Beam Therapeutics Inc. Forecasted to Post Q3 2024 Earnings of ($0.98) Per Share (NASDAQ:BEAM)

Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) - Research analysts at HC Wainwright issued their Q3 2024 earnings per share estimates for shares of Beam Therapeutics in a report released on Thursday, August 22nd. HC Wainwright analyst P. Trucchio expects that the company will earn ($0.98) per share for the quarter. HC Wainwright currently has a "Buy" rating and a $80.00 price target on the stock. The consensus estimate for Beam Therapeutics' current full-year earnings is ($4.68) per share. HC Wainwright also issued estimates for Beam Therapeutics' Q4 2024 earnings at ($0.95) EPS, FY2024 earnings at ($4.24) EPS, Q1 2025 earnings at ($0.90) EPS, Q2 2025 earnings at ($0.90) EPS, Q3 2025 earnings at ($0.90) EPS, Q4 2025 earnings at ($0.86) EPS and FY2025 earnings at ($3.55) EPS.

BEAM has been the subject of a number of other reports. JPMorgan Chase & Co. boosted their target price on Beam Therapeutics from $45.00 to $48.00 and gave the company an "overweight" rating in a research report on Wednesday, August 7th. Royal Bank of Canada restated a "sector perform" rating and set a $27.00 price objective on shares of Beam Therapeutics in a report on Wednesday, August 7th. Wedbush reiterated an "outperform" rating and issued a $57.00 target price on shares of Beam Therapeutics in a report on Tuesday, August 6th. Finally, Barclays decreased their price target on shares of Beam Therapeutics from $33.00 to $31.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 7th. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $41.70.

Beam Therapeutics Stock Performance

Shares of NASDAQ BEAM traded up $0.30 during trading on Monday, hitting $27.11. 663,416 shares of the company traded hands, compared to its average volume of 1,337,790. The firm has a market capitalization of $2.23 billion, a price-to-earnings ratio of -15.23 and a beta of 1.87. The business's fifty day moving average is $25.80 and its 200 day moving average is $27.73. Beam Therapeutics has a fifty-two week low of $16.95 and a fifty-two week high of $49.50.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($1.11) earnings per share for the quarter, beating the consensus estimate of ($1.13) by $0.02. The company had revenue of $11.80 million during the quarter, compared to analyst estimates of $14.18 million. Beam Therapeutics had a negative net margin of 37.33% and a negative return on equity of 15.46%. Beam Therapeutics's revenue for the quarter was down 41.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($1.08) EPS.

Insider Activity

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $24.50, for a total value of $1,470,000.00. Following the completion of the sale, the chief executive officer now owns 998,343 shares in the company, valued at approximately $24,459,403.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. 4.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Russell Investments Group Ltd. grew its position 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 valued at $4,752,000 after acquiring an additional 6,102 shares during the period. Vestmark Advisory Solutions Inc. purchased a new stake in Beam Therapeutics in the fourth quarter worth $2,673,000. Vanguard Group Inc. raised its stake 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 valued at $250,402,000 after buying an additional 413,892 shares during the period. UBS Group AG raised its stake in shares of Beam Therapeutics by 118.2% in the fourth quarter. UBS Group AG now owns 260,500 shares of the company's stock valued at $7,091,000 after buying an additional 141,102 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Beam Therapeutics by 34.6% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 223,929 shares of the company's stock valued at $6,782,000 after buying an additional 57,554 shares during the last quarter. Institutional investors own 99.68% of the company's stock.

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.