Wedbush Expects Reduced Earnings for Beam Therapeutics

Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) - Equities research analysts at Wedbush reduced their FY2024 earnings per share (EPS) estimates for Beam Therapeutics in a report issued on Tuesday, November 5th. Wedbush analyst D. Nierengarten now forecasts that the company will earn ($4.69) per share for the year, down from their previous forecast of ($4.62). Wedbush has a "Outperform" rating and a $57.00 price objective on the stock. The consensus estimate for Beam Therapeutics' current full-year earnings is ($4.60) per share. Wedbush also issued estimates for Beam Therapeutics' Q4 2024 earnings at ($1.21) EPS, Q1 2025 earnings at ($1.16) EPS, Q2 2025 earnings at ($1.19) EPS, Q3 2025 earnings at ($1.09) EPS, Q4 2025 earnings at ($1.07) EPS, FY2025 earnings at ($4.50) EPS, FY2026 earnings at ($4.73) EPS, FY2027 earnings at ($4.24) EPS and FY2028 earnings at ($1.93) EPS.

Beam Therapeutics (NASDAQ:BEAM - Get Free Report) last announced its quarterly earnings results 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 company had revenue of $14.30 million during the quarter, compared to analyst estimates of $14.52 million. During the same quarter in the prior year, the company posted ($1.22) earnings per share. The firm's revenue for the quarter was down 16.9% on a year-over-year basis.

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

Beam Therapeutics Price Performance

BEAM traded down $0.52 during trading hours on Thursday, reaching $26.10. 934,888 shares of the stock traded hands, compared to its average volume of 1,026,587. Beam Therapeutics has a fifty-two week low of $18.85 and a fifty-two week high of $49.50. The company has a market cap of $2.15 billion, a price-to-earnings ratio of -14.42 and a beta of 1.86. The firm's fifty day simple moving average is $24.22 and its two-hundred day simple moving average is $24.65.

Insider Buying and Selling

In other Beam Therapeutics news, CEO John M. Evans sold 60,000 shares of the firm's stock in a transaction 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 sale, the chief executive officer now directly owns 938,659 shares in the company, valued at approximately $23,091,011.40. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO John M. Evans sold 60,000 shares of the stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $24.60, for a total value of $1,476,000.00. Following the sale, the chief executive officer now owns 938,659 shares of the company's stock, valued at $23,091,011.40. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, President Giuseppe Ciaramella sold 51,110 shares of the business's stock in a transaction dated 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 transaction, the president now directly owns 160,260 shares of the company's stock, valued at $4,210,030.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 111,784 shares of company stock worth $2,834,485 in the last three months. 4.20% of the stock is owned by insiders.

Institutional Trading of Beam Therapeutics

Several large investors have recently added to or reduced their stakes in BEAM. Arizona State Retirement System grew its stake in shares of Beam Therapeutics by 2.1% in the second quarter. Arizona State Retirement System now owns 19,431 shares of the company's stock worth $455,000 after purchasing an additional 392 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Beam Therapeutics by 21.3% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,981 shares of the company's stock valued at $75,000 after buying an additional 524 shares in the last quarter. GAMMA Investing LLC grew its position in Beam Therapeutics by 13.3% in the 3rd quarter. GAMMA Investing LLC now owns 4,620 shares of the company's stock valued at $113,000 after buying an additional 544 shares in the last quarter. Green Alpha Advisors LLC increased its stake in Beam Therapeutics by 5.9% during the 3rd quarter. Green Alpha Advisors LLC now owns 12,475 shares of the company's stock valued at $306,000 after buying an additional 698 shares during the period. Finally, American International Group Inc. raised its position in shares of Beam Therapeutics by 2.0% during the 1st quarter. American International Group Inc. now owns 36,760 shares of the company's stock worth $1,215,000 after buying an additional 732 shares in the last quarter. 99.68% of the stock is currently 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.