William Blair Cuts Earnings Estimates for Beam Therapeutics

Beam Therapeutics Inc. (NASDAQ:BEAM - Free Report) - Equities research analysts at William Blair lowered their FY2024 earnings per share (EPS) estimates for shares of Beam Therapeutics in a research note issued to investors on Tuesday, November 5th. William Blair analyst S. Corwin now expects that the company will earn ($4.56) per share for the year, down from their previous forecast of ($4.19). The consensus estimate for Beam Therapeutics' current full-year earnings is ($4.60) per share. William Blair also issued estimates for Beam Therapeutics' Q4 2024 earnings at ($1.07) EPS, Q1 2025 earnings at ($1.09) EPS, Q2 2025 earnings at ($1.03) EPS, Q3 2025 earnings at ($0.96) EPS, Q4 2025 earnings at ($0.96) EPS and FY2025 earnings at ($4.04) EPS.

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 for the quarter, missing analysts' consensus estimates of ($1.16) by ($0.01). The firm had revenue of $14.30 million during the quarter, compared to analysts' expectations of $14.52 million. Beam Therapeutics had a negative return on equity of 16.22% and a negative net margin of 40.56%. The business's revenue for the quarter was down 16.9% compared to the same quarter last year. During the same period last year, the company earned ($1.22) earnings per share.

Several other research firms have also commented on BEAM. Leerink Partners upgraded shares of Beam Therapeutics from a "market perform" rating to an "outperform" rating and boosted their price objective for the stock from $27.00 to $39.00 in a research note on Wednesday. Leerink Partnrs raised Beam Therapeutics from a "hold" rating to a "strong-buy" rating in a research report on Wednesday. Stifel Nicolaus upped their target price on Beam Therapeutics from $66.00 to $69.00 and gave the company a "buy" rating in a research report on Wednesday, September 11th. Royal Bank of Canada lowered 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. Finally, Barclays cut their price objective on shares of Beam Therapeutics from $33.00 to $31.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 7th. Four equities research 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 data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $44.91.

Beam Therapeutics Trading Down 2.0 %

Shares of BEAM traded down $0.52 during midday trading on Thursday, reaching $26.10. 934,888 shares of the stock were exchanged, compared to its average volume of 1,026,587. The company's 50 day moving average is $24.22 and its two-hundred day moving average is $24.65. Beam Therapeutics has a 52 week low of $18.85 and a 52 week high of $49.50. The company has a market capitalization of $2.15 billion, a P/E ratio of -14.42 and a beta of 1.86.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the business. Fairfield Financial Advisors LTD purchased a new position in shares of Beam Therapeutics in the second quarter valued at $26,000. Blue Trust Inc. raised its position in Beam Therapeutics by 2,648.4% during the second quarter. Blue Trust Inc. now owns 1,704 shares of the company's stock worth $40,000 after acquiring an additional 1,642 shares during the last quarter. National Bank of Canada FI lifted its holdings in shares of Beam Therapeutics by 200.0% in the second quarter. National Bank of Canada FI now owns 3,000 shares of the company's stock valued at $69,000 after purchasing an additional 2,000 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of 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 purchasing an additional 524 shares during the last quarter. Finally, Quarry LP grew its position in shares of Beam Therapeutics by 350.0% in the second quarter. Quarry LP now owns 3,600 shares of the company's stock valued at $84,000 after purchasing an additional 2,800 shares during the last quarter. Hedge funds and other institutional investors own 99.68% of the company's stock.

Insiders Place Their Bets

In other news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction dated 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 sale, the chief executive officer now owns 938,659 shares in the company, valued at approximately $23,091,011.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, President Giuseppe Ciaramella sold 51,110 shares of the business's stock in a transaction that occurred 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 owns 160,260 shares of the company's stock, valued at approximately $4,210,030.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO John M. Evans sold 60,000 shares of the business's stock in a transaction on Monday, September 30th. The shares were 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 in the company, valued at $23,091,011.40. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 111,784 shares of company stock valued at $2,834,485. 4.20% of the stock is owned by corporate insiders.

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.