief executive officer now owns 938,659 shares in the company, valued at $23,091,011.40. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, President Giuseppe Ciaramella sold 51,110 shares of the stock in a transaction on Monday, October 14th. The stock was sold at an average price of $26.27, for a total value of $1,342,659.70. Following the transaction, the president now directly owns 160,260 shares in the company, valued at $4,210,030.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 162,894 shares of company stock valued at $4,181,745. Corporate insiders own 4.20% 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.