Brokers Issue Forecasts for Beam Therapeutics Inc.’s Q3 2024 Earnings (NASDAQ:BEAM)

Beam Therapeutics Inc. (NASDAQ:BEAM) – Research analysts at HC Wainwright issued their Q3 2024 earnings per share (EPS) estimates for shares of Beam Therapeutics in a report released on Thursday, August 22nd. HC Wainwright analyst P. Trucchio forecasts that the company will earn ($0.98) per share for the quarter. HC Wainwright currently has a “Buy” rating and a $80.00 target price 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 Therapeutics (NASDAQ:BEAM) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($1.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.13) by $0.02. Beam Therapeutics had a negative return on equity of 15.46% and a negative net margin of 37.33%. The business had revenue of $11.80 million for the quarter, compared to analyst estimates of $14.18 million. During the same period last year, the company earned ($1.08) EPS. Beam Therapeutics’s revenue for the quarter was down 41.3% compared to the same quarter last year.

Several other equities analysts have also issued reports on BEAM. JPMorgan Chase & Co. raised their price target on Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Barclays reduced their price target on Beam Therapeutics from $33.00 to $31.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 7th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $27.00 price objective on shares of Beam Therapeutics in a report on Wednesday, August 7th. Finally, Wedbush reiterated an “outperform” rating and issued a $57.00 price objective on shares of Beam Therapeutics in a report on Tuesday, August 6th. Seven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $41.70.

Beam Therapeutics Price Performance

BEAM opened at $27.11 on Monday. The stock’s 50 day simple moving average is $25.80 and its 200 day simple moving average is $27.73. Beam Therapeutics has a 1 year low of $16.95 and a 1 year high of $49.50. The firm has a market cap of $2.23 billion, a price-to-earnings ratio of -15.23 and a beta of 1.87.

Insider Activity

In other news, CEO John M. Evans sold 60,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $24.50, for a total value of $1,470,000.00. Following the completion of the transaction, 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 the SEC website. 4.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in BEAM. Farallon Capital Management LLC raised its stake in Beam Therapeutics by 75.4% during the second quarter. Farallon Capital Management LLC now owns 7,913,123 shares of the company’s stock valued at $185,404,000 after buying an additional 3,401,370 shares during the last quarter. Vanguard Group Inc. raised its stake in 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 buying an additional 413,892 shares during the last quarter. ARCH Venture Management LLC purchased a new position in Beam Therapeutics during the second quarter valued at $127,530,000. Nikko Asset Management Americas Inc. raised its stake in Beam Therapeutics by 43.6% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 2,358,091 shares of the company’s stock valued at $64,093,000 after buying an additional 715,911 shares during the last quarter. Finally, Darwin Global Management Ltd. purchased a new position in Beam Therapeutics during the first quarter valued at $70,032,000. Hedge funds and other 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.