Research Analysts Issue Forecasts for BEAM FY2024 Earnings

Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) - Analysts at HC Wainwright reduced their FY2024 earnings per share estimates for Beam Therapeutics in a report released on Wednesday, November 6th. HC Wainwright analyst P. Trucchio now anticipates that the company will post earnings of ($4.43) per share for the year, down from their prior estimate of ($4.24). HC Wainwright has a "Buy" rating and a $80.00 price objective 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 - Get Free Report) last announced its earnings results 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). Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 41.07%. The company had revenue of $14.30 million for the quarter, compared to analysts' expectations of $14.52 million. During the same period last year, the business earned ($1.22) EPS. The company's quarterly revenue was down 16.9% compared to the same quarter last year.

A number of other analysts have also weighed in on the company. Stifel Nicolaus upped their price objective on Beam Therapeutics from $66.00 to $69.00 and gave the stock a "buy" rating in a research report on Wednesday, September 11th. Barclays lowered their price objective on Beam Therapeutics from $33.00 to $31.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 7th. Scotiabank started coverage on shares of Beam Therapeutics in a research report on Wednesday, October 16th. They issued a "sector outperform" rating and a $24.00 target price on the stock. Leerink Partners upgraded shares of Beam Therapeutics from a "market perform" rating to an "outperform" rating and upped their price objective for the company from $27.00 to $39.00 in a research note on Wednesday, November 6th. Finally, Royal Bank of Canada lowered 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. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $44.91.

Beam Therapeutics Stock Up 12.0 %

NASDAQ BEAM traded up $3.24 on Monday, reaching $30.30. The stock had a trading volume of 1,139,506 shares, compared to its average volume of 1,230,821. Beam Therapeutics has a 12-month low of $18.85 and a 12-month high of $49.50. The stock has a fifty day moving average price of $24.23 and a two-hundred day moving average price of $24.69. The firm has a market capitalization of $2.51 billion, a price-to-earnings ratio of -17.39 and a beta of 1.86.

Insider Activity at Beam Therapeutics

In other news, CEO John M. Evans sold 60,000 shares of the company'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 directly owns 938,659 shares of the company's stock, valued at approximately $23,091,011.40. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Beam Therapeutics news, President Giuseppe Ciaramella sold 51,110 shares of the business's stock in a transaction on Monday, October 14th. The shares were 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 $4,210,030.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO John M. Evans sold 60,000 shares of the firm'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 value 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 $23,091,011.40. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 162,894 shares of company stock valued at $4,181,745 over the last ninety days. Corporate insiders own 4.20% of the company's stock.

Institutional Investors Weigh In On Beam Therapeutics

A number of institutional investors have recently made changes to their positions in BEAM. Swiss National Bank grew its position in shares of 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 purchasing an additional 4,100 shares during the last quarter. QRG Capital Management Inc. grew its position in shares of Beam Therapeutics by 45.2% in the 1st quarter. QRG Capital Management Inc. now owns 23,036 shares of the company's stock valued at $761,000 after buying an additional 7,176 shares during the last quarter. Russell Investments Group Ltd. boosted its position in Beam Therapeutics by 4.4% during the first 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 last quarter. ProShare Advisors LLC grew its position 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 period. Finally, Vanguard Group Inc. raised its holdings in shares of Beam Therapeutics by 5.8% during the first quarter. Vanguard Group Inc. now owns 7,578,768 shares of the company's stock valued at $250,402,000 after purchasing an additional 413,892 shares during the period. 99.68% of the stock is owned by institutional investors and hedge funds.

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.